Better Money Management Habits This Year?

This is the time of the year that most of us take a few moments to reflect on the events of the past year and to take stock of those things that we would really like to improve upon in the new year ahead. 

I like to challenge my clients in December to set at least one financial goal and to make a commitment to begin tracking every penny they spend in the new year. Keeping a detailed list of daily expenditures is the first step in truly working to improve ones personal and/or business finances. I say if you're not tracking it, you're not working on it. When money is tight, people are more likely to pay close attention to their spending. When times are good and cash flow is plentiful it's easy to waste money by over spending on things that we really don't need.

Good money management requires two components, a financial goal, and a system for tracking progress toward that goal. If your goal is to accumulate $1,000 in your savings account by March 31st. and your game plan for accomplishing that goal is to cut out all unnecessary spending so that you can save as much as possible each week, then your system for tracking the goal and game plan is to track any and all spending. Your commitment to the goal and the act of tracking your spending will cause you to think about your goal before making any expenditures.

Successful people do the things that unsuccessful people are unwilling to do. My experience in working with people who have created personal financial security and wealth for themselves is that they didn't do so by accident. They pay close attention to their spending and they avoid wasteful spending by focusing on goals.  Developing good money management habits happens on purpose and it happens over time.  

Challenge yourself to become a better money manager in 2016. Set a specific savings or debt reduction goal by March 31st. 2016, and begin tracking your spending and progress toward the accomplishment of that goal today. Best wishes for a Prosperous new year.

The Definition Of Success

How do you measure success? It's not made up of dollar signs, says the late Zig Ziglar, famed author and speaker. No, success is much more than having money, power, or business success.

Here are the eight things that Zig Ziglar says success is:

1. Knowing that you did a great job when you close the door to your office at the end of each workday and head for home.
2. Having a home and people to love who love you in return.
3. Having the financial security to meet your obligations each month and the knowledge that you have provided that security for your family in the event of your demise.
4. Having the kind of faith that lets you know where to turn when there seems to be no place to turn.
5. Having an interest or hobby that gives you joy and peace.
6. Knowing who you are.
7. Taking good care of yourself and waking up healthy each day.
8. Slipping under the covers at the end of the day and realizing with gratitude that, "It just doesn't get much better than this!"

I often say to my friends and close business associates that it's not what we don't know that is holding us back in life, it's the fundamentals that we already know and look past that keeps us from the lifestyle that we seek. 

Thanks, Zig for giving us words that we can come back to over and over to help keep us on course as we journey through the game of life.