Many Changes on the Way

This blog will soon be part of the new web site
The company has changed its name to " The Baba Knows Money"
While I will continue to blog it will be in a new formate.
This new company focuses one on one coaching for those who feel there is more month than money. I help those who seem to have a hole in there pocket get a grip on their spending and get their debt under control. I also do a workshop  called "Is there a Hole in my Pocket?" In both case we explore values, beliefs, and behaviours around money so you can make long term changes. I am available for presentation to groups that may have an interest in money and emotion. This presentation take a light hearted look at the mess many Canadian's find themselves in while providing the listener with many useful tips.
Keep posted for the changes

Christmas 2012

Make this a different Christmas; focus on friends and family. Even if it has been tradition to spend lots of money on gifts, make the gift about the person not the dollar amount. When I lived in Edmonton, my neighbour and his brother-in-law would compete to be the most inventive in how they wrapped each other’s present. It was not what was inside, but the process of getting it open.  They planned it for months before, and talked about it for months after - making them smile at the memory.
Sometimes, I think many people feel trapped by their habits. When we become comfortable with a certain action, we can feel that it’s so ingrained in us as a human being, that it’s impossible to change it.  Luckily, we are free-thinking human beings, and we can take charge of our actions. We are the deciders of our fate; if we want a life a filled with financial, personal and professional success, we can take steps towards that.
Actions for Christmas 2012

·        Spend less money

·        Spend more time with people who are important to you

·        Do some simple, inexpensive activities

·        Set a spending limit and stick to it

·        Start saving now ( you may want to start in January 2013 for next year)

Debt Consolidation

Debt Consolidation

Debt consolidation……does it work?  I would equate debt consolidation to taking the weight loss pill, or that strange diet where all you eat is cabbage.  You know those crazy approaches all of us have tried at some time - did they work?  Most likely they did not.  One of the systems that works is eating right and exercising.   You can keep this up for a lifetime, and thus keep the weight off.

It is the same for debt.  If it goes away in one stroke of a pen, we have not learned the new behaviours or attitudes required to maintain a lifestyle of no debt.  We will gain it all back in the long run.

If you’re freaking out right now wondering how you are going to continue to pay the bills and the debt, it is time to make some changes to your spending patterns.  Look at some of the previous blogs for some tips.  If the wolf is at the door, you may need to consolidate.  Remember, for long term success; work with someone to change your spending patterns.

If you want some assistance to make the changes required, contact Susan at smkbusinessservies@live.ca

All maxed out- some dramatic action to take

 You need to stop carrying the cards with you. You may choose to carry one card for emergencies (like paying the tow truck when your car breaks down), but only if you will not use it for other expenses. Simply not having the option to use your cards will help you to stop using them. Once you have paid them off you may want to close your credit cards. You do not need a credit card because most things can be paid by debit card or cash, even on line.

Make your credit cards hard to access. Freezing them in a big block of ice is really not that bad an idea, but don’t forget to delete the numbers from your on line stores memories, which will make it harder to shop there as well. Save money for an emergency fund, so that you do not need to use your credit cards during an emergency. Until you are out of debt an emergency fund of about $1000.00 should cover most emergencies, and after you are out of debt, an emergency fund of three to six months of expenses should be enough.

Make a plan to get out of debt and stay out of debt. Getting out of debt will free up money so that you can cover your needs, and have money left over for your wants. This is a huge step in getting ahead financially, and you will be amazed at the freedom it affords you.

You will feel better about the future and the opportunity it can have for you. The decreased stress will be great for your personal health and well-being.

You can contact Susan and she will help you put a plan in motion.

smkbusinessservices@live.ca

Forgive Your Money Mistakes

 

Remembering and regretting money mistakes--instead of forgiving and forgetting--can actually hurt your efforts toward financial improvement.  Anger is not a bad emotion; there are no bad emotions.  However, when anger transitions from a response into an ongoing grudge toward something—or even toward yourself—it can destroy any progress you are trying to make in improving a specific area of your life, particularly around money.  Money mistakes are notoriously enduring in people’s minds, and often they find it difficult to forgive themselves or others for mistakes long past.

The problem is that you can never focus on the good things happening in the present is you’re holding on to anger from things that happened in the past. We don’t have to pretend that what happened was okay, just that it has happened and there is something we are supposed to learn. Once we understand that, we can let it go and move on to new growth opportunities and a deeper sense of personal power around our financial life.