5 Things to Never Keep In Your Wallet

I used to think that I need to keep all stuffs in my wallet. Credit cards, ATM cards or Debit Cards, Driver's License, SSS card, etc. I am now of the opinion that it is better to have them all in my wallet just in case I need them, I have access to them right away. Right? Wrong!

Yes, I have realized that if I lost my wallet containing all these important stuff, I am in big trouble. Imagine calling all the credit card companies and canceling the cards to protect it from the thieves? That's just one problem. What about my SSS number? If thieves can access it, they can apply for a credit card in your name and make costly purchases in your name! Whoaaa!!!

How To Save Money Every Month

I just can't let this article pass us by. So I am re-posting it here. Here's some practical ways we can save on money monthly. I love what Moneymaking's idea to stop bringing your credit card for a month. I feel this is a real challenge to all of us. There's a false security in bringing our credit card with us, in our wallets, isn't it. We often tell and even convince ourselves that we might need it, "just in case". So we end up using it. If there is a supply, we usually create the need.

Well, here's what I want to focus on: what activities should we do. My friend from Fiji, Savenaca, always tells me, "No more theories, theories. Just do it!" So here goes:

1. Stop bringing your credit card. At first, you will feel very restricted but you will slowly realize where you are spending money on. It’s amazing that we remember our purchases so much better when we pay in cash.

Doing The Right Thing

I am happy with what I am doing. As I often say, sometimes we fail in managing our finance because we fail to monitor our expenses.

The starting point in budgeting our financial resources is to find out how and where your money is going. I am doing an experiment on my finances. To find out if I am within my set budget, I am taking note of all my financial transaction and recording them in a simple Excel file.

I am excited to see how it goes. So far so good, meaning, I am faithful and consistent with my recording.

See you on my next report.

Have a blessed life ahead of you.
Jimmy

Areas of My Finances I Need To Review

I was hit with two, yes two costly bank charges because of insufficient fund. I felt bad, really bad, because it's really a simple matter but I missed it. The charges cost me a lot. The money could have been used to put petrol on my car for 2 weeks. Whoaaaa!

How did I addressed of this problem? First, I immediately went to my bank and enrolled my checking account to their "back up plan" where they will take money on my savings account to fund my checking account if their is insufficiency. I should have done this a long time ago!

Do You Manage YOU?

This is true. I always tell my students in our Work Ethics And Values Seminar at Uno Overseas Placement that they are running a business whether they like it or not. And that business is their LIFE.

Looking at my own life, I think I can honestly say I am having an exciting but hard time to make my "business" a  profitable one.

When I read this article from someone I admire, I was encouraged by Dave Ramsey when he wrote this wonderful and practical article entitled: "You Inc: Manage Your Money Like A CEO". He knows what it is to be in debt and how to get out of it as well.

You will certainly appreciate his ideas and it will help you start a good habit of managing your money well. So, here it is for you.

"If you managed money for ‘You, Incorporated’ the way you manage money for you now, would You hire you?"

Top 3 Free Budgeting Tools For You

You want to be serious about making your financial house in order but don't know where to start. Well, here's a starting point for you. Find out what's happening to your finances, Take an inventory of where every cents go by listing all expenses you do daily for a month. Categorize the expenses by type e.g. Food, Gas, Utilities, etc. Tally.

The result will give you an idea how to set your budget for each category. Budget is very important. It gives you a parameter of how and when you can spend your money. It helps you to be disciplined in the use of your hard-earned money.

5 Tools For Teaching Your Kids How To Save

I love this article by Carol J. Alexander at the Christian Personal Finance. I would like to post it here to guide you, if you're a parent. You will benefit a lot if you try to use it on your kids. I have seen some of her ideas worked on my children. Now they're all professionals and saving is part of their finances. You must teach them while they're young. 

5 Tools For Teaching Your Kids To Save Money

All children are different. My six children may all look the same on the outside, but on the inside they all march to the beat of a different drum. I have naturally hard workers, and I have those we trained to work. I have a son who breathes music, and I have another son that needed his music lessons.

Likewise, I have a few who squirrel away every penny they get and a few whose pennies slip right between their fingers. Yet as a parent, you want to do your best to train your children to have positive character qualities—and saving money is one of them. Here are 5 tools for teaching your kids to save money.