Wednesday, November 7, 2012

Create a Budget – Make a Plan

Are you trying to get your spending under control? Are you in the position that you realize that you need be saving more, but need the basic skills needed to put together a plan to map your future? If this resonates with you, read on…

Many women struggle with money management. First, get rid of any guilt you may feel about what’s happened in the past. You can’t change the past and it’s important to focus on what you can do right now, in the present. I am addressing this blog to a group of our population known as Gen X.

As a generation, the Gen-X’ers (those born between 1965 and 1982) have a propensity to spend more than they earn (40%), and not surprisingly, the majority (60%) don’t even have an emergency fund.

If you are in this or a similar situation, whether you are single or are in a committed relationship, take the time to sit down and really look at your spending patterns.

In order to save you have to pay yourself first, or make yourself one of the line items on your automatic bill pay. If you wait until the end of the month to save what’s leftover, this will never happen.

Analyze what you spend on entertainment, clothes and other discretionary “stuff”. You may be very surprised at how much money is wasted that could help you start a new financial future.

If you are in debt, make a vow to yourself to pay off the debt. Set up a goal and look at it every month. Write it down. I will pay off my debt in xx months. If you are single, find a friend or a trusted colleague to help keep you on track. Remember a goal with no end date is nothing more than a dream.

Don’t procrastinate another day. If you need help or encouragement, send me an email. When I was 34 years old, I was over $40,000 in debt, a single mom, and my income was less than what I owed. It can be done if you are committed to a better future for yourself and your family.

Today I am a successful business owner and have met my goal of being one of our firms tops clients.

If you’ve achieved the enviable goal of being debt free and have accumulated a comfortable savings account, we will address the next steps in my next blog.

Note: Due to industry regulations on communication, we are unable to allow for public comments on this blog. Please feel free to email me your questions and/or comments to Thank you.

Securities and Investment Advisory Services offered through NFP Securities, Inc., Member FINRA/SIPC. NFP Securities, Inc. is not affiliated with Fish & Associates.