Money Management Skills for a Happy Life

By
Mortgage and Lending with HOPE Lending LLC

The stronger your money management skills are, the more likely you will live the happy life you want.  It doesn't matter if you're Middle Class or a Millionaire, you will probably feel a few dollars short of comfort as some time.  You need to have a plan if you are going to win - which are simply having discipline, goals, and desire.  Being prepared will help you get where you want to be.  Just follow these Seven Savings Strategies:

1.     Set Goals - This will help override the impulse to buy something not that important.  Write down your plan for short, medium, and long-term goals then share them with your family and friends.  Support each other as you can.

2.     Track Spending - Write each deposit or withdrawal activity down in your check register and reconcile each month to your bank statement.  Save your debit charge receipts and file as you would all others.

3.     Automate Savings - A good goal to have is 10% of your income each pay period.  This may be into your employer provided 401k, savings, IRA or another bank account.

4.     Prepare a Budget - Plan and write down the allocation of money for specific purposes.  Use separate categories for Savings, Rent, Utilities, Insurance, Food, and Other Payments.

HOPE Lending - Set a Monthly Budget and Compare to Actual

5.     Change Behavior - In order to reach your goals, make different choices.  Some things to consider are:

  • Ask for a promotion
  • Get a different or second job
  • Get a roommate
  • Have a garage sale
  • Quit smoking/drinking
  • Save the enjoyment of a Latte for Sunday instead of every day
  • Leave credit cards at home and use for planned purchases only. 

6.     Borrow Wisely - Build and maintain a credit score above 700 to qualify for the lowest interest rates possible.  Don't create payment plans that outlive the object purchased.  Keep credit card balances at or below 30% of the credit limit.

7.     Prioritize Bills - Send payments 7 days below the due date to avoid any late fees.  Using an automated bill pay or writing checks out ahead of time with the date to mail in the corner before stamping might help you stay on time.  If money becomes to stretch, always pay necessities before your creditors.  It is more important to keep your water on than worry about a department store calling for payment.

For Additional Mortgage Planning in Washington State please contact Melissa Olson by emailing melissa@hopelendingllc.com or http://www.hopelendingllc.com  WA License #510-LO-32549.

P. S.  Do you have a friend that I can be helping also?  Please don't keep me a secret.  My business is referral based, and I appreciate your help! 

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Charles Buell
Charles Buell Inspections Inc. - Seattle, WA
Seattle Home Inspector
  • Ask for a promotion
  •      I am self employed---can I still get a promotion?
  • Get a different or second job
  •       But I love my job---AND I am supposed to make money at it? 
  • Get a roommate
  •      I already love my roommate.
  • Have a garage sale
  •        But I don't have a garage to sell. 
  • Quit smoking/drinking
  •      NOT THAT!
  • Save the enjoyment of a Latte for Sunday instead of every day
  •      Can you believe I live in Seattle and have never had a Latte?  I didn't think so:)
  • Leave credit cards at home and use for planned purchases only. 
  •       Now there is an idea!sunsmile
Mar 11, 2008 09:03 AM #1
Rainer
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Brian Kreick
Willinger Real Estate - Wenatchee, WA
Great tips.  My financial life changed when I started tracking where the money went and using a budget.  I am doing much better financially sticking to a budget.
Mar 12, 2008 02:09 AM #2
Ambassador
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Jon Sigler
Keller Williams - Greater Hartford - South Windsor, CT
South Windsor Homes for Sale 860-306-8029
Great advice.  It is amazing the number of people who don't even know what they get paid!  Hard to start budgeting when you don't even know what you make.
Mar 12, 2008 03:24 PM #3
Rainer
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Melissa Olson
HOPE Lending LLC - Bellevue, WA
HOPE Lending LLC
Charles - Yes, you can give yourself a promotion.  If you love your job and your roommate, then I wouldn't trade them in.  lol....how about cutting back on the smoking/drinking?  You're not buying latte's because it would dip in the drinking allowance?  ;)  I would be happy to hold onto those credit cards for you.....or maybe give them to your roommate!  Thanks for playing along...
Mar 13, 2008 06:37 AM #4
Rainer
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Melissa Olson
HOPE Lending LLC - Bellevue, WA
HOPE Lending LLC
Brian - I'm happy to hear this is working for you!
Mar 13, 2008 06:37 AM #5
Rainer
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Melissa Olson
HOPE Lending LLC - Bellevue, WA
HOPE Lending LLC
Jon - Do you know how much you are getting paid?  Thanks for stopping by!
Mar 13, 2008 06:38 AM #6
Rainer
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Maegan Small
Meritage Homes - Fort Worth, TX
Thanks for the behavior change suggestions. (Almost all of them apply for me) Good post!
Mar 13, 2008 06:56 AM #7
Rainmaker
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Jackie - computer-training-atlanta.com
770.498.7333 - Atlanta, GA
Learn to leverage technology to get more done.
Melissa - great post - I hope it gets featured. I think, however, that item #4 should be item #1. I used to think that since I was self-employed, I had no control over my budget. The best thing I ever did was to create a budget and tracking plan. Now every cent I earn has a home, and I've increased my revenue substantially since then.
Mar 13, 2008 12:09 PM #8
Ambassador
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Jon Sigler
Keller Williams - Greater Hartford - South Windsor, CT
South Windsor Homes for Sale 860-306-8029
Melissa - I certainly do, and what my wife makes as well.  I like how changing behaviors has gotten mentioned a couple of times.  Priorities, and behaviors cause so many people to have little or no money left at the end of the month, they just don't realize that going out to eat 3 nights a week costs $1500 a month, or cigarettes are $90 a week, or that they are spending $750 a month on at the mall.  A car that equals your annual income is another example of priorities getting the better of people.
Mar 13, 2008 02:47 PM #9
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Melissa Olson
HOPE Lending LLC - Bellevue, WA
HOPE Lending LLC
Maegan - I'm glad to hear almost all apply.  Thank you!
Mar 13, 2008 04:22 PM #10
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Melissa Olson
HOPE Lending LLC - Bellevue, WA
HOPE Lending LLC
That's great Jackie!  I would agree to switch #4 with #1 after the first round.  Everything starts with goals, then it's cyclicle.  Thank you for sharing your success!  Who is the feature "god"?  I hope so too.  :)
Mar 13, 2008 04:24 PM #11
Rainer
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Melissa Olson
HOPE Lending LLC - Bellevue, WA
HOPE Lending LLC
Jon - those are great examples!  It is interesting that people are pointing out the behaviors, good catch there.....discipline is so important.  Just having order makes me feel accomplished.  Thank you for sharing, again.  :)
Mar 13, 2008 04:26 PM #12
Rainer
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- -
- - Bogota, TN

Thanks for you for taking the time to comment on this subject in the Active Rain network.  AR is the new "cyber backbone" of the industry, and with it's uplink to Localism.com it is transforming the real estate marketplace. Agents who don't see which way the cyberwind is blowing are going to find themselves at a considerable disadvantage inside of three to five years.

Jul 08, 2008 04:44 AM #13
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James Wexler
wexzilla.com - Scottsdale, AZ

great tips. makes you wonder why they dont teach this stuff in high school and college. usually , most people dont learn until much later than they wished they had

Aug 06, 2008 05:15 PM #14
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Melissa Olson
HOPE Lending LLC - Bellevue, WA
HOPE Lending LLC

Abe....your comment has been reported as spam.  I don't accept advertising spam in my blog.  Perhaps you might find success if you applied yourself in a more meaningful way.

Dec 04, 2008 02:19 AM #15
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Charles Buell
Charles Buell Inspections Inc. - Seattle, WA
Seattle Home Inspector

Hi Hope---curious why we don't see you playing in the rain anymore---I miss seeing you:)

Dec 04, 2008 02:33 AM #16
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Melissa Olson
HOPE Lending LLC - Bellevue, WA
HOPE Lending LLC

Hi Charles,

I found that I needed to manage my time more effectively to be earning in this market.  AND....you be the first to know here on AR that I am expecting a baby girl February 13th!!  It has been very exciting for me to become a mother for the first time.

Hope you are well and enjoying the holidays!

Dec 04, 2008 02:36 AM #17
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Charles Buell
Charles Buell Inspections Inc. - Seattle, WA
Seattle Home Inspector

Melissa, glad to hear you are well, and congrats on the approaching baby girl----god I miss the smell of babies heads:)  At least keep visiting every now and then:)

Dec 04, 2008 03:08 AM #18
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Jose Santos
Casa Latino A.T. - Concord, CA

 

Great tips.. Thank you. This is something we all need to make sure we keep up with no matter what.

Feb 19, 2009 06:47 AM #19
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