Tip Tuesday (A Day Late)

I decided to do a tip Tuesday series on money and how to keep more of yours.  I read a lot of articles and books on money (saving and budgeting). However, the main thing missing in these books (except for Personal Finances for Dummies, which is my favorite money book) they forget to tell you to first figure out where your money is going. If you are overspending you will never have enough to pay your bills or save.  Saving 15 percent of your income is a great concept but how do I get 15 percent to save if I am living paycheck to paycheck and barely making it in between.  Before you do anything track your spending.  This is affective in more ways then just preparation for your new spending and saving habits.  I found when I held myself accountable (writing stuff down) I was more reluctant to spend on the unnecessary.  I didn’t want to have McDonalds for dinner three times a week staring me in my face.  I would suggest tracking your spending for a minimum of 2 weeks (a month is better but we will work with what you are willing to commit to). Once you have tracked your money you can figure out where all your money is going.  Are you eating out too much? Is your spending on clothing too much? Is your car hooked up but you are eating oodles and noodles every night for dinner?  Is your car insurance too high? Is your car payment to high? All of these questions will be answered when you look at your spending list.  Do not limit this list to what you spend out of pocket, include all your automatic deductions as well.  I shop on HSN and QVC (I feel like the payment plans are the greatest thing going because there aren’t any interest charges involved).  However, that HSN and QVC thing was getting me in trouble.  I had over three hundred dollars coming out on automatic payments to QVC and HSN which is not good. So take inventory on where your money is going then we can work on the budget and savings.  I am starting over because I feel like I have gotten off track and I will use my Tip Tuesday segment to get me back on track.

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