Friday December 3, 2010
One of my favorite Christmas gifts is a good book. I love to read, and getting a new book is a great gift. With that in mind here are a list of my favorite money related books that would make great gifts for others or for yourself.
The Tightwad Gazette is a great book for people looking for ways to save more money. It is full of practical ways you can save on just about everything. Some of the suggestions are on the extreme side, but there are several practical ones as well. The book is fun to read and many of the stories and examples are humorous.
The Total Money Makeover is the perfect gift for someone who is overwhelmed by debt and making ends meet. Dave Ramsey offers a hands on approach to tackling debt and financial problems. The book talks about making adjustments and sacrifices now, so you will not need to worry in the future. A great book for someone wanting to make New Year's resolutions about his debt and finances.
Your Money or Your Life: Transform Your Relationship with Money is a book that takes you through your personal priorities and determines how your money is helping or hindering in reaching those goals and priorities. The examples show how you can make decisions in your spending and consumption so that you can end up doing the things, which are most important to you. A good book for someone who is unhappy with her current career or goals, and frustrated with her financial situation.
The Millionaire Next Door is a great book for people wanting to build wealth. Although this is an older book it talks about the financial habits of millionaires, and the choices they make. It also points out that the acquisition of wealth is different from accumulating possessions and how many people who may appear wealthy really are not. It is a good book to get a perspective on true wealth building.
Thursday December 2, 2010
Balancing your budget is important every month of the year. I recently had a conversation with someone about budgeting and how her family usually relaxes their otherwise tight budgeting guidelines in December, with the understanding that a few tight months at the beginning of the year will make up for it. You do not need to blow your budget in December. If you plan right you can include Christmas as one of your spending categories in your budget and save all year. This lets you get control of your budget, get everything you want without the stress of spending more than you really have.
While you think about next year's budget, your financial goals, think about this year's Christmas spending. Make sure to plan for that at the beginning of the year. Then next year you will not have the same stress you would otherwise.
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Wednesday December 1, 2010
As the end of the year looms close it is time to look back at how you did financially in the last year. Hopefully you had an increase in net worth, you paid off debt and started saving money. This month is a good time to take a financial picture and decide how you are doing and what you would like to improve on as you get ready to make your financial goals for the next year.
Begin to think about budget, savings and other financial goals you want to set for the next year. Just like a fitness plan and diet requires constant work and new goals to keep progressing your financial plan does the same thing. Each year you need to set new goals so that you will continue to grow financially. Continuing on the same financial path will not help you reach your goals effectively. Your life will change, your salary and needs will change and your financial plan needs to change as you do. An annual look at your plan and goals give you the chance to do that.
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Tuesday November 30, 2010
This past week my husband has been sick first the flu and then pneumonia. When you become suddenly ill it can be difficult to remember to take care of the little things like your finances or even make it out to the grocery store. If you are single and living alone, this becomes a much more complicated process. Most people are equipped to deal with a short illness that only lasts a few days, but when it begins to drag on for a week or more you may run into problems. You need to be prepared to deal with a situation like this.
First prepare for the practical stuff. Have some of your favorite sick foods on hands at all times. This may mean a few bottles of your favorite soda, cans of chicken soup and your favorite flavor of Jello. Although you may be able to order take out or have your groceries delivered, keeping this stocked can get you through the worse days.
Second prepare financially. Direct deposit, automatic bill pay and an emergency fund should take care of all of your most pressing financial needs. When you are really sick opening the mail each day can take a lot out of you. If these things are done automatically, then you will not need to worry about whether or not you miss one of your payments while you are sick. It also won't be stressful to go to the doctor or the emergency room if you need to.
Finally prepare a support system you can call on if you need help. A good friend or neighbor can check in on you or drive you to the doctor if you are too sick to drive yourself. They can also check in on you periodically to make sure everything is okay. Sometimes when you are sick it is difficult to judge whether or not you actually need to go to the doctor.
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