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Monthly Checkup: Where Are You?

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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.





SACRIFICE:  Great achievement is usually born of great sacrifice, and is never the result of selfishness. Napoleon Hill – (October 26, 1883 – November 8, 1970)  Napoleon Hill was an American author in the area of the new thought movement who was one of the earliest producers of the modern genre of personal-success literature. He is widely considered to be one of the great writers on success.


Know Your Money
Thursday – May 1, 2014

Knowing Your Personal Finances
Monthly Checkup:  Where Are You?
By Donell Edwards  


This is the end of month two in our journey on the Know Your Money Personal Money Management Program.  How are you doing.  Have you recognized noticeable change in your attitude and philosophy towards money and spending?  Have you applied the suggestions presented in this blog?  If you discovered that your personal finances were out of control or in need of attention, or if you just wanted to make some improvement in your methods, have you taken the necessary action?   At the end of each month we conduct a checkup to see just where we are personally.   Here are the 10 checkpoints for this month.  



Businesswoman typing.



Checkpoint 1 – Spending:

Have you implemented a process to carefully monitor your daily spending on a regular basis, and are you evaluating your spending to identify wasteful and unnecessary spending?  If you are, kudos to you.  If not, why not get with the program today.  


Checkpoint 2 – Using Spending Resources:

Are you using the resources we provided to track your spending, or have you discovered or created your own?  It is much easier to keep track of spending with a system. There are traditional paper tools, as well as electronic tools such as smart phones and the Internet.  See our March 4, 2014 post, Budgeting and Spending Resources for more information.  


Checkpoint 3 – Overcoming Denial:

If you had or still have any traces of denial that you need help, yet there is obvious evidence that you do, how are you dealing with that?  Are you ready to receive help?  


Checkpoint 4 – Committing to Change:

We have emphasized over and over in this blog the necessity to have a willingness to change.  The need to be open to receiving new ideas.  Have you made adjustments so that you may objectively analyze your current situation and be willing to make changes in your approach to money and your philosophy about personal money management?  


Checkpoint 5  –  Financial Meditation and Reflection:

All of us go through a lot in the course of a day.  Some of what we experience causes stress.  This can  be especially true when it comes to our personal money management.  So it is very, very important to take some time just to meditate, to reflect on what we are doing with our finances, how we are doing in regard to effectively controlling spending, and what adjustments we need to commit to making.  Take some time for financial  meditation and reflect at least once a week.  


Checkpoint 6 – Sacrifice:

Or quote for today at the beginning of this post is from Napoleon Hill, a great American author and considered to have been one of the foremost authorities of his time on success.  Mr. Hill said, Great achievement is usually born of great sacrifice, and is never the result of selfishness.  Those are great words to live by in working to achieve success in personal money management.  Sacrifice is essential, sometimes really great sacrifice is required.  Take some time to process this thought and then make it a personal challenge to make whatever sacrifices are necessary to help you achieve your personal financial goals  


Checkpoint 7 – Overcoming Credit Card Addiction:

Credit card addiction is one of the most harmful practices that must be overcome in working to get personal finances under control.  If you are accustomed to saying, “Charge It,” for everything, that is a habit that must be broken.  We will be talking about using a cash budget in coming weeks and the benefits of using cash instead of charging everything.  So, if you have not already, why not start today working to eliminate your addiction to credit cards.  


Checkpoint 8 – Choices:

Sometimes our choices get us into trouble, especially when we do not have the willpower to resist temptation to spend on things we do not need just because there is a sale, or we got emotionally caught up in the moment.  Have you recognized this tendency in yourself, and if so, what are you doing about it.  You must learn to make better choices.  One way to do this is to always think before spending.  Is this something that I really, really need, or is it just something that I want?  Think first, then choose wisely to spend or not to spend.  


Checkpoint 9 – The Killer:  Weekend Spending: 

Weekend spending can destroy all of the progress you have made through the week.  It is really easy to give in to the urge to treat yourself at week’s end after a long and demanding week.  Sometimes this can cause spending binges for shopaholics, or over indulging in recreation and entertainment, or taking expensive weekend excursions, or some other activity that results in wasteful spending.  It is OK to enjoy the weekend and we strongly recommend reasonable relaxation and recreation, but the expense for this should be included in your budget.  Also, it is a great idea to plan weekend activities in advance and to look for ways to have an enjoyable weekend doing things that are very inexpensive, or free.  How are you doing with your weekend spending?  Get ready, because this weekend is just around the corner.  


Checkpoint 10 – The Family and Spending: 

It is absolutely necessary that everyone in the family buys into what you are trying to do in regard to controlling spending and working to improve your personal management skills.  If you are a family of one, you only have to make sure that you buy into the need to make adjustments, make better choices, and work progressively in all areas of life that affect your finances to make improvement.  If there are other members of your family, it is essential to have regular family discussions about spending and finances, and to share and exchange ideas, and to ensure that everyone understands and buys into the plan and cooperates to achieve the family’s goals and objectives.  


I hope that you had a great monthly checkup.  Congratulations on the progress you are making.  Take some time for financial meditation and reflection.  And get ready for another Know Your Money better month of growth and progress.

Have a wonderful day.


Are You A Spendaholic?  Send Us Your Confessions: 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.

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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.  


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1 Comment

  1. Thank you for mentioning my post over at Debt Advice Blog, much appreciated! This is my first time to your site – looks very interesting – I’m going to have a good look around now!

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