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3 Tips For Big Thing Budgeting for Groceries

3 Tips For Big Thing Budgeting for Groceries

Budgeting for groceries seems like a simple task. Make a list and buy what you need. Well, it usually doesn’t happen that way. If you are not precise about shopping, the list will be meaningless, and you will end up spending more money than you need to. Shopping the right way can save you thousands of dollars every year. Here is a short list of quick things you can do for big thing budgeting for groceries.

money quotes; budgeting for groceries seems like a simple task

YOUR SHOPPING LIST
1. Shopping with a list is important, but the list must be well thought-out. You should decide what your menu will be for the week, comparison shop for groceries by using prices online or in your weekly sales paper.
It is best to use your list to shop the isles for grocery shopping is much less expensive than the end of isles, where new products are often displayed.

Shop within the confines of a menu. Know exactly how many pieces of fruits, vegetables, meat packages, loaves of bread, box of cereal etc. Know what you will pay for each item and stay within a strict budget.

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BUY, PREPARE AND EAT IN A FEW DAYS
2. Buy and prepare only as much as you can eat within a few days. Food waste is a big reason for going over budget with your grocery bill. Clean your refrigerator at least once a month to closely monitor food use. It is even better to clean and monitor your refrigerator once a week if you have time.

Keep your refrigerator and cupboards well organized so food is used on a timely basis. Concentrate on fresh foods to prepare, not junk food or food that is already prepared. 

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SHOPPING WITH COUPONS WILL HELP
3. Coupons will help if you buy items you need. In other words, don’t use coupons to purchase items just because they are on discount. The next money saver is the sales paper and prices online. Another option is extreme couponing if you have time.

The savings comes at the cash register, when you have product for weeks, and when you sell product that is in excess. Buying in bulk also saves money on food, but you have to calculate your savings, it doesn’t always work. Shop with a calculator. 

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BE VIGILANT ABOUT SHOPPING FOR GROCERIES
Being vigilant about shopping and budgeting for groceries will make a big difference in your grocery bill. The savings can be enormous if you shop the right way.

Shop when you are calm and hopefully you are not bothered by kids sneaking expensive groceries into the cart. When you follow these simple guidelines budgeting for groceries and saving money will become easy.

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7 Steps of Budget Planning to Avoid Financial Disasters

Budgeting Planning to Avoid Financial Disasters

Big thing budgeting in 7 ways - budgeting tips

  1. The First Step of Budget Planning to Avoid Financial Disasters 

Budget planning to avoid financial disasters starts with not buying too big with the big stuff such as cars and homes is one of the biggest reasons many cannot withstand a small business or personal financial disaster. Many of us forget that there are affordable ways to buy homes and cars to avoid future financial disasters. What happens, is that these two items are based on way too much emotional buying. Keep your head on straight by researching before you purchase. Learn more on my instagram.

Ask questions like; Do I really need a new car? What will the warranty maintenance cost on my new car? What if I purchase the same car 3-4 years old, what would the savings be? If you have a job, no matter how secure you think you are, that security could be in jeopardy at any time. So, purchasing a car that you can buy cash or with very low payments will be the better option. The same holds true with a home, if it is too large, with a stressful payment, the smaller home with the lower payment, that carries less stress may be a better option.

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  1. Stay Properly Insured

The second step to budget planning to avoid financial disasters seems to be plain old common sense. But, sometimes people with a home and car let important insurances lapse due to illness or thinking they don’t have the time, they let important insurance lapse, due to simple negligence. Stay fully insured with a car, home, health, life, and if you own a business – all applicable business insurance. A small business lawsuit should always be covered with business liability insurance, not your personal assets –  so, don’t take the chance.

  1. Don’t Waste When Times are Good and Income is High

We have had many economic downturns and upturns in the past several decades. The one regret I have heard a lot when I talk to people who make a lot of money when times are good is — “I lost my mind when I had a lot of money, and spent without regard to the reality to the future, then a financial disaster came”. Because nothing is guaranteed, even good times, it is important to handle your money as if the money will stop anytime, that will help protect your assets.

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  1. Let Your Kids know Money Doesn’t Grow on Trees

There are some parents who, despite much evidence to the contrary, feel it is important their kids need to have all the material trapping they did not have. It is not necessary, and it is not true. Your kids will literally begin to think that money grows on trees and drops from the sky. Your kids know you love them when you give them positive time and attention, so it is not necessary to spoil them, and it may lead to a financial disaster. You can reward them without giving them too much, some parents to the tune of going bankrupt. At this point your kids probably are not aware of potential financial disasters, but at least you can start to teach them money skills.

  1. Have a Sick Fund for Days Not Covered by Extended Illness

Most jobs have sick leave, most small businesses have no sick leave unless they create it themselves. As an employee, you may run out of sick leave if you have an extended illness. Save money in a sick fund to cover an extended illness. This is especially important for small business owners.

  1. Make Your Savings a Bill

Create a general savings fund and treat it like a bill. You are probably seeing a pattern here. Saving money as several bills is just as important as paying existing bills. It should be a part of a general budget plan for financial disasters.

  1. Don’t Borrow From Your 401k, Borrow From Your General Savings

As far as I am concerned, borrowing from a 401k is a budget planning financial disaster unless you are suffering from a fatal illness, borrowing from your 401k should not be a consideration. You should have an automatic saving account for financial disasters that you can borrow from.
The 7 steps of budget planning to avoid financial disasters will above will get you on the way to solid financial success.

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7 Tips for a Budgeting Basic Bounce

Budgeting basic may be defined as follows. Ever heard the expression, “I don’t know where my money goes” another is, I don’t have the things I need and can’t afford any of the things I want”. If this is a problem you have, you may want to look at your budgeting basic skills, and read this budgeting advice, paying close attention to the process of creating your optimal budget, and then sticking to it.

1. Start With the Essentials

Your budgeting basic should include your essentials to start with. You must have a home, food, and water, at a minimum to exist. So, those are the things you should budget for and pay for, first.
A) Rent, Food, Utilities, Car Payment (if you must have a car for work)

A Budgeting Bounce Can Take Your Budget Over the Top    --Lois

If you don’t pay for insurance your car can be impounded and your home would not be replaced if it is destroyed by fire. So of course, insurance is an essential budgeting basic. You could lose your credit rating if you don’t have car insurance and an accident is your fault. The other person’s insurance company can charge you with the payout and lien your credit. In most, if not all states liability car insurance is the law.
B) Homeowners insurance, or Renters insurance, and Car insurance

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If you become ill, could lose your home and assets to a hospital lien? Possibly. To prevent this, you must have health insurance always as a budgeting basic. If you do not have health insurance, in most cases a hospital will treat you and charge the bill to you, with collection calls to pay up, until you satisfy your bill.
C) Health Insurance

If you have loved ones, that is children or a spouse who will need help with bill paying and life maintenance in the event of an untimely death, you should have life insurance, it can be an inexpensive policy, but it is wise to have something.
D) Life Insurance is a budgeting basic

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2. Make Your Hierarchy

Make a hierarchy of your most important to least important needs. Make a list of the most important to the least important budgeting basic items you pay monthly. Try to pay the top 3-6 items, no matter what, even in the event of a financial emergency, and the bottom 3 that can be temporarily eliminated in a dire emergency.

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3. Your Savings Please

You will have unexpected expenses from time to time, so an emergency savings may cover those expenses, it will also be your cushion for your top three monthly expenses. Make this savings account a bill that is taken from your checking account or your check monthly so you don’t have to stress paying saving it. Even if it is only $50 per month, start saving now, it adds up. If you can afford more, put in more.

4. Filling in Gaps

Fill in gaps for your quarterly, semi-annual, and yearly items. Some of your expenses will be quarterly, some may be twice yearly, and others once a year. Create savings for these items, pull the money out monthly to fund these irregular accounts when they come due. When the item comes up, take the money from this account, instead of from your monthly pay- check.

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5. Maintenance Savings Budget

A second emergency account should be for general maintenance. This is a big item that throws off many budgets. Instead of borrowing money for a car or home repair, borrow it from your maintenance savings budget. This saving account could also include your vacation savings.

6. Your Peace of mind

Every time you think of going off your budget, think about the peace of mind you will get from having a balanced budget, paying your major bills with ease every month, and having extra to cover unforeseen expenses. Your strict organization is the key to a great budget, this is a general organizational plan. You will create a specific plan for your budget, allow this plan to be your guide.

7. Get Help With Your Budget, Don’t do it Blindly

Pick up your free personal finance gifts now, track your spending and plug holes in your budget for extra money toward expenses or savings. Use the simple but powerful, Budget Plan to guerrilla plan your budget with an extreme organization now.

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Big thing budgeting in 7 ways

How a Budget Can Create Financial Freedom in 5 Ways

Financial Freedom
How a budget can create financial freedom for everyone

Know Where Your Finances Are First

Since the most important aspect of financial freedom is no or low debt, I will start with debt.

There are those who are in horrific debt and they don’t know it, as high debt is a major robber baron of financial freedom – it is important to understand it’s implications. The main reason is because they don’t know what high debt is.

They have somehow gotten the wrong message about money and debt. They feel the more debt they have, the more money they have. Well, I am here to tell you that the more debt you have, is simply the more debt you have.

If you don’t have enough money to pay your debts every month, that is a sign that you have too much debt for your income. If you are making your debt payments, but it is difficult to pay your debts, you still have too much debt, and need to find ways of getting your debt down.

Low debt is one of the five major factors credit reporting agencies use to determine a high credit score. A high credit score is important because it saves you money when you get loans. The better your credit score, the lower the interest will be on your loans, in some cases, you may not get a loan at all, if your credit score is too low. One way to start down the road to financial freedom is creating a scripted budget.

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Write 5 Steps to Getting What You Need to Start a Scripted Budget

Write down the most important things you need immediately. Then, write down the things you need long term. Examples of immediate things you need may be 1. pay off student loans in 3-5 years, 2. purchasing an affordable car after paying off student loans, 3. saving for an affordable vacation after doing number 1 and 2.

Then you will concentrate on long term goals, like finding a higher paying job after you get experience or getting an apartment or home in a better neighborhood.

Write 5 Steps to Getting What You Want in a Different Scripted Budget

Write down what you want short term, but is not necessary. Then ask yourself if you really want it and what feeling you will have if you get it. Then write down a budget and stick to that budget for everything you want.

It is imperative to create and stick to a budget with your wants, since wants sometimes to become emotional and emotions create an easy window to overspend. Example of wants are 1. a new dress for you cousins wedding, 2. going out of town for the weekend by plane to a friend’s graduation etc.

Use the Top Three Steps from Your Budget Scripts to Meet Your Goals

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Of the five steps, you write down for both needs and wants, focus on the top 3 on each list. Focus on those top steps with laser precision. Narrowing your focus to the top three and the top 1 on your list will make it easy to make your goals in your time frame.

It will also make it easier to do. Many times, people give up because they feel the task is too hard, this comes when the task feels too overwhelming, the focus will relieve you of the overwhelm feeling.

Every Month Analyze Your Steps and Decide What You Need to Change in Your Budget

Somethings you do will work well, some won’t work at all, and as you use your current list you will also find better ways of meeting your goals. Because of this, you will change your steps by rearranging them or rewriting them.

Look at this article as one of many lessons in financial freedom, the more conscious you are about your budget, the more likely you will achieve financial freedom in the future. If you feel you have financial freedom now and you don’t live within scripted steps, as recommended, it would be wise to start so you can remain financially free.

Media propaganda to buy products we don’t need confuses people into thinking they need them, they buy them, then they get deeply in debt. Don’t allow yourself to be defined by product propaganda, but instead use conscious scripts to achieve low debt.

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Lois Center-Shabazz | Course Delta Agency
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Your 7-Year-Old Child’s Budget

Your 7 year old childs budget, spoiled kids make difficult adults

If a 7-year-old has a great child’s budget, will that make him a frugal adult? It may, and it may not. But, we do have lots of evidence to suggest that spoiled children often become over spending and greedy adults. What happens at 7 could easily happen at 70, since good and bad habits grow over time, so why not start growing good habits with a child’s budget early.

Psychologist say the earlier you teach someone a skill the better chance they will perfect it overtime. That is seen in teaching skills such as music, sports and education. In my humble opinion, that also works with budgeting skills.

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Some folks can’t figure out why their kids constantly beg for everything in sight, then they look back at the fact that they did not set proper limits on spending early. They felt that a happy child was a child that had everything they wanted, until of course, the child hit their teens and then twenties, and their begging for “things” and spending money developed into out of control behavior.

Here are 3 things you can do to put your 7-year-old on the right path for life.

  1. Give him an allowance, a piggy bank and chores to begin his child’s budget

Some parents think children should not be paid for the chores they do around the house. I am of the camp that feels there is nothing wrong with giving a child an allowance for working around the house if it is in line with age and chores.

The child does their chores on a schedule, they are paid on a schedule and they are encouraged to save a portion of their allowance and budget the remainder. It teaches them early that we all must work for money, and money has a limit.

  1. Discuss value, which is the pinnacle of a child’s budget

Some products appear cheap, but they will not last after the first usage or wash. So, teach them there is a difference between expensive, cheap and value for a product. You can purchase a product that appears cheap, but has very low value because it is made with low quality materials or craftsmanship, and quickly falls apart and becomes useless.

An example is buying a computer that is very inexpensive but it only last for 3 years, versus paying slightly more, say 30% more for a computer that last for 12 years — the savings is obvious. On the other hand, you can purchase an extremely expensive car, the upkeep is extremely expensive, and the breakdowns are frequent. That car may look good and go fast, but has little value for practical use and longevity. The maintenance cost out way the looks and performance.

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  1. Teach your child about budgeting, savings and costs to round out your child’s budget

The earlier a child understands what a budget is, how to budget out the total sum of the money they receive, and how cost effects their savings, the better they will be in the future.

Sit down and decide with your child what is important for them, you can look at the internet or newspapers and find the prices of items they are interested in. Inform them that prices change from time to time, but this will give them an idea of what they must save. Allow them to set short term savings goals – a sports item like a basketball or doll, and a long-term savings goal like a more expensive game.

When you buy their more expensive items like bicycles, ATF’s, computers, and clothes, use this time to also discuss value, longevity, and cost.

Using steps 1,2, and 3 will allow your child to start early to process a functional child’s budget, so they can take budgeting into their adult life as an expert.

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Personal Finances Should be Personal

Your Personal Finances

I was speaking at a women’s meeting about personal finances and a young woman, about 35 came up to me and ask me what are “personal finances”. I was really shocked since being there meant that she was in some way affiliated with a business she owned.

She looked me in the eye with a very serious face. I pointed to her and said “your – personal – finances”. Your finances that you take very personal. You monitor, you manage, and constantly improve your finances yourself, even if you have help. It’s crucial that you understand your own finances.

It seems like it would be common sense to understand the term personal finance. But, the definition seems to elude some of the most intelligent, and highly successful people. The proof is in the finances of many.

The workplace embezzlements of high-level employees, the bankruptcies of high-income people, the general personal finance mismanagement of people which becomes evident when they lose a job and lose all or most of their assets due to mismanagement.

I CAN SUM IT UP IN 3 WAYS:

  • RANDOM SPENDING

Take your finances serious – don’t randomly spend money. This is the most important aspect of personal finances. Some folks act as though the money they have in their checking account belongs to someone else, so they spend it until it is gone or before all bills are paid.

Then they go to the credit cards, when those run out, they go to others to borrow money and make up the difference. Then they lose relationships, which is can be more serious than wasting their money.

  • TRACKING YOUR SPENDING

Keeping track of your spending is getting very personal with your finances. Most people don’t understand how fast money goes when it is spent randomly. You can see this also when you charge on credit cards the balance escalates rapidly.

A major aspect of getting personal finance maintenance is paying cash as much as possible unless you use a credit card for points and you have the money and discipline to pay off the balance once a month. With frequent credit card use, many tend to lose track of spending, and their finances become very impersonal.

  • BUDGETING YOUR MONEY

I talk to people all the time who tell me they thought they were budgeting until they read many of my budgeting articles and the advice I give on budgeting. My program includes guerrilla budgeting.

With all the distractions, we have – advertising – expensive products – overpriced cars and high maintenance homes- getting personal with your finances means that you must create a guerrilla budget to survive no matter what your income.

Some folks think all they must do is make more money until they find out they spend more for things and get more expenses, so they are either in the same place or worse financially, as income goes up. They realize the problem is they did not get personal with their finances.

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The Reason Your Personal Finances Should Be Personal

5 Retirement Tips for your Retirement Planning Young and Old

5 Retirement Tips That Make Retirement Planning a Serious Issue

5 retirement tips for your retirement planning young and old

Retirement tips are for those who never think that retirement day will come, or don’t know the potential difficulties they face when they retire. It always seems so far away, but those who have retired tell me it came faster than they ever imagined.

Here are some actual examples of problems seniors tell me they’ve had because they didn’t take their retirement date seriously in their 20’s, 30’s or 40’s. Here are 5 retirement tips to include in your retirement planning.

Retirement tips #1 – Medicare + 20%

Medicare pays 80% of most of the senior medical cost. Because of this, senior citizens are required to take out a Medicare Supplement policy. The supplement pays the extra 20%. Some seniors planned so poorly that they can’t afford or pay for the Medicare supplement. Because they have no supplement insurance, they are required to pay the 20% each time they go to the doctor, have surgery, chemotherapy or any other medical treatment. If they have a home, the home will be attached to pay for their medical balances, usually if they sell it or pass away. If they don’t have an insurance supplement or pay the 20%, some medical facilities will not treat them. There are two types of medicare: Regular Medicare (government sponsored) and Medicare Advantage (private coverage). Regular medicare typically pre-authorizes and pays promptly. Medicare advantage includes
many “extras” to “induce” seniors to sign up, but does not authorize major
treatment in many cases, and does not follow through with the extras. Doctors I talk to recommend seniors sign up for regular medicare.

Retirement tips #2 – Social Security as a Supplement

Many employees, both young and old, can pay into a 401k plan but opt-out of it, because either they, 1. Don’t understand what it is, 2. Don’t get matched by their employer, or 3. Feel they have plenty of time to worry about it later. The fact is there are numerous articles to explain 401k plans, the match is a nice side benefit—but you still get a tax benefit when you contribute without a match. The amount of a monthly social security retirement check is small compared to your working retirement income. Because of this, social security is meant to be a supplement to your retirement, so think hard about creating your main retirement now. The earlier you start, the easier it is, and the less you need to put into your account, monthly.

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Retirement tips #3 – 401k Protection

A popular retirement supplemental plan is the 401k, but you must protect it. Once you start to fund a 401k protect it with all your might. The protections include; 1. Leaving it alone for retirement – this means no borrowing. This is a provision that should not be allowed in a 401k plan since it is meant for retirement. Everything should be done to avoid borrowing from your 401k, including careful planning early in your career. Here are some protection ideas. Make yourself several “would if” scenarios and fulfill those scenarios early.

The examples are — “what if I lose my job”, “what if I need a large home repair”, “what if I want to go on a nice vacation”, “what if I have difficulty paying my mortgage”. All those issues can be addressed by 1. Creating savings accounts, 2. Cutting your living expenses now, 3. Make all major purchases affordable. You can come up with more solutions. The point is to come up with solutions to problems that don’t exist yet, so you never need to borrow against your 401k plan later.

Another protection is to keep your 401k balance to yourself. Scam artist prey on older people and sometimes younger people who have large 401k balances, because they know you can take that money out of your account anytime. A large lump sum withdrawal will trigger a large tax bill if you take it out at once. But, that is no concern of any sales person (many of whom are fake), when it comes to your 401k. You should be the only one who knows the balance. It’s not a good idea to share your balance with strangers.

The popular show, American Greed profiled the case of two ladies, not very old, but managed to retire with large 401k type accounts. One had $600,000 and one had $1 million. Both told friends, who told a fake investment person, who contacted them, talked them into investing with him, and he stole all their money. Their primary problem was that they should never have met with or believed in a stranger who claimed to be investing in the music production business with high returns.

The only thing they got was a huge bill from the IRS since they took the money out within a short period. The man went to prison, but they did not get their money back. Friends, family, and strangers have no right to the information in your 401k or 403b plan. Some elderly people have had their 401k stolen from them by their own relatives, including greedy children.

Retirement tips #4 – 403b Protections

The 403b is like the 401k, usually for non-profits. Fund the accounts, make sure you understand where to keep the money when you retire, you will have a few options. But, mostly understand that your balance is your personal business, and you must pay taxes on the amount you take out. The purpose of your 401k or 403b is to supplement a pension or other retirement plan.

Retirement tip #5 – Tax Shelter Annuity Movement

Many school districts offer tax shelter annuities as supplemental retirement accounts. After retirement, they are offered the right to roll over into an annuity outside their job. Be careful, make sure the costs aren’t prohibitive.  Also, you can only take out a little at a time, otherwise taxes would be too high. Again, your tax shelter annuity balance is your business, no one else’s. Look at online investment banks such as fidelity.com, troweprice.com, schwab.com or others – call and discuss low cost annuities to roll over your annuity. You can also discuss other low risk options. Take your time and don’t allow anyone to pressure you.

This is only the beginning, but if you take these retirement tips serious, and include them in your retirement planning, you will be on the road to retirement bliss. Understand the limits of social security when you plan your retirement.


Lois Center-Shabazz 

Personal Finance:  Author | Blogger | Course Creator | Money Strategist

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Teach Your Teen to Budget, It Is Possible

Teach your teen to budget, it' possible.

Is it possible to teach your teen to budget? For some parents or guardians, the answer may be no. But, for others it is possible. If you have not spoiled your cute sweet little toddler into a mean selfish teenager, it is possible. Even if you have engaged in the “spoiled rotten” theory, you can still teach your teen to budget, but it will take considerably more work.

Here Are Three Tips to Teach Your Teen to Budget

START EARLY TO DEVELOP A STRONG CONNECTION

  1. The earlier you develop a strong emotional connection to your teen, the easier it will be to teach your teen to budget. Kids don’t need to be spoiled with things, to be happy. Things don’t make kids happy; but instead activities, hugs from parents, and talking to understand their concerns and helping them solve problems on a regular basis have proven to be major issues for happiness.

CHANGE THE WAY YOU THINK ABOUT THINGS

  1. For some strange reason, some parents think that if they give their teens all the material things they did not have, it will trigger massive happiness. If you had all of those “things” you would have seen that the lack of things was not the reason for your unhappiness when you are a teen. But instead, it is mostly the things that you cannot see that builds happiness.

TRY TO THINK LIKE A TEEN

  1. The only way you can find out how teens think, is to talk to many different teens. Teens want direction and clarification when it comes to making decisions. Teens also want to feel like they are important. What makes them feel important is first and foremost when parents appear that they care about them. The best way to make that clear is by telling them, you care about them and you love them. The second way is to guide them in what they do, and the third way is to make sure they are busy with activities where they make progress doing things they love like music, art or sports. The accomplishments make them feel important.

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Once you create the strong connection to your teen, it will allow you to create a strong connection to teach your teen to budget, by connecting the reason why they should budget along with you now and in the future.

It starts with saving money and why, then onto saving money and purchasing with a budget, to buy that which is affordable. Then, the reason a budget is necessary now and for life.

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Personal Finance: Author, Blogger, Course Creator, Money Strategist

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How Much You Budget What You Have Makes a Difference

How much you budget what you have makes a difference

I have had several people online contact me and say, “I never thought I needed a budget, much less a guerrilla budget” Most of them feel that budgets are for those who have a lot of money. But, I am here to say, it does not matter how much you have, it’s how much you budget what you have. Rich people go broke all the time for the same reasons poor people go broke. In my opinion, they both spend to much money for their income. Budgeting is a skill, the more you practice it the better you will get at it. So, start now, and perfect your budgeting skills.

How Much You ‘Budget What You Have’ Will Make a Difference by:


Saving Money

Budgets save you money in many ways. First, it encourages you to put savings in your budget I encourage those who don’t have much money to start with “the jar”. Place loose change in a jar once a week. Then go on to the second jar which is the dollar jar. You will place a few dollars in the dollar jar a week or every two weeks. This will give you more of a cushion than the coins if something goes awry in your budget, like running out of food or needed extra gas. This will help to keep your budget in tack. After your jars are full, open a savings account, then later, start automatic deduction from your payroll or checking account to your savings.

Controlling Behavior

A budget controls your behavior by preventing you from randomly pulling out a credit card or spending on things you don’t need. When you pass the dress or shoe store your budget sense will tell you to keep going because those things are not in your budget. When you get an email from a clothing store you purchased from in the past, your budget will tell you to delete the email, there is no reason to open it.

Ladies for peace of mind when you buy a car you must understand the rules.

Reducing Clutter

This may seem like common sense, but many people spend excessively and don’t realize it until there is so much clutter they can’t find a place to put their buys, or a place to use it. It is only then, that many realize they are developing a hoarding personality. Creating a budget. and sticking to it will help tremendously to prevent over-buying, the fear  of hoarding and busting your budget, will encourage you to budget what you have.

Budgeting is not taught in most schools, many of your parents do not have a budgeting sense, so it is important to get it from other resources.Start with
my Car Buying Course for Women.

Lois Center-Shabazz | Course Delta Agency
Personal Finance: Author, Blogger, Course Creator, Money Strategist

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Money Saving Tips for Single Moms, When You Live on a Tight Budget

money saving tips for single moms

Nearly every single Mom eventually comes across this one question,  ‘how to save money with my one income?,  the answer to the question varies considerably from one person to another. The money saving tips working for a single mom would be different than a student, and a working professional and entirely different saving method would apply for a couple.  Being a single parent is not an easy job and it becomes more difficult when it comes to being a single Mom.  Life is not easy for Moms but when they have to play the dual room of bread-winner, and homemaker a bit of master-minding is in order. 

Maintaining good finances is always a tricky task for everyone, but this task becomes more challenging when there is one income. A single mother whether earning or not needs to take to laser focus on all her finances,  saving money will alleviate some of the stress in her plan. If you are a single Mom and looking  for solutions to save money, then you will benefit from this article,  as here I will present to you, one of the great “how-to’s”;  How to save money tailor-made for single moms, using these, money saving tips:

Saving Money on Groceries

Most Mom’s are responsible for grocery shopping, meal planning, and preparation, but a single mom is responsible for doing the same and making sure it is “cost effective”. A single mom can save money by

  • Planning the family meals in advance, because she can purchase in bulk, prepare in advance and freeze meals.
  • Cooking in bulk that can be used over a period of 2-3 weeks, freezing the excess, would help her save on cooking expenses apart from saving a lot of time and energy.
  • Purchase in-season vegetables and fruits
  • Avoid expensive cuts of meat as they will heavily increase your supermarket bills.

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The Second Hand Option!

Children are always full of demands, and I won’t be exaggerating if I say their demands are never-ending, that’s typical of kids. A  single mom needs to handle these demands without jeopardizing her monthly budget and savings. You can save a lot of money by buying used toys and clothes for their kids and, and even for yourself. And if second-hand clothes are not something you like, go in for recycling your clothes and save a lot of money on buying new ones. There are a number of shops that offer second-hand products used once or twice, and available at 30-50% of the original price. You can see that there are many options for saving money on clothes, you can think of others.

Look out for discounts and coupons

The life of a single mother is full of struggles and difficulties but shopping for discounts in major sales papers and online should be a major part of your shopping tour. Take advantage of shopping coupons, store loyalty, and reward points and make the most of your shopping by paying the lowest price possible for everything. You can go in for kid’s clothes shopping during sales at regular stores,  and  also  at deep discount retail shops in searching the best answers to ‘how to save money’.

Team up with other moms

There is one famous quote saying ‘Divided we fall, United we stand’  let this be an inspiration for single Moms everywhere. Befriend single Moms in your area and form a group where you can trade babysitting with other group members, which would not only save money but also foster support and friendship within the group. Organize group activities such as cooking and freezing, excursion trips, picnics to nearby places with kids and carpooling etc.

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Save on household bills

Household bills are a necessary evil, will always be with us, so they need to be dealt with efficiently. The process of saving money on household bills begins with cutting back on cell phones, cable, electricity and water bills. Single moms can take advantage of the internet to compare various cell phone plans and make sure you can constantly upgrade to the most discount friendly plan. Always ask your electricity, water or gas companies for a  subsidy or discount, as many companies give subsidized electricity and other amenities at lower rates to people belonging to certain income groups. As for electricity, don’t use what you don’t need. If there are cable channels you don’t use or can’t afford, cut those out of your cable package.

Get out of the debt trap

[sociallocker]Debt is considered to be an integral part of the lives of a single parent, especially the single Moms. Many people know that debt is actually the enemy of savings,  and in order to increase savings, you need to get work to get out of the debt trap as soon as possible. I suggest you replace your big car with a small one or a big house with an apartment or small manageable home.  Big assets acquired in the form of a  loan only adds to your liabilities and increases the outflow of your cash by the way of down payments and loan installments. Get rid of bigger loans with huge installment payments, and high-interest rates: and save up your monthly income for a healthy budget and securing your children’s future.

We are aware of the fact that as a single mom, you know the importance of money and savings. This is the reason you can see plenty of single moms working terribly hard from morning to evening in order to earn an income for their children. But sometimes finding answers to the question  ‘how to save money’ seems blurry even for the hardest working single moms,  this is the reason why we’ve given you the best workable tips for achieving the task. Take advantage of these money saving tips and see your budget consistently improve over time.[/sociallocker]

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Money Saving tips for single moms

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Regards,
Lois