“Sell your possessions and give to the poor. Provide purses for yourselves that will not wear out, a treasure in heaven that will never fail, where no thief comes near and no moth destroys. For where your treasure is, there your heart will be also.” Luke 12:33-34

I am not saying to sell ALL your possessions and give it ALL to the less fortunate, but I know firsthand that decluttering your life by getting rid of some of your material stuff is both refreshing and cleansing. Even better, you will also feel good about giving a portion of the proceeds to those who are truly in need while at the same time setting a little cash aside in your savings. That sure beats having these old items just sitting around taking up room and collecting dust.

So where do you start?

First, you’ll need to come up with a game plan. You need to pick one room to start with and if the room has a closet you get extra points! Many times we have great intentions but can get overwhelmed very quickly so don’t try to go through all of your rooms at once.

Sell, Give, Purge or Keep?

I believe in Giving first, but since this is a finance piece your time is money so you need to identify first the items you want to sell. Your next step is to identify the items you want to donate. I always say the people who have the most are the ones who usually give the most. Now the next category is purge! If you have an item that you can’t sell and you feel that it is truly junk, throw it away. Don’t take this the wrong way but if it is truly junk, don’t give it away because nobody else wants your junk either. So now it is time for the stuff you want to keep. A general rule is that if you haven’t wore it, played with it, or touched it in over 18 months, you most likely shouldn’t keep it!

Show me the money going old school!

After you have identified the items you want to sell you’ll need to figure out how you are going to sell it. You can go old school and have a good old fashioned garage sale. If you live in a neighborhood you may want to talk with your neighbors and organize a large neighborhood garage sale. If your neighborhood is large enough you can advertise through your homeowners’ website or possibly a neighborhood Facebook page. If you live in the sticks, you can still have a garage sale but attracting enough buyers may be challenging. Finally, make sure you do your research on the items you are selling. Over-pricing will turn buyers away but you don’t want to give your valuables away either.

Show me the money going new school!

Maybe you don’t feel like lugging all of your stuff outside and then having to bring it all back in afterwards. You may consider selling your stuff online. There are many online sites so I will just talk about Craigslist. Just as before you want to do some research when it comes to pricing. Once you have a price you want to take photos because a picture is worth a thousand words. Your next step is to write a clear headline by using good keywords. For example, “Sony Cybershot DSC-H300 Digital Camera, Silver, LIKE NEW”. Next you want to write a good description of the item and be sure to include technical specifications, especially is you are selling any type of electrical gadget. As a friendly disclaimer, if you are going to sell on Craigslist, there are some safety precautions you must take. For example don’t have strangers come to your house. Instead meet at a public location and always have someone with you to cover your back!

article courtesy of: http://thelifeofasinglemom.com/declut…

posted by Steve Repak
on July, 17
Source: Good Reads

There are two groups for whom I am very passionate about helping. They are single moms and military families. I like helping other folks too, but I have a special place in my heart for my single moms because honestly I just don’t know how you do it. I am married and also have in-laws that are local who help us out and I still complain about how hard I think I’ve got it. The other group I love to help is the military family. Every year around the end of February I have the honor of participating in Military Saves. This year I was in Singapore where I conducted financial literacy presentations and also provided one-on-one counseling for US Navy sailors and their families. Though I thought to myself that I was making this huge sacrifice being away from my family and business for 3 weeks, there is NO comparison for the even bigger sacrifices these armed servicemen and women and also their families are making each and every day for all of us.

You may be asking why I’m sharing this with you. If you were to ask me for my two best investment ideas, I would tell you the greatest investment is to invest in a personal relationship with God and with His Son, Jesus Christ, because the return on that investment will always beat all others. And the second best investment is an investment in yourself where you can find something you are passionate about and at the same time make money at it, because if you can do something you love and get paid for it at the same time, you will never have to work another day in your life.

So how can you find this magical job? Start out by taking out a piece of paper, grabbing something to write with, and also pulling out your checkbook. Your first exercise is to write down three things you love doing, three things that take up the most of your time, and the three places you are spending the most money. After you have completed this exercise, do you notice any overlap? For example, let’s assume you like planting or gardening, you spend a lot of time doing it, and when you review your checkbook you see a lot of your money going to a local nursery. You might consider putting in your application at that favorite establishment, or someplace similar.

But what if your dream job requires college or technical training? I have always said there is no such thing as good debt but paying for a college degree or technical school training can be an example of debt that is not bad. Did you know if you are a woman and/ or a single mother attending college for the first time or just returning to school, there are scholarships and grants just for you?Scholarship Search through SallieMae, is a great place to start looking for scholarships for women and single mothers. You can set up your free customized profile, get alerts when new scholarship opportunities that match our profile become available, and search among five million scholarships totaling over $24 billion. There is money out there available just for you, but you have to invest your time to find it! We all spend a majority of time at work so if you can find a career that you really love, then work for you doesn’t have to be a four letter word!

This is an article I wrote for: https://thelifeofasinglemom.com/two-b…

posted by Steve Repak
on June, 12
Source: Good Reads

This article is an excerpt from my radio show “Your Money God’s Way” on the Just Jesus Radio Network that airs every Friday at 5pm eastern.

Proverbs 1:8 says to us “Listen, my son, to your father’s instruction and do not forsake your mother’s teaching. “With that said can we ever thank our mom’s enough? She cleaned our diapers, fed us, took care of us when we were sick and passed down many of life’s lessons in the hopes that we could learn from her mistakes. The different ways she took care of us help make us who we are today. From the many lessons my mom taught me, I want to share 4 money lessons from my mom that you can also apply to your finances. One of the best lessons my mom taught me was the difference between needs and wants and which in Matthew Chapter 6 verse 25 says; “Therefore I tell you, do not be anxious about your life, what you will eat or what you will drink, nor about your body, what you will put on. Is not life more than food, and the body more than clothing? “

Needs and Wants

“Mom I need this” and “Mom, I need that.” One of the best things that my mom told me when I was a child was NO. At the time, I didn’t think it was so great but she taught me that I didn’t need to get everything I wanted. The truth of the matter was there were only a few things I truly needed as a child; food, clothing, shelter and love. In adulthood, I finally understood the invaluable lesson of the difference between needs and wants. For example, I wanted to go out to eat for lunch every day, but I would be able to save a lot more money if I packed my lunch instead. I wanted to have the latest big screen that just came out, but my old television worked just fine. As adults, we frequently confuse wants from true needs. Now I remember that when my mom told me no, it didn’t kill me. I want to share something with you – it also won’t kill you not to get everything you want. And financially speaking, you will be much better off.

It’s Good to Share

Hebrews 13:16 “Do not neglect to do good and to share what you have, for such sacrifices are pleasing to God.”

My mom really didn’t say it that way, she basically said if I didn’t share my toys with my little sister, she was going to take them away from me and give them all to her. Being an adult, I now understand the importance of sharing with others because I have found that the most satisfied and the most joyful people are always the ones who have the most they are the ones who serve and share the most. Why is that? The positive feelings you experience when you share with others last much longer than the temporary high you get when you waste your money on yourself. Sharing your financial resources also develops discipline and an awareness of others’ misfortune which can help keep you focused on what is truly important, which by the way can have a profound effect on your finances.

As an adult and someone who travels the world and speaks to audiences I know that most people spend more than they make, save what is left over, and give rarely and those people usually end up with less. The people who have more do the total opposite because they understand that they are stewards and not owners so they give first, pay themselves (save) next, and then live on the rest.

Save for the expected unexpected

1 Timothy 5:8 “Anyone who does not provide for their relatives, and especially for their own household, has denied the faith and is worse than an unbeliever.”

When I was growing up, I had a lot of chores that needed to get done that’s if I wanted to get my allowance. From washing the dishes to taking the dog out, I would get a weekly allowance if I completed what I was supposed to do. I was also given a piggy bank from my mom. She would expect me to always put a little money in my piggy bank for a rainy day. She didn’t mind if I spent some of my allowance on candy or toys, but she taught me the valuable lesson of always paying myself first. That lesson can also serve you well. You work hard for your money so make sure you always pay yourself first!

As an adult, I know understand that nobody likes to plan on things going wrong such as your car’s transmission going out or your pet swallowing a golf ball, and I also know that God never promised us a life free from challenge or difficulties but to be a good steward of your financial resources you need to have some cash in safe, short term savings to cover these types of emergencies, because it isn’t a matter of if they will happen, it is only a matter of when. If you don’t have anything in savings and an emergency does come up, you won’t have any choice but to use a credit card. Your goal is to have at least 3-6 months of your monthly non-discretionary spending in an account separate from your checking account.

Not Giving Up

Romans 5:3-4 “We can rejoice, too, when we run into problems and trials, for we know that they help us develop endurance. And endurance develops strength of character, and character strengthens our confident hope of salvation.”

I remember after my mom came home from work, she would still find the energy to make dinner every night. I also recall her working two jobs when my dad was laid off so my sister and I wouldn’t do without. I think what impressed me most was that even when she was sick or not feeling well my mom still would find the energy to take care of us and when the going got tough, my mom kept going! That same trait is extremely important to apply to your financial life because there will be setbacks. As an adult, when I might be feeling bad or success seems out of reach, I always keep in the back of my head the knowledge that my mom was always there and she never gave up. As I said earlier in the show is that God never promised us that our lives would be easy but as Paul says in Philippians 4:13, “I can do all things through Christ who strengthens me.” You know as well as I do that nobody plans on things going wrong but many times life just happens. When things do go wrong, especially after a financial setback, many people just want to curl up into a ball and give up. What sets the successful apart from the rest is not giving up in the face of challenges or difficulty. Easier said than done but keep in mind that you might not always be able to control the situation but you can control on how you react to it! It is key to control your emotions, assess the damage, define your goals, develop a plan, and be flexible. Always tell yourself that through Christ all things are possible and nothing is going to keep you down forever! So, no matter what is going what is going on in your life, financially, physically, emotionally, or spiritually, we have a Faithful, Loving, and powerful God and through Jesus all things are possible as long as you never give up.

posted by Steve Repak
on May, 16
Source: Good Reads

Most people think that estate planning is only for the rich and famous. While you may think that you do not fall into that category, contrary to popular belief those who are not rich and famous should also consider having their estate planning documents in order prior to death or incapacity! Planning for death or incapacity might not be something you ever thought of, but if you fail to plan for it, there is a possibility that someone you haven’t selected might be making decision on your behalf that could possibly affect the care of your children. Before I go any further I want to point out that while the following information deals with legal subject matter, it is not legal advice or legal representation. Because of the rapidly changing nature of the law, neither the author of this article makes any warranty or guarantee of the accuracy or reliability of information contained in this article, therefore I assume no responsibility for any information provided. I need to stress that this article is for informational purposes only and does not constitute legal advice. No one should rely upon the information as constituting legal advice. Please consult an attorney for advice pertaining to your individual circumstances.

With the disclaimers out of the way, why should you consider having an estate plan?

When you die, your property will go somewhere!

No matter if you have estate planning documents or not, your property will go to someone else, it just might not go where you want it to go. For example if you do not have your property or accounts titled/registered in the correct way, if you have out of date beneficiaries on your contracts (life insurance or retirement accounts for instance), or you die intestate (which means dying without a Will), the person or persons who might be relying on those assets after you die could face a financial burden because those resources might not be available or their distribution may be significantly delayed.

Make your wishes known NOW while you are competent!

Nobody ever plans on becoming ill or being involved in an accident that may leave them physically or mentally unable to manage their affairs. If you become unable to communicate or make rational decisions, especially regarding your health, money or the care of your children, not only could it leave you in a bind but also the people who might have to take care of you.

Try to protect your children as much as possible!

You might consider having an attorney help you create a Testamentary Trust. A Testamentary Trustis established by your Will and in it you can appoint a responsible representative or guardian to help oversee your assets and also make specific instructions regarding the health and welfare for your children if they were ever to be orphaned.

Pay now or someone else may pay more later!

How much will this cost you? Sitting down with an attorney that specializes in estate planning may cost you some money now, but it might be worth it in the long run. There are low cost and pro bono legal services available for low income single moms for those who qualify.

What could happen if I don’t have an estate plan?

State law will decide who gets your property, not you! A judge will determine who gets custody of your children, not you! There are many other things that could happen such as additional expenses, fees, taxes, etc. but no matter how much money you might or might not have, it is important to have your estate planning documents in place and in order because not doing so can bring about much emotional and financial pain for the people you leave behind!

posted by Steve Repak
on April, 10
Source: Good Reads

A 2015 study by SunTrust Bank found that it’s not just those in a lower-income tax bracket that are living paycheck to paycheck. According to the online study, which was conducted by Harris Poll, nearly one-third of households earning $75,000 annually found themselves with more month than money. Perhaps even more worrisome, according to the study, a whopping 71 percent of millennials making $75,000 also had difficulties with their monthly spending.

One of the biggest factors to which these survey respondents attributed their spending problems wasn’t related to transportation or housing—or even medical expenses. More than two-thirds of retiree households earning $75,000 or more blamed their issues on dining out, and the same went for 70 percent of millennials making more than $75,000. Money spent on clothing, entertainment, and hobbies also made up a large portion of the drain on monthly cash flow.

If you’re finding that you don’t have as much left at the end of the month as you want, here are a few ideas to consider that may stretch your paycheck dollars further:

Stop dining out as much

You don’t have to be a financial expert to figure out that this approach can help put your spending on a diet, but the key phrase here is “as much.” You can still dine out, but instead of eating out every night, consider cutting back to once or twice a week. The same goes for weekends. Don’t go out on both Saturday and Sunday; instead, pick one day. The key is to go out less than you are now because a restaurant meal usually costs significantly more when compared to going to the grocery store and then fixing a meal at home.

Spend less when eating out

If you enjoy adult beverages consider switching to water. Not only will you leave the restaurant with more money in your wallet but also your body will likely appreciate it because you will be ingesting fewer calories. You can also consider ordering lower-cost lunch or appetizer portions instead of the larger dinner portions or splitting a meal with your friend or significant other. Finally, consider order desserts for special occasions only.

Be smarter when clothes shopping

Even though you may have been out of school for many years, you can still take advantage of a tax-free weekend in the dog days of summer. Depending on your state, sales tax is usually not collected on selected items, such as clothing, typically the weekend or a few days just before school starts. You may also want to consider other clothing options such as consignment stores, which often offer budget-friendly options.

Find alternatives for entertainment and travel

Instead of paying the big bucks watching professional sports at an overpriced stadium, consider visiting a local minor league, college, or high school football or basketball game. Tickets can be substantially cheaper or even free, as are the items at the concession stand. If you like traveling and consider yourself a little adventurous, take a train trip. Trains can be comfortable, you can see the sights, and the trips usually won’t be too hard on your pocketbook. If you like reading or watching movies, check out your local library. Find your nearest beauty school for a discounted haircut, manicure, or perhaps even a massage.

Make hobbies pay

If you’re retired and you have more time than money, consider turning a hobby into a fun side job. For example, if you enjoy home renovations, woodworking, painting, or do-it-yourself activities, you might be able to turn those hobbies into some extra money from your friends and neighbors. If you have a talent in stained glass, jewelry making, sewing, or knitting, you may be able to sell your unique goods to local craft stores or online using marketplaces like Etsy.

If you enjoy an expensive hobby like golf, you might consider exploring a cheaper alternative, such as biking, swimming, or tennis. You could take up chess or cards and join a local group, or you may want to try bird watching and nature walks, which usually don’t cost a thing. Whether you are retired or are just starting out your career, living on a budget doesn’t mean you can’t have fun!

article courtesy of: https://blog.equifax.com/credit/stop-…

posted by Steve Repak
on March, 14
Source: Good Reads

From some of the research I conducted, I read that about two-thirds of Americans will make a New Year’s Resolution. Possibly you were one who may have made one or two for yourself. The reality is that 80% of those people that made a New Year’s Resolution will have given up by Valentine’s Day. I want to share with you 3 tips so you can be better stewards of your financial resources whether you made a resolution or not!

#1 If you don’t see it, you won’t spend it!

Proverbs 10:4-5 (ESV) A slack hand causes poverty, but the hand of the diligent makes rich. He who gathers in summer is a prudent son, but he who sleeps in harvest is a son who brings shame.

It is not always how much money you make but how much money you spend that separates those who have money from those that live paycheck to paycheck. An easy way to spend less so you can save more is by contributing to your company sponsored retirement plan. If the money is gone before it makes it into your checking account and you never see it, you won’t have a chance to spend it! If you don’t have a company sponsored retirement plan, you can still save. Open an account at financial institution that is different from the one you have your checking account at and set up a bill pay where you deposit a set amount of money into that account each month. If it is a savings account, do not ask for a debit card to make it harder to withdraw the money when you are tempted to!

#2 It is not what you know, it is what you do that is important!

Proverbs 6:9-11(NLT) “But you, lazybones, how long will you sleep? When will you wake up? A little extra sleep, a little more slumber, a little folding of the hands to rest—then poverty will pounce on you like a bandit, scarcity will attack you like an armed robber.”

If you know that credit card debt is bad, then don’t use your credit cards. If you know you need to start spending less so you can save more, then start tracking where you are spending your money so you can figure out what you can live without or at least cut back on. If you know you need to start saving for your short term or longer term goals, then open an account and start putting money into it. Many of us know what we need to do, we just don’t do it!

#3 The richest people usually give the most!

Proverbs 11:24-25(ESV) One gives freely, yet grows all the richer; another withholds what he should give, and only suffers want. Whoever brings blessing will be enriched, and one who waters will himself be watered.

We have all heard the saying it is better to give than to receive. I have said many times that the most joyous people are not always the ones who have the most stuff but the ones who GIVE THE MOST. No matter how bad you think you have it, someone out there has it even worse!

So, there you have it! My best 3 Tips so you can be good stewards with your financial resources.

article courtesy of http://thelifeofasinglemom.com/steve-…

posted by Steve Repak
on February, 01
Source: Good Reads

Luke 16:11 (NIV) “So if you have not been trustworthy in handling worldly wealth, who will trust you with true riches?”

People that are successful managing worldly wealth have no secret powers or smarter than anyone else. Success has less to do with what you know and more with what you do! Setting goals, making plans, and following through on them, are a great start. Please consider these following year-end money moves to hopefully increase your chances for success managing your worldly wealth.

1. Give- donate

Go through your closets and your children’s closets for items to donate. Get a receipt for your donation for a possible tax deduction in the upcoming year. Keep in mind that the donation must be delivered to the charity before December 31. For example, if you chose to write a check to your favorite charity, the deduction is recognized on the date the charity receives the gift, not the date that is written on your check.

2. Check your credit report

You are entitled to one free credit report per year from each of the three major credit reporting agencies (CRAs) which are Equifax, Experian and TransUnion. From buying a car, house, or any time you need to borrow money, the information on your credit report can mean the difference of several thousands in extra interest you may pay depending what is on that report. In addition, with the rise of identity theft cases, it makes sense to ensure the information on your credit report is yours and most importantly correct! There are many companies and sites that you can go through to receive a copy of your report, but there is only ONE official site explicitly directed by Federal law and that is www.AnnualCreditReport.com.

3. Review your spending and cut some of the fat

Most people have a pretty good idea of how much money they earn each week but many have no idea where all of it goes. That is especially true when it comes to miscellaneous/personal expenses. An easy place to find low hanging fruit is reviewing where you are spending your money on the places you like to go and the things you like to do. From things like makeup, hobbies, traveling, entertainment and gifts, those types of expenses can add up very quickly. Am I saying that you shouldn’t spend money on these types of things? No, but I am saying that you need to identify just how much you are spending and then decide on where you can cut back. For example, if you like getting you nails twice a month, cut your salon time to once a month and doing them yourself every other time. If you take two big trips a year, cut it down to one big trip. People that are good with their finances spend less and save more.

4. Calculate your retirement needs

Retirement isn’t an if question; it is a when question. To get an idea of how much you need to save to fund a comfortable retirement I would encourage you to check out the following site www.choosetosave.org/ballpark. I do not have any affiliation with the site but I frequently share this site with others so they can re-adjust their budgets for the upcoming year.

article courtesy of https://thelifeofasinglemom.com/year-…

posted by Steve Repak
on November, 22
Source: Good Reads

As Conversations Book Club celebrates its 10-Year Anniversary it is with great pleasure that we announce our Top 50 Non-Fiction Books of 2016. The books were chosen by book club President Cyrus Webb based on their ability to inspire, educate and motivate the readers.

“Having personally read the books myself I can confidently recommend them to others,” says Webb. This year’s list is sure to spark some powerful discussions, and I think readers will appreciate the value they are sure to give them and those they share them with.”

Conversations’ Top 50 Non-Fiction Books of 2016 (Listed in no particular order)

1. From Crisis to Calling by Sasha Chanoff and David Chanoff (Berrett-Koehler Publishers)
2. Habit Changers by M. J. Ryan (Crown Business)
3. Let Me Out by Peter Himmelman (Tarcher Perigee)
4. How to Have a Good Day by Caroline Webb (Crown Business)
5. The Power of Broke by Daymond John (Crown Publishing Group)
6. The Opposite of Comfortable by Sharon Nir (Viki Press)
7. The Joy of Less by Amy Newmark and Brooke Burke-Charvet (Chicken Soup for the Soul Publishing)
8. Destiny and Power by Jon Meacham (Random House)
9. Diamonds From the Rough anthology presented by Tricia Pollard (unknown)
10. Life Is Not an Accident by Jay Williams (Harper)
11. The Soul of a Man 2: Make Me Wanna Holler anthology by Elissa Gabrielle (Peace in the Storm Publishing)
12. You One Word by Evan Carmichael (Tarcher Perigee)
13. Soft is the New Power by Deya Smith (Touch Me Books)
14. Lead with Your Heart by Allan J. Hamilton, MD (Storey)
15. Tell Me Your Story by Tuya Pearl (She Writes Press)
16. Fierce Optimism by Leeza Gibbons (Dey Street Books)
17. Hustle Believe Receive by Sarah Centrella (Skyhorse Publishing)
18. The Jaguar Man by Lara Naughton (Central Recovery Press)
19. Against the Tide by J. H. Sullivan (Strategic Media Books)
20. Ask Angelo by Angelo Ellerbee (The Ellerbee Group)
21. The Gatekeeper by Kathryn Smith (Touchstone)
22. The Mannings by Lars Anderson (Ballantine Books)
23. Bullet Riddled by Grant M. Whitus (Waldorf Publishing)
24. Grit by Angela Duckworth (Scribner)
25. Wear and Tear by Tracy Tynan (Scribner)
26. Pink Pantie Confessions by Cynda Williams (220 Publishing)
27. Melba’s American Comfort by Melba Wilson (Atria Books)
28. Twitter in 30 Minutes by Ian Lamont (i30 Media Corp.)
29. 6 Week Money Challenge by Steve Repak (BroadStreet)
30. Please Enjoy Your Happiness by Paul Brinkley-Rogers (Touchstone)
31. The Coyote’s Bicycle by Kimball Taylor (Tin House Books)
32. @NATGEO: The Most Popular Instagram Photos by National Geographic
33. With Love, All Things Can Be Healed by Tobin Blake (Real World Books)
34. Eat My Schwartz by Geoff and Mitch Schwartz (St. Martin’s Press)
35. The Inefficiency Assassin by Helene Segura (New World Library)
36. A Smile of Hope by Ma Victoria Sarte-Perez & Zenaida Roy-Almario (ABS-CBN Publishing)
37. The Five Hour Workday by Stephan Aarstol (Lioncrest Publishing)
38. Simply Happy by Amy Newmark (Chicken Soup for the Soul Publishing)
39. Street Farm by Michael Ableman (Chelsea Green)
40. Carry On by Lisa Fenn (Harper Wave)
41. Journey to Heal by Crystal M. Sutherland (Kregel Publications)
42. Why the Monkees Matter by Rosanne Welch (McFarland)
43. From Abuse to Abundance by Jamila Battle (Battle Publishing)
44. When Johnny Doesn’t Come Marching Home by Marian Small (Friesen Press)
45. Turning Darkness Into Light by S. L. Young (unknown)
46. Cracking the Cube by Ian Scheffler (Touchstone)
47. The Gift of Anger by Joe Solmonese (Berrett-Koehler Publishers)
48. Look at You Now by Liz Pryor (Random House)
49. Far & Away by Andrew Solomon (Scribner)
50. To Pixar and Beyond by Lawrence Levy (Houghton Mifflin Harcourt)

article courtesy of http://conversationsmag.blogspot.com/…

posted by Steve Repak
on November, 13
Source: Good Reads

If people want to be able to save more, there are basically three choices: spend less money, earn more money, or some combination of the two. There’s also another option – granted, a more aggressive option – of aggressive spending cuts to achieve aggressive savings goals.

But why? Simple. Americans need to save more if they want to achieve not just wealth, but enough money to live off of and not work forever.

According to the March 2016 Retirement Confidence Survey, 54% report that the total value of their household’s savings and investments, excluding the value of their primary home and any defined benefit (DB) plans, is less than $25,000. This includes 26% who say they have less than $1,000 in savings. That’s not good news.

So, how to kick start saving aggressively – cut spending. Here are some tips:

1. Conduct a spending audit with your personal/miscellaneous expenses.

I think most people have a good idea of how much they spend on food, shelter, transportation, and clothing but have no idea just how much they are spending on everything else. A great place to find low hanging fruit is by conducting a spending audit on the places you like to go and the things you like to do. From expensive hobbies, traveling, entertainment and gifts, these types of places where we spend money can add up very quickly. Am I saying that you shouldn’t spend money on fun? No, but I am saying that you need to identify just how much you are spending and then decide on where you can cut back. For example, if you like to golf every weekend, consider going out every other weekend. If you take two big trips a year, consider cutting it down to one.

2. Cut your housing expenses by 15%.

It is the largest expense for most people. It is also one of the broadest spending categories. Mortgage payments or rent, homeowner’s or renter’s insurance, utilities, phone, internet and cable TV are some of the expenses you likely have. You may be able to save hundreds of dollars each month by shopping for a cheaper mortgage rate. If renting, consider moving to a smaller, less expensive place. Think about cancelling your cable TV, getting rid of your land line if you have a cell phone, and trading your cell phone plan for a prepaid plan if you only make occasional calls. By just reducing 15 percent of household expenses, the average household could save approximately $3,700 a year.

3. It’s OK to say NO to your children and grandchildren.

I have always joked with the younger wealth builders I have worked with in the past that have children, that as soon as their kids are out of the house, they will have this magic money tree in their backyard that will seem to have grown out of nowhere. It is a joke of course, but truthfully, if you are supporting children, grandchildren, or in some cases both, it may be time to cut the umbilical cord. I understand that I may have offended some by that statement, but if you are serious about wanting to save aggressively, you must be able to spend less. Spending money, cell phones, car insurance, gas money and car payments are a few things you may be supplementing for a child or grandchild that you might consider cutting out or at least reducing. Wanting our children and grandchildren to have everything we didn’t have growing up may make us feel better, but it could be hazardous to our wealth.

I have always said that spend, spend, spend may lead to the poorhouse and save, save, save may lead to resentment. But if it is crunch-time and you are serious about saving aggressively, in order to save, save, save, you have no choice but to spend less, less, less!

This article is courtesy of © 2016 Certified Financial Planner Board of Standards, Inc. All Rights Reserved.

http://www.letsmakeaplan.org/blog/vie…

posted by Steve Repak
on October, 05
Source: Good Reads

As I get my presentation ready for the Life of a Single Mom’s National Conference, I know I have only 30 minutes to share as much as I can and make it relevant and applicable for single moms from all walks of life. Moms in their 20s, their 30s, their 40s, who may only have 1 child or possibly several children. Moms that may have credit card debt or have no debt, moms that may have great jobs that are paying them well and moms that may be working three different jobs and are barely able to put food on the table.

I have said many times that one size doesn’t fit all, especially when it comes to counseling people with regard to money, but there are always exceptions to the rules. These three rules are the exception to the rule.

Rule #1 – It’s not what you know, it’s what you do that is important

James 4:17 NLT “Remember, it is sin to know what you ought to do and then not do it.”

If you know that credit card debt is harmful to your financial health, then don’t use your credit cards. If you know you need to start spending less, then start tracking where you are spending your money so you can decide what you can live without or at least cut back on. If you know you need to start saving for unexpected emergencies and longer term goals, then open an account and start putting money into it.

Rule #2 – Only when we challenge ourselves to become better, can we become better

Philippians 3:12-14 “Not that I have already obtained all this or have already arrived at my goal, but I press on to take hold of that for which Christ Jesus took hold of me. Brothers and sisters, I do not consider myself yet to have taken hold of it. But one thing I do: Forgetting what is behind and straining toward what is ahead.”

We all can become complacent after a while. We fall back into the same bad habits, get into ruts and routines, back track and back pedal. Keep in mind that if we are not moving forward, we are going backwards and if we want to be all that God has created us to be, we must continue to challenge ourselves each and every day. That means, whatever you have cut in your spending, find other areas in your spending you can even cut out more. However much of your money and time you have been giving to the Church, challenge yourself to give a little more.

Rule #3 – An accountability partner can greatly increase your success with Rule #1 and Rule #2

1 Thessalonians 5:11 “Therefore encourage one another and build one another up, just as you are doing.”

Even the best athletes in the world have coaches! No matter if you want to become a better parent, more efficient with your job, be better with money, or get into shape physically, mentally and spiritually, an accountability partner can give you that edge to help you become successful with any goal you set for yourself!

article courtesy of: http://thelifeofasinglemom.com/3-rule…

posted by Steve Repak
on August, 09
Source: Good Reads