Closing the Loop and Starting Strong
As we wrap up 2004, we will also conclude this year’s focus on managing your cash flow by discussing step four in the budgeting process – “Tracking Your Progress”. After you have designed your budget and outlined your savings goals, the next step is to monitor your adherence to your financial plan.
The key to remember is that no single system will ensure success. Only the right tool as determined by your personality, preferences and time will work. Typically, when you bring up the word “budget,” many people will say, “Yes, I have Quicken (or some other program) on my computer and I need to use it.” In most cases, if you are not already using the budgeting software, you probably will not ever use it. A software program can be a powerful tool but it requires almost daily maintenance in order to keep up with expenses to know where you are financially or how you are doing budget-wise. Different budgeting techniques work for different people. (Click here to view the five methods of budgeting and to figure out which one might work for you.)
Because tracking your progress is a process, you must have a starting point. January 2005 is the perfect time to make a resolution to begin keeping an eye on your budget and expenses. The great advantage about this resolution is that not only can it provide impact in 2005 but, more importantly, it can compound benefits in years to come.
Merry Christmas
Planning Tips
During the holiday season, we are often bombarded with giving opportunities and the needs of others. One way to combat the frustration of wanting to help, but not knowing how is to take the initiative to seek out those in need and develop a plan for giving. Also we can focus on helping not only during the holiday season but all year round. The articles below can help you be more proactive in this area.
Helping The Poor and Homeless
Giving to Troops Overseas
Helping individuals in Iraq
World Vision
In
the News
Extended warranties are not exactly a current news item but they are often a consideration when purchasing electronics and appliances. Below are two articles from the recent issue of BusinessWeek that provide insight into their value to us as consumers.
The Warranty Windfall
When Warranty Contracts Make Sense
