Tag Archives: manage expenses

Self-Employed Spending Plan

Budgeting, Business Success, , , , , , , ,

Budgeting is an essential skill for successful money management and it should be practised by all persons, regardless of their income level. Without a clear idea of the real cost of your lifestyle, you may make improper spending decisions and jeopardise your future financial well-being.

Preparing a spending plan is even more critical if you are self-employed, especially if your income is generated sporadically and you cannot predict when your next dollar will be earned. While there is freedom in being your own boss, there are numerous challenges with not having a regular pay cheque.

If you carry out proper planning by utilising a comprehensive budget, it can help you to overcome some of the feelings of insecurity and apprehension that may be triggered by possible income instability. Here’s how creating a spending plan can be advantageous for self-employed persons. Continue reading Self-Employed Spending Plan →

Getting The Most Out Of Your Money

Budgeting, Spending, , , , , , , ,

We have been discussing the concept of lean production and how its principles of efficient use of resources can be applied to your finances. Lean refers to a system of manufacturing which was pioneered by auto makers Toyota, which has helped to make the company very profitable.

One of the components of lean production is the elimination of wasteful practices in the process of creating a product or service for sale. There’s a lot to be gained from adopting the lean philosophy in your personal, professional and financial life, if you want to be successful with your own goals.

Last week we looked at getting lean with your most precious resource — your time — by becoming more productive at work, getting the most out of your commuting time, using technology to improve your output, and making the right choices when spending your time to generate an income. Continue reading Getting The Most Out Of Your Money →

Budgeting: Get it right, Get it done

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Last week we reviewed Brian Tracy’s best-selling book, Eat That Frog! looking at simple tactics that could help you to take action on your financial resolutions this year. The book’s unusual title is derived from a saying that if the first thing you do each morning is eat a live frog, it would probably be the worst thing that would happen to you for the entire day.

Tracy, a goal achievement expert, explained that your frog is your most important task, “the one you are most likely to procrastinate on if you don’t do something about it now.” If you immediately tackle your frog every day, it will have a tremendous positive effect on all your goals. Ignoring your frogs will only make it harder to achieve your life’s objectives.

Your ticket to success

One thing you can do right now to change your financial future is to prepare a budget. However, it is probably the one money objective that people procrastinate on the most. Budgeting could definitely be viewed as a big ‘frog’ that you need to eat. It is the foundation to money success; as without the clarity it provides, it will be hard to proceed with your other goals. Continue reading Budgeting: Get it right, Get it done →

New Beginnings

Budgeting, Goals, , , , , ,

If you have made a lot of mistakes in life, wouldn’t it wonderful to be able to wipe your slate clean and start anew? To be more technologically relevant, wouldn’t it be great to hit the delete button, remove the unwanted lines, and have a blank screen to create a different story?

I’m sure that there are many people who wish that they could change their financial history in this way.

The reality is that you’re stuck with your past whether it harbours good or bad money memories. There is no life eraser that will allow you to remove the errors of judgement that may have caused you to frivolously waste money, borrow too much, make unwise investments or overlook opportunities that could have brought you fulfilment and prosperity. Continue reading New Beginnings →

Going For Gold

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Jamaicans all across the world along with numerous friends of our nation are still celebrating the incredible success of our athletes at the recently concluded 2012 London Olympics. The infectious euphoria that was demonstrated by thousands of supporters from Half Way Tree, Jamaica, to Birmingham, England, was heartwarming to observe.

While we bask in the glory of winning 12 Olympic medals, we need to retain more than just a passing sense of pride from the achievements of our sports giants. There’s a lot that we can learn from their journey to the pinnacle of sporting competitions. Let’s look at how we can pattern their progress as we strive to attain our own personal and financial goals. Continue reading Going For Gold →