Friday, November 27, 2009

Are You Guessing At Spending? (Read Time: 2 min.)

How much money do you spend each week?
How much of your money goes to things, people, and places that you can't even remember?
When was the last time you kept track of your daily spending?

Here's the truth:
Money is one of the EASIEST things for you to demonstrate.

If you don't believe it, spend one week tracking your daily spending. Write down everything you spend for seven days and then total the amount at the end of the week. You'll find that you spent way more money than you THOUGHT you had to spend.

Stay Strong Point for Today:
If you don't know where your money goes, then you're guessing on whether or not your money will grow.

Become a diligent steward of your finances by doing three things this week:
1) Keep a daily spending journal- (without judging yourself) document what you buy and how much you spend.
2) Ask 'Did I need this or did I want this?'- At the end of the week, look at the total amount spent, look at each item purchased and ask yourself "Did I need this item or did I want it?"
3) Give Yourself 3 Spending Days a Week- For the upcoming week, choose select days that you'll spend money and refrain from spending ANY money on any of the other days. That means you decide the days you'll spend, you make sure you put gas in the car on those days, you buy groceries on those days, and you do whatever needs to be done on those days and discipline yourself not to spend on the other days.
4) Commit to saving 10% a week of what you spent during last week- That means if you spent $150.00 last week (and still have no idea what value you received for that amount of money), next week, save $15.00 and stick it in your savings.

One of the quickest way to grow your money to a level of wealth is to treat the money you have as if it were already that exact amount you desire, i.e. cherish it and take good care of it. The diligent in finances never lack for ANYTHING.

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