Financial Information, Strategies for saving

Simple steps to making a budget

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Get your spending under control, so you can live

the life you deserve.

  • Budgets are necessary.  In today’s world with credit cards & ATM’s at every corner and American’s desire to “have it all”.  The only practical solution is to set boundaries on your own spending.  And then STICK to them.
  • A general budget includes three components; 1.  Identify current spending, 2.  Evaluate spending & set long & short term goals.  (Ex.  Short Term-  Family Vacation, Long Term: Retirement planning)
  • Keep it simple- buy some software to make the process easy.  Lots of great software programs available and they are worth the investment and will pay dividends because they will effectively track your success or failures.  A couple of examples are: Quicken & Microsoft Money
  • Watch for the “leakage”.  The impulse ATM withdrawal or the cash back at the grocery store cause havoc on the budget.
  • Living like a rock star on a waiter’s salary is dangerous & unhealthy.  Government statistics show that many households making under 50K or less are spending more than they are bringing in.  What starts as “a little leakage” over years could turn into full-blown bankruptcy if it’s not reined in.
  • Don’t count on winning the lottery or a long-lost relative leaving you an inheritance.  The probability of winning the lottery are 1 in 175,223,510.00.  This also includes company bonuses that fluctuate.  Set your budget on your salary and feel blessed if there is additional dollars that come in.
  • Don’t hide “want to have’s” in your necessities of life budget.  Clothing is a necessity, but Tommy, Nike, Christian Dior etc isn’t, and shoes are a necessity but 10 pairs are not.  Make it a goal to simplify your budget, less is best is a great motto for your closet.
  • False High-  Promotions, Raises and Investment successes are great.  But it’s not a green light to go spend, first take a look at inflation and realize the high & lows of investments.  This is a perfect time to increase your saving, because your budgeting is fueling your success.
  • Pay yourself forward.  Set aside 10% of your budget for “Big ticket items”.  By sticking to your budget and having this category, you reward yourself for good behavior.
  • Charitable Giving category  It’s easy to see this evaporate away, but if you stick to a goal here, I truly believe it comes back to you 10 fold.  Find an organization, church, or cause that you are passionate and get involved not just with money but time.
  • Do you desire a home?  Put a team together of professionals to work with you and for you to attain that goal.  (Ex.- Real estate, mortgage, accountant etc.  A home is one of the most expensive items you will ever buy, form a relationship early and gain insight on their knowledge.

table-rock-dam

Branson Landing

If your looking for a home in the Branson, MO area,

Call Sharol Nuckolls @ 417-593-2010 or go to my website @

TableRockRealtyGroup.com

Here are a couple of websites or blogs for additional help:

#1 Reason loans for home financing get denied- Kathey Grodi- CPA

8 Financial Tips for Young Adults

Personal Finance Tips

5 Financial Tips for the Furloughed

Find me on Twitter, Facebook, and Google+ as well.

Author:  Sharol Nuckolls

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