6 Small Steps to a Money Makeover

6 Small Steps to a Money Makeover 1


(Re-posted from a previous blog)

Here are a few more tidbits of information about managing our finances.  These can apply to anyone, widow or not.  Got them from the September 2012 of “O” Oprah Magazine.  I hope you find these helpful!  🙂

Do This Now:

  • “Electronic bills are great – unless they are lost in a crowded in-box.  Set up a separate e-mail account (e.g. alexa.bills@emailhostdotcom) to keep your e-bills orderly.”  –  Alexa Von Tobel, founder of the personal finance Web site learnvest.com
  • “Challenge yourself with a 21-day financial fast, during which you eliminate all spending except for the bare essentials.  Halting unnecessary purchases forces you to reflect on how much you consume.”  –  Michelle Singletary, “The Color of Money” columnist for The Washington Post.
  • “Stop delaying your savings!  So many women say they haven’t done enough research to enroll in a 401(k) plan, but it’s far better to act now and tweak your allocations later than to delay building any security at all.”  –  Mary Caraccioli, host of We Owe What? on the Live Well Network.

 

Do This Soon:

  • Step back and look at the big picture.  Fifty percent of your take-home pay should be allocated for essentials, 20 percent should go toward savings and debt, and 30 percent can cover everything else.”  –  Alexa Von Tobel
  • “Keep a spending journal for 30 days.  A month’s worth of data makes it easier to see where you can cut back.”  –  Michelle Singletary
  • “Pick one intimidating financial situation – whether it’s saving for a house or getting rid of your debt – and meet with a financial advisor.  You can find one through the National Foundation for Credit Counseling (nfcc.org).  A single session can put you on the right path.”  –  Mary Caraccioli

What’s your favorite financial hint from your own money makeover?  Share it with us so we can all benefit.  🙂

Want more financial posts to read?  Here are some:  Debt Snowball, Credit Card Debt – GONETithing as a WidowHow Giving Can Inspire YouDebt – I Really Hate It!


One thought on “6 Small Steps to a Money Makeover

  • Leigh

    I’ve done No-Spend Month (planned) and No-Spend Weekend (spur-of-the-moment) challenges. Both were great tools to focus on where spending was getting out of hand and to force a little discipline.
    Blessings, Leigh

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