Last week we talked about your education. What do you think of my thoughts on how to continue growing your educational area in your life? Would love to hear your thoughts.
This week we are going to look at the area of your finances. We are reaching the end of the Circle of Life with only four more “spokes” after this one. So, with this Circle of Life Spoke on the Wheel we will look at what your financial portfolio looks like for you specifically. There is no one cookie cutter template regarding finances that we could look at. It all depends on your needs and your wants.
Financial issues can be the demise in many family structures. If one spouse is a “saver” and the other is a “free spirit” and enjoys spending, can truly create havoc in your relationship. We don’t necessarily have to be on the exact page with each other. But clearly a balance needs to be created so both are feeling comfortable with where their financial situation lies.
Some people are blessed to be born into a family with a substantial dynasty where laboring hard for income wasn’t in the picture for them. Yet others have had to intensely work at supporting themselves and their families. Whatever your situation might be, one thing is for sure, that it is better to not spend more than you make.
I truly believe this is a plan with most credit card companies. They want you in debt. They want you to spend more than you make. After all, one of the ways, they profit is by charging you outrageous interest. I know a 27-year-old young man who has a limit on a credit care of $25,000. What 27-year-old who is just starting out in life and a career needs to have a limit that high? I don’t think one.
Creating a Budget for yourself and your family is always a good strategy. Not only creating it, but following it is important. Start with those non-negotiable expenses like your mortgage/rent, heat, electricity, insurance etc. Then look at your expenses that you can control more. Track them for a month to see where there might be spending that is draining you. One day I was discussing this with a friend and she said she tracked her spending for 30 days and couldn’t believe how much her family spent eating out. This was a great way for her to find that money sucker and make some changes. Does that mean she doesn’t eat out anymore? No, but they manage it better.
If you would like a tool to help you create a budget, download my budget sheet. Household Budget Template It’s in excel so you can change any of the categories to fit your family spending.
If you would like to talk this through or like some coaching in this area, feel free to Let’s Chat. Remember, I’m here for you.
Your Spiritual Life and Health Coach … believing in you!