Are you so organised that every time you open your mail it goes straight into a clearly defined and neatly labelled filing system in your office/kitchen/lounge? Or is there a semi-permanent pile of paperwork growing on that dining room table? What about your e-mail inbox or the bills you still need to pay... Joan van Zyl put together a fantastic article in the YOU Makeovers magazine - Summer Issue on sorting through one's life in different areas including admin. She talks about dividing your finances into two groups - NOW and FUTURE.
The NOW group is about the basics - staying within budget and getting rid of debt.
- Determine your net worth (financial position) - subtract what you owe (bills,loans, accounts) from what you have in your account at the moment.
- For one month keep a pen and notepad in your handbag or use your phone and make a list of every expense you spend your money on then go through your list and see what buys were a necessity and what were just careless spends. Could you be making those purchases using loyalty points like e-bucks?
- Now take this info and compare them to your bank statements from the last 3 months and draw up a budget - including your debts and savings - include expenses that may only be monthly or yearly.
The FUTURE is the bigger picture - this is where you will be planning for the future and securing your financial freedom.
- Unless you are one (you shouldn't need to read this article if you are), you will most likely need the help of a financial advisor - ask a friend or family member for a recommendation.
- Money is unfortunately what makes the world go round and we are all dependent on it's importance so read the financial magazines, listen to the financial segments on the radio - stay informed about what goes on in the financial world.
- Change your perspective - instead of thinking about the lack of money "I" have, start thinking about how much you could have if you managed it better.
What about household admin - all that paperwork mentioned earlier.
- ORGANISE your life NOW - buy files and labels and start sifting through that paperwork and separating everything into the correct piles and filing them away.
- Use boxes for the post that you know you will not be able to get to straight away. Label them "IN" "OUT" "ACCOUNTS" "TAX" etc.
- Search for a budget template on the internet and utilise it to see what you should cut back on and what you can spoil yourself to each month - try www.mydebt.co.za/downloads/personal-budget-spreadsheet.xls
- Always check value for money - from policies to account promises to bank fees.
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