Let’s be honest. Spending money is fun, and for some, shopping is a sport. But when the packages from Amazon are coming every week, and you’re spending all of your discretionary income, you might want to consider changing the way you handle finances.
No one was born with the saving gene. Saving is a behavior we learn. Many of us have been on the saving path since childhood because our parents encouraged us to save. But if that is not the case, as an adult you can modify your spending patterns and experience the joys of saving.
An excellent starting point is to change how you think and feel about money. Don’t consider saving a sacrifice, but instead think of it as a means to a better future. Once you start practicing some of the savings strategies I’m going to share, you might be surprised to discover how good you are going to feel about having some money in the bank.
1. Reward Yourself
Saving money is like putting your...
Buyers Be Aware
Forget the spin. Take off the rose-colored glasses too. Let’s be honest. Most buyers hoping to score a home at the lower pricing tiers of the current real estate market, face fierce competition, creating a process fraught with disappointment.
That’s the bad news. But I am by nature a confident guy, a problem solver and a believer in the philosophy that winners never quit. So here is the good news. A buyer with a savvy agent can write an offer that a seller will find hard to refuse.
Be Ready to Act Fast
Desirable properties often have multiple offers a couple of days after hitting the market. There is no margin of error for indecisiveness or being unprepared to make an offer on a hot property as quickly as possible. That means you should not even consider making an offer on a home if you do not have a preapproval letter from an accredited lender.
Don’t Be Coy
In this market, you can feel reasonably confident that if you have fallen in love with a home so have other buyers. The occasion calls for an assertive approach, not a timid one. ...
Use a Budget to Control Your Money
When we gain control over our finances, lots of positive outcomes will follow. The door to new opportunities will open to us, and we will have more lifestyle choices to consider. How exactly do we control our money? We set financial goals, and then we monitor our spending, keep a limit on debt, save regularly, and invest wisely to achieve those goals. The very first step on the journey is following a budget.
A Budget is Powerful
A budget is a map we follow on the road to establishing a positive relationship with our money. With a budget, we can better plan how to spend if we know how much we have left after we pay all the bills. When we have a snapshot of our spending habits, we will be more likely to use discrimination in our purchases.
We need a budget because it is critical to keep our financial house in order as we build our future. Budgeting can help you rent and furnish your first apartment, or buy your first home, take a vacation, and begin planning for retirement. (Honestly, it’s never too soon) That is powerful stuff!
We all need a tool to keep track of income and expenses because it’s critical to know where our money goes every month. There is a richness of apps available to help you monitor your finances, such as ...