For every force in the universe there is an equal and opposite force. What’s yours?
How can you begin to help the members of your immediate family deal with this issue?
Here is the best counter punch you can deal fear today:
Review your income, spending and savings.
Are you saving 25% of your after-tax income each time you get paid? No? Don’t panic. Keep reading.
Is your emergency fund 15 to 18 months of your expenses in money market and certificates of deposit? No? Don’t get worked up. Give us a minute.
Let’s turn this around. Is your boss mean? Does your work environment not favor employees? Your company does not appear on the Best To Work For list?
What if you had 15 to 18 months of expenses in actual money market savings and certificates of deposit? Would that change your stress level?
What if you were saving 25% of your after tax income in emergency savings, a Roth IRA or traditional IRA and investment?
What if you had a plan? What if it included specific ways to generate more savings?
That’s what we will now suggest to you.
Begin now by reviewing your spending over the last three (3) months. Be honest with yourself about what you could “live without.” When you find a $10 expense for something you don’t need, make a note to remove that from your spending habits and add the $10 to what will grow into your “savings bill.” Each expense you find like that will add to the total.
Once you have “found” and added up a “savings bill,” begin the next month by paying yourself first the total of this bill before you pay any other bills.
Yes, it might make your pennies squeal for a moment, but adding a regular savings to your monthly plans and putting it at the head of the pay column in your budget, you will save faster than you think.
Still, you will want to look at additional ways to save. One of those ways is to call everyone who sends you a bill of any kind. Tell them you are having a hard time and need to reduce your bill by 10 – 15%. Be open-minded about what they say to you. If they won’t be helpful, ask for a supervisor. Be consistent and patient about working with them to reduce your bill and put the amount “saved” toward savings by again “paying yourself first.” You will – of course – add this to your monthly pay yourself first bill. It will all go to savings.
If you want to see our tips on dealing with credit card companies or our “1% Savings Plan,” simply look to past blog entries here and at http://www.stickyasset.com/blog or check out “How To Survive Any Financial Crisis” at http://www.MiddleClassMoney.com. The #1 impairment to wealth-building for middle class U.S. families is debt (and especially credit card debt).
1. Steadily reduce debt.
2. Be regular about steady savings.
3. Get serious about investing – even a little at a time – to build wealth on a regular basis.
You can take fear down a peg or two and gain more control of your work life and your home life by giving your family more options through having your own overall strategy to build savings and investment regularly.
Do you think the government is going to help you?
The government will not do it for you. Don’t expect help from the politicians. They are busy working on their priorities (which are often different than voters).
You can build savings.
You can build wealth.
You can make this happen.
HELPING YOUR KIDS GET AHEAD
If you think I was born saving money, you are wrong. My own family didn’t believe in saving. They don’t believe in having a 401k. They have had “emergencies” all their lives. These emergencies always get in the way of saving money regularly. I was not brought up to save and invest regularly and I have made every mistake you can think about when it comes to money. My parents thought they were shielding me from the realities of bills and worry. In fact, they were isolating me. I learned nothing until I had made many of the mistakes they made. I have had to learn the absolute hard way how to get savings on track and make it a part of your life without killing your lifestyle. I have had to learn the hard way how companies mislead with marketing. It is my mission to share what I have learned about regularly saving with my own children and also share it with you. That’s why we have a lot of “free” (blogs like http://www.boostmywealth.wordpress.com and http://www.stickyasset.com/blog and groups on Facebook like “Coupons & Coupon Codes”)!
In this country we don’t do enough to teach our children about money, managing money, saving regularly (and automatically), compound interest and steady investing for a long-term future. As a parent, we are always concerned that they get a good education and go to a good college so they can make a lot of money or have a valued career path. The truth is that we could do our children the biggest favor and one of the best things by sharing with them sound saving and investing principles.
You can join our free Facebook group (or have your children do it, too) by searching in the Facebook bar on your “wall” for “Live The Lifestyle Your Family Deserves.” Click on “become a fan.” It’s free and it ties our free blogs into that group.
If you want to give your children the same information we are giving ours, you can purchase the only thing we sell on any of our blogs or groups. It’s called “How To Survive Any Financial Crisis” and you can get it for only $4.95 at http://www.middleclassmoney.com.
Thank you for reading our blog and good luck!
Connect with us on Facebook with these free groups:
“Coupons & Coupon Codes”
“Live The Lifestyle Your Family Deserves”
All on Facebook – join. It’s free.