Tag Archives: spend wisely

When Your Budget Goes Awry

Budgeting, Income Creation, Spending, , , , , , , ,

Caroline looked at the Excel spreadsheet on her computer with increasing dismay. “Just three months ago I was able to balance my budget, but now I’m short again by over J$15,000,” she grumbled to herself. “No matter how hard I try, I just can’t seem to keep up with my expenses.”

She reflected on all the developments that had occurred in her life in the preceding months. Her grandmother, with whom she was raised, had fallen seriously ill. As her only relative, Caroline had taken on the task of caring for her, which had thrown her once tightly controlled budget into disorder.

Having another person in the house meant increased utility costs, and she needed to hire a housekeeper to help with the extra cleaning needs. In addition, she had to buy her grandmother’s costly medicines and pay for her doctors’ appointments without the benefit of health insurance coverage.

Initially, Caroline used her credit card to cover some of the pharmacy bills, but after two months she realised that she was having challenges clearing the card balance. After consolidating several loans over a year ago, she was now desperately worried that she was headed back into debt problems. Continue reading When Your Budget Goes Awry →

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 →

2012 Money Mission Review

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This year, we started off on an optimistic note, asserting that it was possible to make 2012 your best financial year ever, despite the challenges that you may have been facing. To guide you along the way, I outlined a Money Manifesto with 12 commitments that were essential if you wished to achieve financial success.

Recognising that many people abandon their new year’s resolutions by the end of January, I thought that it was important for us to make more regular declarations if we really wanted to improve our financial well-being. My monthly Money Mission suggestions were designed to help keep you focused on carrying out your money goals.

If you have been reading my recommendations every month, how successful have you actually been in carrying out the advice? Has your year been a ‘Mission Accomplished’ or has it been yet another 12 months of ‘Mission Impossible’? Let’s review all the money objectives that we proposed during 2012. Continue reading 2012 Money Mission Review →