Home » Financial Literacy Month » Application and Implementation

Application and Implementation

Enter your email address to follow Know Your Money and receive notifications of new posts by email.

Join 416 other followers

Categories

RSS Know Your Money

  • Listen To Certified Financial Planner Tonight, On Donell Edwards: VIEWPOINTS
    Understanding how to avoid making costly mistakes in managing personal finances, and achieve and maintain control of personal finances. Continue reading →
  • A New Day
    I apologize for my absence, but I embarked on a new venture that took much more time than I imagined, but it was well worth it.  In March of last year I started my own talk radio show.... Continue reading →
  • The Conversation Everyone Avoids, That Almost Everyone Should Have
    38% of American households carry month-to-month credit card debt...."Households with the lowest net worth (zero or negative) hold an average of $10,308 in credit card debt."...69% of Americans have less than $1,000 in savings, while 34% say they have no savings at all. Continue reading →
  • Important Announcement
    So, having money problems is not always the result of a lack of knowledge but can involve a person's judgment, circumstances, and sometimes... Continue reading →
  • Her Story
    Recently, a story came to light in my hometown about a 27 year old woman who was cited for a misdemeanor sex charge. She was caught by an undercover detective in a sting operation targeting escort services. It was her first night on the job. How did she get there? She said.... Continue reading →
  • Know Thyself
    She told Oprah that losing her money was the result of, “being a millionaire with a ghetto mentality.” ... The only relationship she had with money was spending it. Continue reading →
  • Saving Is Not Optional!
    There are many attitudes and philosophies about saving, but there is one factor that cannot be ignored in achieving financial security, and that factor is.... Continue reading →
Advertisements

Donell Edwards, Blogger

DONED2014 SmallAbout 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.

 

 

 

We’re Celebrating Financial Literacy Month

 

Making Toast at Party

 

Know Your Money
Tuesday – April 29, 2014

Knowing Your Personal Finances
Application and Implementation
By Donell Edwards

 In today’s blog we continue our celebration of Financial Literacy Month with 10 more of the steps to financial wellness from our friends at Money Management International.  We also discuss our topic for today, application and implementation of vital components of the Know Your Money Personal Money Management Program:  Monitoring Spending, Evaluating Spending, Preparing A Realistic Budget and Living Rigidly  Within It, Transforming Your Thought Process About Money Management and the Willingness to Change, and Overcoming Credit Card Addiction.

I found a very interesting article which is our Must Read for today written by a young newlywed couple, Vanessa and Jacob (The Cash Cow Couple).  In the article Vanessa shares her experience of how she had an enormous student loan debt before she and Jacob married.  Vanessa was overwhelmed with the thought of having to repay such a large debt.  However, her fiance Jacob realized what needed to be done.  It was going to be necessary for them to make a major sacrifice in order to start their lives on a strong financial foundation.  So, Jacob told Vanessa that they would have to sell her car and then they would have only one car that they would have to share.  Obviously Vanessa objected, she had worked very hard to pay off the car, but she agreed and the car was sold.  The money from the sale of the car was enough to pay off most of the student loan.

The lesson, sometimes it is necessary to make great sacrifices in order to improve our financial health.  I really like the way Vanessa puts it, “… there is a strong component of sacrifice involved in all things money related, whether that is saving, investing, spending wisely, financial freedom, etc. They were all birthed by the mother of sacrifice and thrive under her careful instruction.” – See more at: http://cashcowcouple.com/life-lessons/importance-sacrifice/#sthash.Ef51VCSE.dpuf

So, today’s lesson is to learn to sacrifice, and be willing to sacrifice.  It going to take lots of  sacrifices to implement the changes you will need to make on your journey to financial freedom.

As Financial Literacy Month winds down, we are reviewing Money Management International’s Thirty Steps to Financial Wellness.  Yesterday we reviewed the first ten steps.  Today we review steps 11 through 20.

 

  • Set SMART financial goals
  • Set short-, mid-, and long-term goals
  • Pay down your debt
  • Expect the unexpected
  • Secure your financial future
  • Make a commitment
  • Save for your goals
  • Where does all the money go?
  • Identify and document fixed monthly expenses
  • Identify and plan for periodics

 

If you have questions or need help we are just an email away.  Send your questions to Info@KnowYourMoneyGlobal.com

 

We Would Like To Hear From You.  Are There Any Brave Souls Out There Willing To Share?
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 comments@knowyourmoneyglobal.com.

 

Must Reads:

The Importance Of Sacrifice
http://cashcowcouple.com/life-lessons/importance-sacrifice/

 

Follow us on Twitter for more information about personal money management
https://twitter.com/Kn0wY0urM0ney

 

Disclaimer: I have a Bachelor of Business Administration degree but I am not a financial adviser. However, I have acquired years of knowledge about personal money management through my life experience working through my own personal finances that allows me to share that knowledge with readers of Know Your Money. The Know Money Blog posts written by me are my common sense observations and opinions and are for informational use only. Although my blog includes contributions from experienced financial professionals, please make your own financial decisions based on personal research or contact a financial adviser.

 

Copyright © 2014 CWR Media – All Rights Reserved

 

 

Advertisements

1 Comment

  1. cashcowcouple2 says:

    Donell, Thank you for the link to my article. What an important lesson for people to learn as they charge forward in their (hopefully) successful financial lives!

Comments are closed.