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Money Management Advice
Looking for important money management advice and strategies to help you survive these tough economic times? Below you will read money management advice and strategies which anyone can put into place -
How to Survive Tough Economic TimesIt's hard to escape the doom and gloom of the impending economic downturn. You might find yourself panicking or wondering how you're going to survive it. Perhaps you've mortgaged yourself too high, have been living outside of your means or wouldn't know a budget if it hit you in the face. Either way, if you apply a few simple, strategies towards your money management you'll find you can survive any economic shift. Believe me; we've survived two property slumps, two money market crashes and a recession that had to happen. So how is it that our asset wealth has increased, successfully been in business for over 15 years, build a substantial property and investment portfolio, live and eat well, travelled Europe with our children and live in a new home. It's because our mindset around money and our beliefs about what it can produce for us are very clear. YouSo what is your money mindset like? What are your beliefs about money? I believe that what you focus on is what you will get, all of the time. So how are you spending your thought time around money? Most people spend their time being worried about going broke without realising that the mere thing they are focusing on is exactly what they will get. So the key is don't focus on what you don't want, focus on what you do want e.g. what can I do to be financially secure? This is a far more productive question which will lead you to a productive solution. Next, analyse your spending habits. Are you a quick shopper that usually grabs something at the last minute? Or are you a planner who thinks ahead of time. This is a fascinating observation, because money wasting is usually linked to poor planning and time wasting e.g. if you were to plan your meals ahead of time, you'd know what to purchase for the week and go to the supermarket once to get it. This saves you time, petrol and food wastage. FamilyThere's the usual money saving suggestions I can add here, however, I want to focus on how to save money in relation to your children. Having children would be our biggest expense next to our mortgage. My major concern as their mother was this generation has been raised in a very affluent time which has produced children who constantly 'want' things that they don't 'need'. I understand this dilemma and the constant battle, however, you can turn it around and teach them the value of money; you just have to be persistent and honest about your own financial situation. Be open about the bills, the mortgage repayments, the food costs etc. When our kids were 10, we showed them the money we earned that week, what it would pay and what was left for 'wants'. You may have been raised with the belief your kids shouldn't know that level of information, but I challenge you to change your beliefs on this. It made a huge impact on our lives, it saved us $1000's and gave taught our kids the value of money. It's also vital for children to have a good work ethic which in turn will save you $1000's. Begin with your home. Decide what jobs are 'have to's' and what are extras that can earn them some money. We paid our kids to do the laundry, cook a meal, mop the floors, etc. They were jobs I might have hired a cleaner for. With this money they bought clothing wants, (other than clothing needs) birthday presents and any extras that were 'want's and not 'needs.' This gave them an appreciation of money, a good work ethic and it taught them to contribute. It's also valuable to encourage your children to work. They can baby sit, care for neighbours pets or work in your office. Our kids worked from a young age. I believe it is the sole reason they have a great work ethic today. BusinessIt's easy to save money in your business if you know how it's operating. I find the biggest cost is wasting time and doing everything yourself. When you work out what your rate per hour is, you'll be surprised to discover how many of your tasks can be done by someone else for half the price. Over the course of a week, write down everything you do and tick off what can be delegated. Send it to a virtual assistant on the other side of the world (you can find these on the net) and they can do it while you sleep. The other money wasters are lack of systems. If you have the right systems in place you can virtually set up areas of your business to run on autopilot. It's called 'automation'. You can automate your emails, your online sales, your client follow up, your bill paying and much more. There are thousands of ideas and ways you can implement cost saving. The ones I've given you have allowed us to sustain our lifestyle and build our wealth through some tough times. So, don't get too stressed about the doom and gloom; just use it as an motivator to bring about money changing strategies you can use throughout your life; not just when times get tough. Ludwina Dautovic is the director and founder of The Red Tent Woman, an organisation supporting women in small and home based businesses. They host networking events, offer business mentoring and provide online and offline resources. Ludwina specialises in low cost and innovative approaches to niche marketing and effective online marketing strategies. The Red Tent Woman is the 2008 MCEI National Marketing Award Winner for the 'Women in Business' Category. If you are looking to start your own small business or have been struggling with your existing one, then go to http://www.theredtentwoman.com.au now and get your free e-report and audio on 'The 7 Keys to Unlock your Business Potential' valued at $97. Article Source: http://EzineArticles.com/?expert=Ludwina_Dautovic http://EzineArticles.com/?How-to-Survive-Tough-Economic-Times&id=2232939 Other Printable Free Budget Planner Pages:
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