Smart Thinking On Investing – January 27

Smart Thinking On Investing – January 27

Latoya Scott kicks off this week’s Smart Thinking with her Life and a Budget’s approach to getting a month ahead with your income. Sarah Li Cain, author of High Fiving Dollars, shares how we can begin to fix our finances in just ten minutes a day. And Debt Discipline’s Brian compels us to involve our kids more when it comes to our financial discussions.
 
J. Money from Budgets Are Sexy tells us point blank, “If you can afford to spend it, you can afford to save it.” And Dear Debt’s Melanie Lockert uncovers how numbers don’t necessarily tell the whole story…
 

With Determination, Anything Is Possible

 

  • Tired of waiting every month for your wages to be paid in? Are your bills tied to leave your account only when your salary lands?
  • Figure out a strategy that will help you to stop living paycheck-to-paycheck, being a month ahead will help cushion your finances should anything unexpected happen
  • Be creative in your ways to save money, whether it’s being stricter on your budget, creating a new income stream for yourself, or a new focus on lowering your utilities—think outside the box

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Get into a New Financial Habit

 

  • Spend ten minutes a day reviewing your finances, by being more immersed in your day-to-day spending and budgeting you’ll create a better financial situation for yourself
  • Use an online program or set up a simple spreadsheet—whatever works for you individually, and use it to track everything; from your income to your expenditures
  • Set aside a portion of that time to keep an eye on any insurance policies and retirement accounts too to stay completely up-to-date should anything happen

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Prepare Your Children with a Real Financial Education

 

  • Involve them as much as possible in your financial discussions to give them a grounding in handling money, from your debts to your spending habits
  • By teaching them about your household situation, they’ll have a better idea of why you say no sometimes, and you’ll start to set them up for their own future finance skills
  • As well as teaching them about budgets, hopefully it will also help them realize how fortunate they are to have money and they’ll learn to treat it with respect

How do you/would you prepare your kids for dealing with their future finances? Share your comments in the section below

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Make Your Savings More Tangible

 

  • People often struggle with the concept of saving; they can’t see any room in their budget to carve out a portion for their savings
  • But next time you go to hit “Buy” at the online checkout, step back, and automatically move the money you were going to spend straight into your savings account
  • You’ll start to see a steady and credible hike in your savings if you consider every purchase you make in this fashion—don’t spend, save instead!

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The Figures Don’t Tell You Everything

 

  • Watching our finances can either get us excited or depress us, but it’s important to remember that they fail to share the whole story
  • Bear in mind your circumstances as you watch your economic situation; don’t forget that your location, relationship and family status, health, and tax bracket, etc., can all have an effect
  • And that’s just the start of it, when you begin to fixate on your numbers in comparison to other people’s, remember that your story is different, and so are your finances

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Do you want to start investing on your own, but don’t know how?

Check this out!

 

Anything you would like to discuss about Smart Thinking On Investing? Do you have any articles you would like me to cover? Feel free to add it below. Let’s start a discussion in the comments section!

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DISCLAIMER: This content is for information purposes only. It is not intended to be investment advice. Readers should not consider statements made by the author(s) as formal recommendations and should consult their financial advisor before making any investment decisions. While the information provided is believed to be accurate, it may include errors or inaccuracies. The author(s) cannot be held liable for any actions taken as a result of reading this article. Andrew Stotz doesn’t necessarily endorse any stocks or shares mentioned in the articles or the author of such articles linked to and summarized in Smart Thinking On Investing and cannot guarantee the accuracy of its information.

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