Common-Sense Spending
And A Balanced Lifestyle
Contributed by Jennifer Goldman
Simply put, it’s easier to keep track of things when you’re organized. If you know where you stand in terms of your personal finances you’ll be better able to stay on top of bills and avoid debt. Organizing your finances also involves budgeting and planning for the future. Equally important to living a balanced and sensible lifestyle is time ma g nagement. If you take a closer look at your various responsibilities and reprioritize them according to what demands more focus vs. what deserves less, you will position yourself to make the best possible use of your time. Likewise, a neat and organized household will increase your productivity and cause fewer frustrating distractions.
Follow these tips for keeping your finances and home life in order, enabling you to live a prudent yet highly satisfying lifestyle:
Examine your finances. Using personal finance, computer software may help you in this vein. Regardless you will need to total all of your monthly household income and compare it to your expenses. Ideally, your spending should not exceed 90% of what you’re bringing in. Ask yourself questions like, Can I afford to make my mortgage payment and still manage to retain some savings for emergencies or investments? If not, you may want to consider refinancing. You may also want to consider which of your expenses are absolutely necessary and where you might be able to cut back on the extras. Believe it or not, the extras can really add up. Laying out your finances on paper or on the computer can help you see just how much. Look out for seemingly inconsequential things that result in expenses accumulating over time, like the interest you pay on credit card purchases, or the fee you pay time and again for non-teller ATM transactions. Giving up a few luxuries and conveniences may seem like a big sacrifice, but the trade-off is worth it as you begin to increase your savings and enhance your long-term financial security. Then you can begin to identify, prioritize, and map out your financial goals for the future. And, if you get a raise or bonus, don’t assume that you can afford to pour more into luxury items; if the cost of living or inflation has also gone up, you’ll need that extra money to meet your basic expenses.
Keep on Top of your Debt. By paying bills before their due dates, you can avoid damage to your credit report. Keeping your credit in good standing means protecting your privileges: like home loan qualification, and lower interest rates on credit cards. Create a comprehensive schedule of when your bills are due, so you don’t miss a payment merely because you forgot to send it. If you have difficulty meeting a payment on time, call the utility company or creditor and see if you can set up a reasonable payment plan. As long as you stick to the payment plan, you can prevent an outstanding debt on your account, thereby protecting your credit standing.
Don’t put things off. Use Microsoft® Excel® to create a day-by-day schedule of the items on your to-do list. Take satisfaction in completing the tasks on the list. Staying on schedule will keep you from feeling overwhelmed by chores that are continually backing up. The schedule will also help you remember what needs to be done so you don’t lie in bed at night restless and worrying about all of the things that need to be done. A schedule will help you prioritize and map out your time. It will allow you to see where you have gaps that could be used for some much needed alone time, or some enjoyable activity with your family.
Make time for yourself. You need time to reenergize with some rewarding time spent engaging in pleasant activities, in order for you to later feel physically and emotionally up to fulfilling your daily responsibilities. Spending time doing what you enjoy can be both stimulating and inspiring. It can serve as an incentive—something to look forward to—that will motivate you to complete less enjoyable but equally necessary tasks.
Make time for your family. Many people wish they could spend more time with their spouses or kids. They feel guilty about not being able to manage all their responsibilities and still have time to spare for family. One great way to get around this problem is by enlisting your family members to help you with daily household chores. Not only will this allow you to get things done, but it will result in meaningful interaction with your kids, as well as allow you to teach them how to go about performing these tasks. In the case of your spouse, the two of you might enjoy a collaborative cooking session. Incorporating creativity can make even the most mundane of chores fun!
Don’t spread yourself too thin. When it comes to living a sensible and balanced lifestyle, you need to know your limits. Don’t overbook yourself or agree to favors that will seriously rob you of sleep, precious personal time, or the time you need to satisfy your main responsibilities or priorities.
Rearranging your schedule and cutting back on your spending may require some self-discipline, but the sacrifices will be balanced by a rewarding, productive, and manageable lifestyle. Your sense of well-being will increase tenfold.
Microsoft and Excel are registered trademarks of Microsoft Corporation in the U.S. and/or other countries.
About the Author:
Jennifer Goldman is a freelance writer, editor, and proofreader living in Denver, Colorado.
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