If you’re found your way here from the 10! Show, WELCOME! Read about me, check out me in the media, and get FREE updates from my site by clicking here. Want more ways to connect? Follow me on twitter, contact me if you have an questions, or hire me.
<video to come>
This morning I went on a local NBC show called the 10! show. I talked to Lori about how you can whip your finances into shape. Consider it a personal finance bootcamp. Here’s what we covered. For more on these topics, click on the links I’ve provided.
Use online money management software like Wesabe, or Mint to track money.
Create these 3 lists for a snapshot of your financial life.
* list of all debts
* general yearly budget
* calculated net worth
2) Emergency Fund
The key to getting out of revolving debt.
* Automatic withdrawl
* Online Bank
* Minimum of $1,000
* sell your stuff to reach your EF goal
* get a 2nd job or a side gig to reach your EF goal
3) No Spend Month
You’re getting serious about paying off debt, so take a month or a week and only buy necessities.
* Marc Hedlund, founder of Wesabe offered me this tip: “Write down everything you think about spending money on.”
* Necessities are food, gas, and the bills.
* No going out to eat, etc.
* If you have kids, get them in on the act too.
4) Save on the “big” Stuff
Housing and transportation are the 2 biggest costs.
* Find creative ways to save on the big stuff. Most of can’t move easily, but there are options, such as having a roommate, renting part of your home out, or downsizing that can have a big impact.
* Could you be a one car or a no car family?
* Tackle the biggest expense first, they have the most impact.
* If you are in the market for a car or house, make sure you can afford the maintenance.
5) Grocery Spending
There are tons of ways to save money on groceries without compromising on healthy food.
* buy in bulk
* share big purchases
* use what you have (25% of food Americans purchase gets thrown away!)
* shop smart
* check for sales
* use a list
* go with a full belly
* go to the store off hours so it’s less crowded
6) Saving on Monthly Expenses
Everything from life insurance, to the cable bill is negotiable.
* What services/subscriptions can you do without?
* Have you checked your policies in the last 6 months?
* Call all your service providers and ask for any discounts.
* Cable TV, you can call and tell them you are willing to cancel, but be ready to follow through.
7) Tackle Your Goals One at a Time
Doing everything at once is difficult, do one thing at a time for the best results.
* Make a list of goals.
* Start with something manageable.
* Use visual reminders.
* Keep motivated by reading personal finance books, and reading blogs (they’re free!).
For a fantastic 6 week program on automating your finances, pick up a copy of Ramit Sethi’s book, I Will Teach You To Be Rich
© 2009 – 2011, Whalen Media LLC. All rights reserved. To repost or publish, please email Kelly.
Pingback: Tweets that mention Personal Finance Bootcamp on local NBC 10! show | the ¢entsible life -- Topsy.com