Keep an Eye on Your Spending

I have written posts previously about the importance of tracking your expenses. If you are married or in a relationship it is also important to make sure you are communicating with each other about your finances.

Saturday night on the show, Til Debt Do Us Part, the couple were spending twice their monthly income each month without realizing it. On other shows there have been couples who had a considerable higher amount of debt than they thought. Some wonder how they can spend that much over their income and not realize. But if you have credit card debt it is easy to keep adding to it without realizing.

Also, by tracking your expenses, you can see what you spend your money on. As demonstrated on the show and others, when you don’t track your spending cash can disappear from your wallet without realizing what you spent it on.

It may seem like a lot of work, once you get in the habit of tracking your spending it will become easier. You can use an Excel worksheet or there are software programs such as Quicken or Mint. I haven’t personally used Mint, but have friends who have and was surprised to see how easy it was to save money when you can see where it is going.

Saving without Clipping Coupons

With the current economy, people are looking for ways to make their money go further. There are small changes you can make in the way you shop to save money instead of clipping coupons.

If you take a look at your grocery store flyers ideas. Locally, the Cashwise and Sunmart fliers run from Sunday thru Saturday and Hornbachers runs from Wednesday thru Tuesday. If you find items you use regularly on sale, stock up with 2 or 3 instead of just one. You can save some money and also by having extras on hand, you won’t have to make a trip to the store when you run out. By limiting your trips to the store you also cut down the temptation of impulse purchases.

Also, take a look at where you shop. Drug stores are no longer just for prescriptions and health care items. Many carry a number of food items and other household items. Locally, we have Walgreens and CVS, which both offer reward programs. At Walgreens, each week they have items that when you purchase, you will receive a coupon for a certain amount to use on a future purchase. In many cases, if you use the coupon, you will end up getting the original item for free. At CVS, they have the same kind of program where you receive Extra Care Bucks. If you have manufacturer coupons for the items, you can end up making money on some purchases.

I will be offering classes on how to save money without clipping coupons, $10 Fee, Sat, May 14 from 11:00 to noon or Thursday, May 19 from 6:00-7:00 at 1100 32nd Ave S, Moorhead. To register, contact Nancy at nancy@in-theblack.net or 701-293-8808.

Review of the Principle of the Path

The Principle of the Path by Andy Stanley is a collection of stories of his and others showing examples of how little changes of events can change the outcome of situations. It also includes biblical stories relating to the stories also.

Even when we have a mental image of how something is going to happen, things can happen to change the path.

I have read some other books by Andy Stanley and enjoyed all of them. The Principle of the Path contains separate stories and chapters so it can be read over an amount of time if you don’t have time to read the entire thing in a short amount of time. It is also an easy reading book.


Disclosure of Material Connection: I received this book free from the publisher through the BookSneeze.com book review bloggers program. I was not required to write a positive review. The opinions I have expressed are my own.

Moving forward

If you have been following the 30 Steps of Financial Literacy Month you have a better view of your financial health. The steps give you the knowledge to improve your financial situation. I hope with the tips and ideas I have shared you will continue watching your spending habits and continue with the changes.

Just like with a diet, once you change your spending habits it will get easier and eventually be automatic.

Appreciate the benefits

Change may be hard, but the payoff can be priceless. In addition to improving your financial situation, you may also find your money management skills can benefit other aspects of your life.
I hear many people say they have never been good with finances and money. In many cases that is because we had not been taught about money. There is more education on finances in the schools now.
Its similar to changing any other type of habit, it will take small steps and soon you will be on a better path.

Assemble a financial team

Managing your finances can be like putting together a puzzle; all the pieces need to fit in order to be rewarded with the “big picture.” Working with one or more of these financial professionals can help put the pieces in place.
A tax advisor can provide tax advice and assistance to consumers. They can help you to navigate tax laws, prepare complete and accurate returns, and develop a strategic tax plan.
If you are struggling with debt payments, credit counseling can help. You should contact a credit counseling agency at the first sign that your debts are becoming unmanageable.
Whether you are just out of college or entering retirement, most everyone can benefit from the help of a trusted financial advisor. Along with offering investment advice, financial planners may also be able to help by analyzing employee benefits, discovering insurance needs, and developing a system to manage cash flow. Financial planners can also help with estate planning and may have relationships other professionals, such as accountants or attorneys.
Lawyers can help consumers by preparing important legal documents such as a living trust. An attorney can also be very helpful if you need to consider bankruptcy or want to challenge a wage garnishment. Couples facing a complicated divorce can also benefit from an attorney’s advice.
Before working with any financial professional, be sure to check their credentials. Ask specific questions about their history and areas of expertise. Finally, be sure that you are comfortable with the advisors you choose; ideally, you will be financial partners for life.

Understand the Cost of Credit

It is important to know and weigh your options before making a credit decision. When you sign or cosign an application for credit, you are agreeing to all its terms. Make sure you understand what you are agreeing to before you sign the papers. Now credit card companies need to have information on the statements about how long it will take you to pay off your balance if you only pay the minimum payments.
Other things to consider are:
The Interest rate or APR - APR is the annual interest rate you will be charged on a loan or the unpaid balance of a credit card.
Length of the loan - as the length of the loan increases, the monthly payment will decrease, but the total interest charge will increase.
Finance charge - total cost of the loan stated in dollars.
Credit limit - the maximum amount you can borrow at any time.
Minimum monthly payment - the smallest payment your creditor will accept. Some people think they are doing alright if they can make their minimum payments. In many cases, the minimum payment barely covers the interest charges.
Grace period - number of days you have to pay your bill in full before interest is charged.
Over the limit and late fees - the amount you will be charged if you are late with a payment or go over your credit limit. With the new rules, the credit card companies need to give you a longer period between when you get the bill to the due date than they used to.