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By Melissa Tosetti
In the last 30 years, the banking industry has come a long way from the days where you had to get to a branch before 5:00 pm on Friday to make a withdrawal. If you were unable to get there, you’d then have to figure out how to make it through the weekend without any cash. There were no debit cards or ATMs to get you through. If you were lucky, you could find a grocery store that would be willing to cash your check.
Now, we live in a wonderful time of technological banking conveniences. To access your money you can:
- Use your debit card.
- Withdraw cash at the ATM.
- Withdraw cash while making other purchases.
- Set Up Automatic Bill Pay.
- Write a check.
- Pay your bills online.
- Pay subscription renewals automatically.
- Etc., etc., etc.
All of these conveniences are great, except when you don’t have a handle on them. It’s so easy for money to be coming and going, mostly going, without you even realizing. It reminds me a lot of the beginning of the cattle drive I do every year with my dad - cows going in every direction before they are properly wrangled and driven to their destination.
So how do you wrangle your money? The only way to stay on top of your account is to track your spending on a daily basis. That includes the bills you pay, the items you purchase with your debit card and anything that is automatically withdrawn from your account. If you’re not tracking what is coming and going, it is too easy to overspend and not have the money there when you really need it.
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By Melissa Tosetti
Savvy shopping isn't just about getting a good price. It's about picking and choosing what you want to spend your money on. It's about planning, forethought and anticipation. It's about being willing to "sleep on it" and about returning items that don't work for you.
Savvy shopping is a skill. It takes time, but it can be learned and mastered. We've already introduced the idea of creating a Spending Book. It is a powerful tool for focusing your discretionary income on what you truly want. By adding an item to the book, you are creating an intention. You have decided that item is important enough to spend your money on. Soon, it will become your habit to walk into a store and only purchase what you have listed in your Spending Book.
Starting today, adopt the habit of taking a few minutes each week to visit your favorite stores online sales ads. As you go through ads, consult your Spending Book to see if any of the items you want happen to be on sale. After we remodeled our home, I had a rather long list of needs and wants for the house. Each week, I would go through this process and see if anything on my list was featured. If it was a good enough sale, I would go out and buy it. By being patient and timing my purchases I was able to save 20 - 50% on the items I needed and wanted.
Think of what you can do with the money you save by systematically shaving 20-50% off all your purchases, simply by timing them and using your Spending Book. It’s a simple, yet powerful process that in truth – is a lot of fun!
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By Melissa Tosetti
Too often, our spending is influenced by something that catches our attention at the store rather than something we intentionally want to purchase.
A powerful tool for staying focused is to create a Spending Book which is simply a small notebook that can easily slip into your purse or back pocket. When you need to purchase an item such as a blanket, casserole dish or outfit for an upcoming wedding, write it down in your Spending Book. This is also the place to log items that you want such as a new TV or plane tickets to Hawaii.
Keep your Spending Book with you at all times and pull it out while you shop. Just as you would at the grocery store, only purchase those items you intentionally want to buy, the items listed in your Spending Book.
This process also helps you take better advantage of sales. Before heading to your favorite stores, visit their websites to check their weekly sales ads. Look to see if any of the items that are on sale happen to coordinate with the items in your Spending Book. If so, now is the perfect time to make that purchase.
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Getting your money in order doesn’t have to be an overwhelming or traumatic process.
The Savvy Money Starter Kit can get you on track in 7 days or less by giving you step-by-step directions for organizing and streamlining your finances in the simplest, least stressful way. In just 7 days you’ll have your foundation in place and then you can focus on the fun stuff!
Day 1 – Leverage: Why You’re Doing The Program
Day 2 – Get Organized
Day 3 – Define Your Monthly Expenses
Day 4 - Plug Your Financial Leaks
Day 5 – Reduce Your Monthly Expenses
Day 6 – Debt Reduction Plan – Fix It and Forget It
Day 7 – Track Your Spending
Each day's task will take less than 30 minutes and you will receive emails reminding and encouraging you to get it done. You will also receive follow up emails over the course of the next few weeks to keep you on track and ensure your new Savvy Money routines become habits.
The Kit also includes a Bonus section on ways to Make More Money which is especially helpful any time of the year!
The Savvy Money Starter Kit is just $9.95 and ready to download right now. If you are not happy with the product, let us know within 30 days and you will receive a full refund.
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By Melissa Tosetti
About 8 years ago, I had the pleasure of meeting Liz Weston, personal finance columnist for MSN Money. We were both on a panel at the Professional Business Women's Conference in San Francisco.
Since then, I've read just about everything she's written and have become an avid fan. Liz consistently gives sound, implementable advice for creating a strong financial foundation.
This morning I stumbled across an article she wrote in 2011 titled 9 Money Rules to Live By. All the rules are great, but the lesson in #9 is particularly impactful. Check it out!
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