2015 Financial Thoughts
I haven’t written a ‘financial’ post in quite a while, and been meaning to writ this one since January. To b honest I haven’t been in the same financial situation as the days of those old blog posts. Economy, health and situation changed and I found myself eating into those reserves and not putting anything aside. It has been survival mode since then but I’m looking to focus once again to change that.
Since I’ve been on my own as a teenager I have been in debt. Even when I was at the height of money earning I still used debt to get more. Telling myself I’ll get out of it soon, but soon never came and I now find myself close on to 50 and saddled with lots of debt. I hope i can teach my kids how bad debt is at least then it will have served some purpose.
I’ve been doing a lot of reading and learn about goals, one reason why I really haven’t set a obligatory new year goals, I want to do it right this time. I’m starting out not with the standard goals of ‘be debt free’ or ‘get wealthy’ rather a generic idea of I want to be stable or comfortable.
What that means to me is no stress. I don’t want to be worrying how am I going to be paying the bills next month or saying no to a nice meal out because I don’t know what’s in the bank. For the time being though there will be some hardship and perhaps a lower lifestyle. Actually that’s ok with me to a degree. As I want to simplify my life more, I feel with a smoker life I will be more happy. I know already with all the money and debt to get all the gadgets I was not necessarily ‘happy’.
2 First Steps
One of my biggest problems (ok a few) are procrastination and organization. Financially that Means a couple things. First I have a problem with remembering payment dates which leads to late fees. I could probably pay off one of my credit cards with the late fees I have had. Yes I have many of my bills on auto payment but not all just in case, you know, can’t do it right away. Well this month I have set up in my GTD app and the calendar, reminders for all bill dates and hope this will keep me on time. Just have to be disciplined now to not hit the snooze button or close the reminders without doing something first.
My second problem has been overdrafts. Most of the auto payments and other things come out of my personal account. While my incoming money comes into my business account. See where I’m going here? I forget to pay myself on a regular basis so the personal account gets overdrawn. I had overdraft protection but that would cost me $27 each instance (add that up to all the late fees). Well a couple weeks ago I finally went in and had them tie the personal to the business for overdraft. This still costs me $5 an instance but it’s a step in the right direction. I also set up alerts using mint.com to let me know when the personel balance gets below $100 so I can evaluate and transfer as needed.
Along with living a bit more frugally and watching all outflow better I’m hoping I can stop living month to month with worry and start putting some money aside again and doubling down on some of the debts as well. I am also trying to refinance the house again which will go a long way to getting debt under control, but problem with living by credit cards and the above problems is that it comes back to bite you.
Finally, Just Be Positive!
Beside everything the most important part of my plan is to be positive! It will work out and as long as I’m working towards these goals I will succeed.
So I was just reading your 2015 Financial post. You have a good perspective and I am sure that you will achieve your goals. My girlfriend and I have begun to get our budget in order and began following Dave Ramsey’s Total Money Makeover. Good Luck!!!