Title: Personal money management tips
Post by: Anonymous on January 22, 2013, 08:30:11 PM
Post by: Anonymous on January 22, 2013, 08:30:11 PM
I do not have Obvious Li's experience in business or cc and heinzy's understanding of economics..
What I do know how to do is write a family budget and stick to it.
A spending journal starts to make you aware of where your money is going. (If you haven't started using one yet, all you need is a notebook, a pen and the will to do it.)
"Insanity," according to a quote often attributed to Albert Einstein, "is doing the same thing over and over again and expecting different results." Are you tired of being financially insane and ready to make some changes?
If you've been unconscious about your money for quite some time, it's probably going to take a bit of time to develop some new habits. Don't get impatient with yourself. Impatience will only distract you from the task at hand. For example, you have to learn to:
•Distinguish between "needs" and "wants"
•Communicate with your friends and family about your new awakening and the changes you'll be making
•Recognize the effect marketing and advertising has on you, and resolve not to be influenced
•Create a balanced budget and tracking your expenses on a daily or weekly basis
•Recognize the importance of saving — both for emergencies and for the long term
•Do the hard work it will take to come up with a debt-repayment plan and then execute that plan
•See not only today's immediate needs, but plan for things you will need and want in the future
•Lead by example and show your children how to take charge of their money
•Seek help if you feel overwhelmed or lost along the way
Title: Re: Personal money management tips
Post by: instigator on January 22, 2013, 09:31:38 PM
Post by: instigator on January 22, 2013, 09:31:38 PM
Title: Re: Personal money management tips
Post by: Anonymous on January 22, 2013, 09:39:14 PM
Post by: Anonymous on January 22, 2013, 09:39:14 PM
i have a rbc infinite avion visa and i buy everything possible on it. after i spend 100k in a year i get free airfare to asia. if i spend 50k i can fly free to south america. all just for spending money.Quote from: "instigator"
We get cash back on our Visa cards too..
My husband collects reward points and miles when he travels for work..
However, if you cannot afford what you are buying in the first place it is foolish to use plastic for rewards.
Title: Re: Personal money management tips
Post by: Anonymous on January 23, 2013, 09:08:57 AM
Post by: Anonymous on January 23, 2013, 09:08:57 AM
One of my girlfriends emailed this to me and I am going to pass it on to everyone..Quote from: "Fashionista"
I do not have Obvious Li's experience in business or cc and heinzy's understanding of economics..
What I do know how to do is write a family budget and stick to it.If you've been keeping track of where your money goes, you may be surprised at how often you buy coffee, gum or a mid-afternoon snack.
A spending journal starts to make you aware of where your money is going. (If you haven't started using one yet, all you need is a notebook, a pen and the will to do it.)
"Insanity," according to a quote often attributed to Albert Einstein, "is doing the same thing over and over again and expecting different results." Are you tired of being financially insane and ready to make some changes?
If you've been unconscious about your money for quite some time, it's probably going to take a bit of time to develop some new habits. Don't get impatient with yourself. Impatience will only distract you from the task at hand. For example, you have to learn to:
•Distinguish between "needs" and "wants"
•Communicate with your friends and family about your new awakening and the changes you'll be making
•Recognize the effect marketing and advertising has on you, and resolve not to be influenced
•Create a balanced budget and tracking your expenses on a daily or weekly basis
•Recognize the importance of saving — both for emergencies and for the long term
•Do the hard work it will take to come up with a debt-repayment plan and then execute that plan
•See not only today's immediate needs, but plan for things you will need and want in the future
•Lead by example and show your children how to take charge of their money
•Seek help if you feel overwhelmed or lost along the way
I just saw Patti Croft advise the exact same thing.
Who is Patti Croft?
Title: Re: Personal money management tips
Post by: Obvious Li on January 23, 2013, 09:24:56 AM
Post by: Obvious Li on January 23, 2013, 09:24:56 AM
Title: Re: Personal money management tips
Post by: Anonymous on January 23, 2013, 09:30:21 AM
Post by: Anonymous on January 23, 2013, 09:30:21 AM
those are all good tips fashonjsta....the main thing is to START ASAP doing something....the longer you wait the more difficult it becomes.......get in the habit of putting so much aside every month and never deviate from thatQuote from: "Obvious Li".....fill up your kids RESP's, your RRSP's and TFSA's.............even if you do nothing else that would be sufficient if you start in your 20's
Thank you Obvious Li, that means a lot to me coming from someone with your knowledge of money management..
We are not wealthy Obvious Li, but we are able to save for our golden years and our children's education..
We have friends that earn more money than us, only have one child or none at all and they are deeply in debt..
Not living within your means and not saving will make you destitute in the future..
If you do not need something, do not jeopardize your future by going into debt to buy it.
Title: Re: Personal money management tips
Post by: instigator on January 23, 2013, 04:50:03 PM
Post by: instigator on January 23, 2013, 04:50:03 PM
Title: Re: Personal money management tips
Post by: cc on January 23, 2013, 06:03:53 PM
Post by: cc on January 23, 2013, 06:03:53 PM
i have a rbc infinite avion visa and i buy everything possible on it. after i spend 100k in a year i get free airfare to asia. if i spend 50k i can fly free to south america. all just for spending money.Quote from: "instigator"
I just spit my coffee all over my keyboard laffin @ that
If he could get out of his Mom's basement suite it would be an exciting day for him.
Title: Re: Personal money management tips
Post by: Anonymous on January 23, 2013, 06:17:12 PM
Post by: Anonymous on January 23, 2013, 06:17:12 PM
Title: Re: Personal money management tips
Post by: instigator on January 23, 2013, 07:18:41 PM
Post by: instigator on January 23, 2013, 07:18:41 PM
spending is spending.
and i buy a lot of things to outfit the home. big screen tv's, luxury appliances and finishings.
i spend 100k and get to fly free to Asia.
I spend about 100k a year
what's so hard to understand for you?
i told you i live in a nice house and run a business.
this is natural for succesful han chinese as i live in /lpha asian mankind vancouver.
everything you say about me is not true. you find it hard to believe my viewpoint because your view is distorted due to being a slf dprecating dfeatist aplgist
why do i need to lie? i have nothing to prove except tell the truth. there is no benefit to lying. what benefit am i trying to get from you except get truth through your thick skull.
Title: Re: Personal money management tips
Post by: cc on January 23, 2013, 07:45:59 PM
Post by: cc on January 23, 2013, 07:45:59 PM
I just spit my coffee all over my keyboard laffin @ thatQuote
If he could get out of his Mom's basement suite it would be an exciting day for him.
Title: Re: Personal money management tips
Post by: Anonymous on January 23, 2013, 08:14:46 PM
Post by: Anonymous on January 23, 2013, 08:14:46 PM
well when you have business expenses as well as personal it doesn't matter to rbc infinite avion visa.Quote from: "instigator"
spending is spending.and i buy a lot of things to outfit the home. big screen tv's, luxury appliances and finishings.
i spend 100k and get to fly free to Asia.I spend about 100k a year
what's so hard to understand for you?
i told you i live in a nice house and run a business.
this is natural for succesful han chinese as i live in /lpha asian mankind vancouver.
everything you say about me is not true. you find it hard to believe my viewpoint because your view is distorted due to being a slf dprecating dfeatist aplgist
why do i need to lie? i have nothing to prove except tell the truth. there is no benefit to lying. what benefit am i trying to get from you except get truth through your thick skull.
You must have a warehouse stocked with more TV's and appliances than five Future Shops combined..
We will be purchasing an LED set before the end of 2013...could you give us a good deal?
Title: Re: Personal money management tips
Post by: instigator on January 24, 2013, 12:02:17 PM
Post by: instigator on January 24, 2013, 12:02:17 PM
well when you have business expenses as well as personal it doesn't matter to rbc infinite avion visa.Quote from: "instigator"
spending is spending.and i buy a lot of things to outfit the home. big screen tv's, luxury appliances and finishings.
i spend 100k and get to fly free to Asia.I spend about 100k a year
what's so hard to understand for you?
i told you i live in a nice house and run a business.
this is natural for succesful han chinese as i live in /lpha asian mankind vancouver.
everything you say about me is not true. you find it hard to believe my viewpoint because your view is distorted due to being a slf dprecating dfeatist aplgist
why do i need to lie? i have nothing to prove except tell the truth. there is no benefit to lying. what benefit am i trying to get from you except get truth through your thick skull.
You must have a warehouse stocked with more TV's and appliances than five Future Shops combined..
We will be purchasing an LED set before the end of 2013...could you give us a good deal?
i just bought the 60" samsung 3D LED SMART TV. with built in apps, netflix, cinemanow, it is upgradeable with the smart evolution kit. i don't have to buy a new tv down the road. new hardware/software can be installed.
Title: Re: Personal money management tips
Post by: instigator on January 24, 2013, 01:36:14 PM
Post by: instigator on January 24, 2013, 01:36:14 PM
Title: Re: Personal money management tips
Post by: Anonymous on January 24, 2013, 02:59:19 PM
Post by: Anonymous on January 24, 2013, 02:59:19 PM
tv costs 2.5g and why would anyone need thousands of them. i only need 3 or 4Quote from: "instigator"
You buy 40 pretend TV's each year with Monopoly money.
Title: Re: Personal money management tips
Post by: instigator on January 24, 2013, 03:43:20 PM
Post by: instigator on January 24, 2013, 03:43:20 PM
Title: Re: Personal money management tips
Post by: Anonymous on January 24, 2013, 08:24:59 PM
Post by: Anonymous on January 24, 2013, 08:24:59 PM
You buy so many every year I thought you would want to have a special m*n*r*l liquidation sale.
Title: Re: Personal money management tips
Post by: Anonymous on January 24, 2013, 09:37:09 PM
Post by: Anonymous on January 24, 2013, 09:37:09 PM
^you buy 50,000 hello kitty dildollsQuote from: "instigator"
Fash starts another helpful thread and you hijack it. GROW UP little boy.
Title: Re: Personal money management tips
Post by: Anonymous on January 25, 2013, 09:05:20 AM
Post by: Anonymous on January 25, 2013, 09:05:20 AM
^you buy 50,000 hello kitty dildollsQuote from: "instigator"
Fash starts another helpful thread and you hijack it. GROW UP little boy.
Back to the op, we know people that are scared to even know where their money is going..
If you don't know where you are spending your money, how can you discover where you need to spend less?
There is no reason for a couple with one child and a combined income of roughly $150,000 or more to be deeply indebted..
If you are not a millionaire, don't try to live like one..
Make your lifestyle fit your income and most importantly pay yourself first..
I reminded people regularly of this when I had my health, beauty and home economics blog.
Title: Re: Personal money management tips
Post by: instigator on January 25, 2013, 12:23:56 PM
Post by: instigator on January 25, 2013, 12:23:56 PM
Title: Re: Personal money management tips
Post by: Anonymous on February 13, 2013, 08:30:33 PM
Post by: Anonymous on February 13, 2013, 08:30:33 PM
I live on a budget. I'm a big, ol' TV star and I live on a budget. That's the only way I can make sure my money is doing what I want it to do. If I take my eye off the ball, I know the money is going to go places that do me less good. So every month I make sure my needs are covered, set aside a little something for the things I love to do and I make sure I stay on track.
Once upon a time, before credit was as common as the cold, people knew whether or not they were living within their means because they either had money left over at the end of the month or they didn't. With credit cards, lines of credit, and overdraft protection, it is much harder to see that you're not making ends meet because you can fool yourself into thinking you've got it covered.
But if you have a budget, you will know the truth.
The point of a budget is to set money aside for specific purposes -- to cover your needs such as shelter, food, transportation, debt repayment and savings. But it's not just about needs; your budget also helps you plan for your wants like the gifts you will give throughout the year or that stash of cash for the vacation you've been dreaming of.
It's a lot harder to spend willy-nilly when you're on a budget because you've accounted for where the money is going, down to the last red cent. All my budgets come out to zero at the bottom. If I find a category doesn't work because there's not enough in it, then I have to cut from another category to make the budget balanced. But every cent is accounted for. No surprises.
Not everyone is prepared to be a grown up and spend money consciously. Some people like the rush of spending on a whim. They hate budgets. But they're the people most in need of a budget because they have no self-control.
If you're serious about taking control of your money and your life, you need to make a budget. All the instructions are on my website, along with the interactive budget that will pour the money into the magic jars if you've a mind to use them.
If you've convinced yourself that budgets don't work, I'm here to tell you it's because you've never made one the right way. But I'll have more about that in a future column.