Just Some Rambling

I have been thinking about the changes that come with Spring: the days are longer, birds start to sing again, and new growth is everywhere.  Together with the New Year, this is a common time to make changes in our life, so I’ve put together some ideas on how you might  save a penny or two.  By saving these pennies, we can have more cash in our pockets, and feel richer, less stressed, and able to meet our financial obligations.

When it comes to personal taxes, the best place to be is at zero.  We should not be excited when we get a refund; it means that someone has held your money, has not paid you any interest, plus you’ve lost all access to that money.  If you are self-employed, the goal is to put away approximately 25% of gross income for both HST remittance and personal taxes.  If you’re an employee, you want the employer to take off just the right amount of money.  You can go to your employer and have the deduction changed, usually by completing some simple paperwork.  A zero balance on our taxes keeps as much cash in our pockets as possible, without the shock of owing the government at year end.

With spring already here and summer just around the corner, consider the great outdoors rather than a membership at a local gym.  There are probably walking trails, running tracks and bike trails within easy reach, and even sidewalks just outside your doors.  Most of these activities require only a quality pair of shoes and your time.  To quote a friend, “air and water are mostly free so take advantage of them”.    Your local community center is usually less expensive than a private club and can be an alternative for those who like to be inside as well this can be a great option for the winter.

Watch for my next blog and more money saving ideas.

For information on personal cash flow contact womenswealthness@live.com

Small Business Saving Tips
Thursday, May 10, 2012
10:00 -10:45 am PST
*FREE Webinar

Do you want your business to be better organized and more profitable? Are there systems and habits you could change to make that happen?

Organizing Help and smk Business Services want to help with a free webinars that includes time and money saving tips to make your business more productive and profitable.

If you are interested in participating please send an email to womenswealthness@live.com

Managing our Financial Future

Many highly intelligent women find managing their finances a challenge:  cheque books do not balance, investments are not scrutinized, and savings are a myth.  While waiting for someone to come along and rescue them, they never come to the reality of the present, and the possibility of a future where they are responsible for their own financial wellbeing. 

The biggest challenge with money is gaining a sense of responsibility for our own welfare, a concept missed by many people.  It is an idea for which no bridge has been built.  Many women are living in the chaos of putting themselves on the edge, often hanging on by their fingernails and continuing to do so until they can no longer handle it; some make a change and some never do.  These women often live in fear of not having enough for next month’s rent.  They love the idea of being on their own, but at night they dream about bag ladies.  We might not have to admit it while the sun is shining but in our deepest being we are scared. 

Women spend a great deal of time worrying about their future. A woman today earns her own money, sometimes a great deal of it, but nothing in her psychology or cultural history has equipped her to imagine taking care of herself for the rest of her life.  Financial independence has nothing to do with working.  If it did, then women would not plow through double shift days and still dream of becoming bag ladies. They are earnest, committed and they care for others, but not about themselves.

We need to get committed about taking care of ourselves and that includes our finances.  Women need to embrace their financial future and focus on it now.  Tax time is usually a time of financial reflection for many Canadians. We gather together all of our T 4’s to see how much we have made, and then we wonder where it all goes.  Why are we not getting ahead?  The answer can be found by examining our basic values and looking at our spending behaviours.  When we know what we value, when we see how we spend, we can discover the contradictions and make the changes.  If we allow ourselves to see these things and make the desired and needed changes, we can stop dreaming about the bag lady. 

If you would like some help exploring where you are financially and learning about your behaviours around money, contact me at womenswealth@live.com.

Freedom

As we move into the second month of the year I want to explore the value of freedom. When I use this word I am using it with this meaning: the state of being unaffected by, or not subject to, something unpleasant or unwanted, unrestricted. If this is a value you have high on your list of importance, how are you doing at creating a life of freedom for yourself? People perceive value and treat money differently.  Regardless of how you interact with it, money and your financial circumstances play a major role in your life. Money can provide security, freedom and power, and lack of it can leave you feeling inadequate and trapped in undesirable circumstances.

Acceptance, rather than avoidance, decreases the intensity of your emotional reaction to money. You can make a choice and turn towards, rather than away from, your money challenges. Changing your financial situation requires a willingness to look at all the ways you sabotage your financial stability. Being willing to look at these issues is liberating. In that moment of saying “yes, I am willing to look at this”, one becomes energized, motivated, and powerful. You become a person standing in your power around money. The more you are willing to go deeper, to peel back the layers of your money BS, the greater the transformation.

If you are one of those people feeling inadequate and trapped in undesirable circumstances, you’re certainly not living the life of freedom. If one of the major causes of your feeling trapped is financial, than maybe it’s time to look at your spending and money attitudes.  How do you think about money? Afraid there will never be enough? Worried others have more? If you fear not having enough to make debt payments, make a budget and live by it. Put away the credit cards.  I know you are not keen on this but, it is better than the alternative – fear of complete financial ruin.

There are many different ways to budget. If you would like some assistance in this area, please contact me by email. womenswealthness@live.com

Build Relationships not Debt

Wow another year! How time flies!

While you were reflecting on 2011 and making plans for this year, did you take into account the things that you most value and the principles around that value? If you put relationships at the top of your list of values, does your plan for this year reflect that value? 

I like to use the example of relationships because this value is an important one for most of us.  The number one way that we build relationships is by spending time with people.  For most women, the most important relationship is family, a spouse, children or siblings. Whichever relationship it is, they are all built the same way with time. I understand that you need to work, and often work hard it you are a one parent family, but remember that after shelter, food, clothing, and maybe education and health care, everything else is an extra.

Stress and depression are two significant consequences of value-poor spending. These health conditions impact negatively on relationships with other people ─family, friends, co-workers, and everyone with whom we connect. The idea is to spend time not money.

Great, now how do you do this? First, an example of what not to do: if you bought the kids new electronic gadgets for Christmas, you are now working hard to pay off the credit card and are away from the house working all that overtime. I have a couple of suggestions. Get out the deck of cards or a board game they are inexpensive and you spend time with people. Turn off the TV (save electricity)and go for walk first, it helps with your personal wellbeing (exercise), second, it improves the relationship with the person you are walking with as you  will be forced to talk if you leave all the electronic gadgets at home. You know those people you have been thinking of having over for dinner or coffee? Well, just do it. It is less expensive to have friends   in than to go out. Entertaining in your home is fun. Don’t worry about having a perfect house, most people are like you, and all they want are close friends who care.

Taking time for friends will bring you more contentment than anything you can buy. Keep your money in your pocket and your friends close at hand.

What is Value-based Spending?

Before looking at value-based spending, we first have to be clear as to what a value is:
A “value” is something that makes life meaningful; something we believe in and which we consider important. A value comes with principles, and the two together guide the way we conduct ourselves in the world.
For example, above everything else Karen values her family; her family is central to everything she does and always comes first. Karen believes nothing is more important, nor can give her a greater sense of joy and fulfillment, than her immediate and extended family members. Within that value – “family” – is a whole host of principles: trust, loyalty, respect, responsibility, reliability, compassion, charity, etc. She believes her values and principles are the right way to be living in the world, and she works hard at applying her values in everything she does.

So what do you most value; that makes being alive worthwhile for you? Think very deeply and honestly about your answer. Being clear about what you most value will help you focus your energies and resources to achieve financial wellness.

Ø My #1 Value is:__________________________________________

Now select five principles (codes of behaviour) that you value most.

Most people place friends and family (relationships) at the top of their value list. This is consistent with recent “happiness” research: People value relationships more than anything else, and those relationships are the main source of happiness for them. According to the research, you would need $100,000 at any given time to get the same level of happiness as you do from relationships. Life is very expensive without family and friends!

Does Your Spending Reflect Your Values and Principles?

When you set your goals for next year keep this in mind.