Penny Wise, Dollar Foolish

Penny wise and dollar foolish is a saying I have heard since I was little.  I will admit, it has been me on occasion – okay, maybe more occasions then I care to admit!  🙂

Halfway through the year and starting a new fiscal year at Thirty One this month is when review my goals and my finances.  Doing it mid-year check helps me keep things in balance or get back on track if I have wavered.

Life with MS (#MSwillnotdefineme) has been interesting to say the least.  No excuses, just the realization processing things doesn’t work unless I have a system.  A system to stay on track with bills.  A system to work my business.  Admittedly, the the money system faltered some in the first few months but I have grabbed the bull by the horns and am back on track with a new plan.

I hate to admit I am still learning money matters in my 60’s, but there are a few things I wish I had learned in my 20’s.  Learning is an ongoing process and I am determined not to give up on my goal.

#1 A bigger and better job doesn’t mean you get to spend more.  By keeping your costs the same when you increase your salary you’ll be able to save some.  I always thought more money meant I could spend more.  Silly me!

#2 Never spend more than what comes in.  And limit your cards to the lowest amount possible. This has been the toughest for this recovering addict to conquer. 

#3 Pay off any debt first.  Pay your credit card debt as soon as possible, those high interests won’t be doing you any good. Then once they are paid off DON”T use them anymore.

 

#4 Student loans on autopilot.  Students loans usually have a really small interest rate so make regular, steady payments to pay off your loan and it’ll soon be a thing of the past.  Check out too if you are eligible for a “forgiveness program”.  Make 120 payments on time & the balance of your loan is forgiven.  Works for the kids but not the parents.

#5 Build a back-up.  YES, saving is still important even if you have debt.  Make sure you always have a few hundred set aside for unexpected costs and bills.

#6 Insuring yourself is essential.  A crashed laptop, unforeseen doctors bill or stolen bike can wreak financial havoc if you’re not insured. The cost per month will pay off in the long run for any unexpected mishaps.

#7 Set long term goals to help you focus on what you really want. Figure out how much you’re gonna need and start saving now.

#8 Monetize your talent if you can.  Write blogposts, take photographs or try to monetize your special skills as (additional) income.  I have been a crafter for as long as I can remember.  I just wish I had of saved some of that money.

 

#9 Think about retirement.  This is especially important if you are your own boss.  Sadly, I learned too late it’s essential to put away money for the future.

#10 Lastly, here is a marvelous piece of advice given by StickleyMan on Thought Catalog. It’s reaaaaaally good.

“Take some more chances. You know that idea that’s been ruminating in the back of your mind for years? That one that doesn’t have anything to do with your job or your mortgage. That one that falls outside your schema of living and routine and that you shrug off as some immature or impractical idea; as just some silly fantasy. Maybe it’s a crazy business idea or a trip to go live in a hut in India for three months or to breed Pygmy hippos or to become a juggling street performer. Whatever it is, explore it. Maybe even try it. I don’t mean take a stupid, life-threatening risk. I’m not suggesting a trying a lifestyle of meth addiction and bare-knuckle Fight Clubs. But something outside your comfort zone. Try it. Maybe you’ll fail miserably at it. But just try it. Because in about a decade when you’re responsible for more things and more people, you won’t be able to. And you’ll find yourself in a self-imposed mental prison of ‘what-ifs’. And take it for someone who didn’t because I was too scared, too embroiled in my own insecurities and addictions, and so heavily conditioned to fear failure – you’ll wish you did.

Any cash lessons you learned in the past year? Tell us in the comments, we’d love to hear how you spend and save.

Have a ThirtyOne-derful day!

Be Uncommon

June 1 and it is a a NEW Thirty One year.  There is so much excitement with NEW year.  Time for reflection.  Time to change what didn’t work and keep what did.

Some goals achieved while others weren’t.  t could give you a MILLION reasons why some weren’t BUT the truth is, I let the “nah-sayers” get in my head.  I let Negative Nellie and Doubtful Debbie spend time in my office.  I let fear cover my faith.  Where did that get me, falling short!

In the past, Negative Nellie would have greeted me at my office door this morning.  I would have spent time listening to her and the result would have been a weak start to the NEW fiscal year.  Not happening, why? Because, I have made the decision to be “UNCOMMON”.  So what does that mean, right?

I read an article that talked about the 4 things that you need to do to be uncommon and I wanted to share them with you.

1) Uncommon People Create Uncommon Plans –  Did you know that less than 5% of people have written goals?  And that people who write their goals down accomplish them 95% of the time?

In the past, I have been the 95% that didn’t write down their goals.  I should say, I wrote them down but I then left them sitting with no steps to make it all happen.  Crazy right considering that Goals and Objectives were one of my favorite things when I was a grant writer.

So, my first step to is to plan.  Not just little wimpy plans but big plans.  Then I am going to write them down and set my mind to accomplishing them.

2) Uncommon People Exercise Uncommon Discipline – Uncommon people get up earlier; workout more often; tackle big projects and are self-motivated.  They are simply more productive, more often.  Are you?

Time to tackle the FROG.  Getting up earlier is a struggle – 6AM is the earliest I seem to be able to get moving.  Workout?  Yes, that is now on my calendar 4 days a week.

3) Uncommon People Take Uncommon Risks – “The bigger the risk the bigger the reward…but start off on the low dive,” says Tim Storey.

I need to simply set fear aside and do what needs doing to accomplish my goals.  Are you a risk taker or do you let fear keep you stuck?  Stop waiting for the ‘right’ moment and take the risk.  My BIG risk this month was signing on with a business coach – exciting but scary.

4) Uncommon People Have Uncommon Friends –  Did you know that we are the sum of the five people you spend the most time with?  If I had a secret camera and could see who you were hanging out with last week, if I could scroll through your text messages and your phone log WHO would I find there?

This is easy: my hubby, my daughter, my mom, my dad and my best friend – Stephanie.  Starting this year, I want go out of my way to be kind to hubby.  I want to spend more quality time with Belinda.  Guess that will mean some road trips.

Deliberately surround yourself with QUALITY people.  Don’t give your time and energy away to just anyone.  Be very protective of yourself because your life matters too much to waste it.  WOW!  That is HUGE, right? How often do you talk to the people above you in your DS company?

So, let’s START TODAY….Have you planned out your week? Will you make uncommon plans or just sit idly by waiting to see what happens?  Will you have the discipline to execute those plans or will you wimp out? Will you take risks or will FEAR keep you stuck?  Will surround yourself with uncommon people so that you can grow and move forward?

I am starting TODAY, won’t you join me.  We can be an uncommon group of uncommon people accomplishing uncommon things to make our lives and the lives of others healthier, happier and more successful.

Have a ThirtyOne-derful day!