About Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service. He is also a professional speaker, freelance writer, and entrepreneur.
Know Your Money
Monday – March 10, 2014
Knowing Your Personal Finances
By Donell Edwards
Happy Monday! I hope you had a great weekend.
Speaking of the weekend, that is one of the easiest times to get into trouble with overspending and getting off budget. Remember the proverb we shared previously, “Good habits result from resisting temptation.” Usually on the weekend there is lots of temptation to go places, do things, buy stuff, be with family and friends, enjoy a favorite pastime, or other costly endeavors that may not be included in the budget to celebrate the end of another week. Much of this is usually impulse buying. Most of us do not resist the temptation and get into financial trouble. If this describes you, make the commitment right now to change, to transform this bad habit and resist the temptation. That is why our topic for today and each Monday will be, the Monday Check-up.
Be totally honest with yourself, you must if this is going to benefit you; did you engage in any buying activities over the weekend that were not included in your budget? If you did, reslove that this will be the last time that happens.
Have you included all of your weekend spending in your spending journal, or whatever you are using to track your spending? If you have not, take some time out today to think back over the weekend about what you did and what you spent, and add this to your spending journal/tracker.
Since this is a check-up, here are some other things to review today:
- Do you have a budget?
- Have you objectively and thoroughly examined your budget to make it realistic?
- Have you include all spending in your budget, everything, down to the morning newspaper or daily cup of coffee?
- If you do not have a budget, what are you waiting on?
- Did you read last week’s post on available resources, and did you select a method to track your spending and the tool you are using or will use for this purpose?
- If you did not read that post go back and read it and visit the sites that interest you most.
- If you are not tracking your spending, get started.
- Are you still in denial that you may need to make some changes, or after evaluating your current circumstances have you gotten past the denial?
- If you have questions or need help we are just an email away. Send your questions to Info@KnowYourMoneyGlobal.com
This is a process, and the first step in that process is monitoring and evaluating spending to determine where the money is going, what money is being wasted, and what spending needs to be eliminated. We have also issued a challenge to everyone who is interested in improving their money management skills, and that challenge is to prepare to change. Anyone who wants to overcome bad money management habits, or even those who want to improve on their good habits, must be willing to make changes, even some that may be radical.
We commend you for continuing to read this blog and for any effort you are making to take control of your personal finances. I know that this can be very difficult. Much of what I am sharing with you is based on my own personal experiences in working through my own lack of knowledge at one time in managing my money. So, I genuinely commend you and I thank you for your support.
Great things are coming this week:
Tuesday – What Happens When The Budget Comes Under Attack?
Wednesday – Making Change, from guest contributor Felicia Johnson
Thursday – Have We Gotten Past the Denial Yet?
Friday – Confessions Of A Spendaholic – I share my own experiences with readers
We Would Like To Hear From You:
If you would like to share with our readers how “bad” spending habits have affected you, anonymously or otherwise, for our upcoming special, “Confessions Of Spendaholics,” please send your experience to firstname.lastname@example.org.
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