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How to put
money in your pocket today
Tuesday, January 26, 2010
Erin Whiteside
They say you can judge the value of a concept based on the number of
words there are to represent it. For example, think of how many synonyms
there are for ‘money’--cash, bread, cheese, dough, moolah…I guess you
could say it’s pretty important. While we usually place tremendous focus
on acquiring it, rarely do we give it the long-term attention it
deserves. And then we wind up wondering where it all went.
While the standard New Year’s resolution is to assess one’s physical
health, take some time at the start of this year to assess the health of
your financial life. Are your payments being made on time? How much debt
do you currently owe? Do you have a savings or emergency fund? Are your
projects for 2010 (a trip to Italy, a new home, a different car)
financially feasible? What about a retirement plan?
The
earlier you begin answering these questions, the more secure your
financial life will be in the coming years and the more likely the
vision you have of yourself at 30, 40, 50 and beyond will come to
fruition. I challenge you to spend one month or even one week tracking
every cent that leaves your bank account. If you’re like me, you’ll be
shocked at how quickly the total grows. And once you’ve been made aware
of your spending flaws, steps can be taken to get back on track.
Now, I’m certainly not suggesting a diet of Ramen noodles, but choose a
few areas in which to cut back, whether in perceived quality
(store-brand cereal) or quantity (only one Frappucino per week). It’s
important to set attainable goals for yourself with a few fun--and
reasonable--rewards along the way. Create a written plan and follow it
to the best of your ability. If you need some extra guidance, most
financial professionals (like me) will make themselves available for a
complimentary consultation. Financial discipline isn’t always fun, but
the rewards are well worth it.
Erin Whiteside is a licensed mortgage loan originator with Fidelity
Mortgage Services, specializing in residential lending. Questions and
comments may be directed to
erin@erinwhiteside.com
