Money Management Part 2

I.Day to Day Living

Financial Planning – Fnancial Road Map

 

Be sure you’ve read Part 1 

Financial Planning – What’s the best way to save for college?  How about retirement?  401k versus IRA?  Do you have a road map for your future? Do you have a will? There are so many financial questions.  Let’s find some of the answers

Having a road map for your future is essential. Not having one is like trying to go on a road trip without any directions on how to get there. It’s tempting to just let things ‘fall into place’……but without a solid financial road map of where you want to go, things usually fall by the roadside and not into your bank account.

First and foremost you must plot a plan of your income versus your outgo. Your outgo must be less than your income.  A hard concept to stick to,  with the options that abound for your money to be spent.  Use a computer financial program to help develop your budget plan.  A great program is Quicken.  It’ll help you automate the process and track your progress. If you haven’t already plotted a detailed plan for your financial journey, get strategies for your financial road map here.

Where does all the money go?  With today’s high usage of debit and credit cards it can be a difficult task to stay on budget with all that plastic running around.  A tool to help you stay on track with your budget goals is mVelopes. mVelopes is an online money management tool suitable for both  individuals and small businesses. Mvelopes links all of your financial institutions together to easily manage your cash flow.

Become Debt Free.  Debt can be a paralyzing proposition.  To free yourself from the anxiety and stress of being in debt, we’ll show you how to become debt free including your mortgage.  Debt prevents you from taking advantage of money saving opportunities, of experiencing lots of life’s adventures and journeys.  Learn how to turn debt into wealth. 

Where to Live? Money.com features a list of the top ranked places to live.  They feature such items of importance as crime rate, educational systems, cost of living, health care availability.  They even include a cost of living calculator that lets you figure comparative cost of living situations for different locations.

Periodically you should do a financial check up to ensure you’re not letting dollars escape unnoticed from your nest egg.

Go onto Part 3

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