Have you ever logged into your bank account to check your balance and panicked when you realized you had spent more than you thought? I have met very few people who can keep a running total of their expenditures in their head. I easily forget that I bought a new book or spent more than usual on gas due to a trip to see my family.
In our book, Living The Savvy Life
, we encourage readers to adopt six key Savvy Habits. Of the six habits, the one that most often makes an immediate and positive impact on reader's finances is Savvy Habit #2 - track your spending on a daily basis.
To track my spending, I use a simple Excel spreadsheet that is set up similar to the check register the bank sends you along with your blank checks. In our Living The Savvy Life Online Program
, we offer a template that you can download. The template is titled Expense Tracking Workbook
. We also have a video titled How To: Track Your Spending
on the site as well. In the video, Kevin and I talk you through the process.
It is important to remember to track all of your spending for that particular bank account. That includes the bills you pay, the automatic withdrawals and incidental transactions such as groceries, gas and fun stuff.
If you're in the process of really trying to gain control of your spending, you can use a separate spreadsheet or small notebook to track your cash expenditures as well.
Once this process becomes routine, it will take you just a few minutes a day to implement. This is one of the most powerful habits to adopt and will quickly make a positive impact on your financial life.
Excerpt from The Savvy Life Newsletter
Whenever I speak or teach, I always ask if the audience was taught about money as a kid. I am never surprised when only a few hands are raised.
The majority of us, myself included, were not taught about personal finance either by a parent or at school. We have suffered for it and our economy has suffered for it.
I have the most amazing parents in the world, but it just didn't dawn on them to teach me about money. Consequently, I was sent directly to the School of Hard Knocks.
Financial education is still not taught and that is one of the reasons we created the The Living The Savvy Life Online Program. The program brings the international bestseller to life, guiding you day-by-day, step-by-step to help you create your own Savvy Life.
Through daily emails and a membership site that houses articles, videos, forums and more, you will be guided toward creating a strong financial foundation.
The program then focuses your attention on the areas where you most often spend money such as your Home, Food, Wardrobe, Beauty, Travel and Entertainment.
The beauty of the online program is that it takes just minutes a day to implement the tasks.
The program is just $19.95 per month and you can cancel at any time. Subscribe now!
By Melissa Tosetti
I am so excited to announce that The Savvy Life now has its own personal shopper!
We are teaming with Mandy Kendall of Shop.com who is hosting The Savvy Life Trend Shop.
Each week, Mandy will find the best deals on essentials that fall in line with The Savvy Lifestyle including items for:
What I love about Mandy is that she “gets it”. She is a long time reader of The Savvy Life and understands the nuances of living savvy. She recognizes that Savvy Women want classic, quality items at affordable prices.
Like eBates, there are major benefits of using Shop.com including great deals, cash back, e-gift registry and more.
Registering with Shop.com is simple:
1. Start by visiting www.shop.com/mandykendall.
2. Click on Sign In at the top of the page, and follow the New Customer prompts.
3. Be sure to visit The Savvy Life’s Trend Shop each week to see the new items Mandy has picked out exclusively for you.
This week, The Savvy Life Trend Shop features beautiful and classic winter coats. I am head over heels in love with this vintage-style piece from Milanoo for just $98.
To see all the coats Mandy has picked out, visit The Savvy Life’s Trend Shop now.
By Melissa Tosetti
There are dozens of variations of the saying, "If I had a dime for every dollar I made...". The gist being that if I saved 10% of every dollar I ever earned, I'd be a wealthy person.
It's funny, when we think of trying to save 10% of our income, it feels overwhelming. But when we think about a dime, it seems inconsequential. Few of us would bend down to pick a dime up off the street and yet, in this very famous saying, the dime is a symbol of wealth.
A few months ago I was having coffee with a good friend of mine who is a financial planner and he talked about how his grandfather used that saying often. It obviously had an impact on my friend based on the career he chose to pursue - financial planning.
I had heard the saying many times before, but for some reason, during that particular conversation at the Starbucks in the San Francisco Presidio, it stuck with me.
While driving home from the meeting, I thought about how simple it would be to start saving dimes. What would happen if every time a dime crossed my path, I kept it and put it into a wealth building account?
Do I think that saving dimes is going to lead to riches? No - and - Yes.
The accumulation of the dimes themselves will likely not make you wealthy. But the symbolism of saving those dimes is a continuous reminder of financial responsibility - which can lead to riches.
From now on, each time a dime crosses your path, save it. Put it in a jar or container and watch as it fills up. When it does, transfer the money to a wealth building account. It's a simple thing to do with a powerful intention.
Exerpt from The Savvy Life Newsletter
I had the pleasure of being interviewed earlier this week by Melissa Wadsworth for her site Brilliance Unlimited.
Much of our conversation was about the role "awareness" plays in living a Savvy Life.
Read her article at How to Make Friends with Your Money Through Awareness.
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