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Cutting Spending and Saving Money
Sunday, June 15, 2008   I am a spendthrift. Money burns a hole in my pocket. Currently, it is an incredibly deep hole. The philosophy to follow when one is in trouble is to stop digging. I will stop, and find a way to climb out of this hole. I have to organize. I used to be so proud of being a hustler. I don't know what's been going on my head for the past few years. I've truly lost track of myself. Short term goals: 1. Track spending: write down what I spend. 2. Limit my spending. 3. Save weekly what I did not spend. 4. Create additional income. I don't follow a budget. I do track current balances, and know where the money is going when fixed bills are due. I will get more anal, and detail every single cent I spend every day. It's like being on a diet. I may not like it for the short haul, but over a period of time it works (at least for me). I've been looking for ways to save money. I wont know where to cut until after I've studied my spending journal. My gut (har-har-har) tells me I spend too much on food and entertainment. Yet, there is only so much I can cut back in those areas. I have an investment account I emptied out. Last week, I started squirreling money back into it. Initially, it's not much. It's the equivalent of money I spent daily on coffee per week. Later on, I will double that amount. Last, but not least. I have to look at where to increase my income. I've got too much month, and not enough money.  Labels: budgeting, increase income, money, savings, spendthrift posted by GoldenAh
email this! | article source | 0 comments | post a comment Your Money or Your Life Friday, December 28, 2007 Your Money or Your Life, is the non-fiction book by Joe Dominguez and Vicki Robin. It describes in a no-nonsense, hype-free manner, the step-by-step way to transform a life full of debt without direction to one of financial freedom and limitless possibilities. It is not a get rich quick book. To me, it is a how-to on thriftiness, frugality, being poor (not really) and loving it. However, they answer a universal question (well, my universe): Where do I get the time and money to follow a few dreams? The authors flip a number of because-that's-the-way-it's-done on its head. Freedom from debt is the goal. The solution they offer, goes up against a lifestyle of consumption, debt, and scrambling to keep up with the Joneses. Debt is a ball and chain. If it becomes big enough it distorts most decisions made in life. I've read the book several times, it is one of the few I have dogeared. Most books I read are so pristine they look new. I've read (and still read) it religiously, but honestly, I am unable to follow all of their advice. In some areas, I can, but the whole kit-and-kaboodle? Nope. Trying to manage my spending is like trying to watch my eating - it's an eternal diet. I've tried to record my eating and spending. After a while I just forget (fatigue of trying) to tally every penny spent and every bite taken. I can follow most of the goals and hurdles set forth: it is the last steps that I can't handle. Your Money or Your Life, is great at emphasizing how to take back control of your life. It's fantastic for all areas of any sort of money management you desire to follow. Get a different job, a change of "career", move to a dream location and just be ready to make sacrifices. It's an excellent book because of that reason alone. Labels: bonds, debt, financial independence, money, residual income, savings, work posted by GoldenAh
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