Archive for May 2014

Time To Prepare Your Monthly Budget

As the month draws to a close, it is time to once again prepare your monthly budget! I’m passionate about preparing a budget every single month because it is a huge reason that my family is no longer broke. I want to help you get your budget working well for you and your family so you too can live a fully funded life.

5 Budgeting Tips To Remember

  1. Prepare the budget BEFORE the month begins. It is nearly impossible to budget “in reverse” after money has already been spent. Planning your money before you’ve received it will allow you to maximize every single dollar.
  2. Be realistic. Don’t lie to yourself. Many people reduce or eliminate spending categories that they know they won’t be able to follow. For example, don’t eliminate all of your “dining out” money when you have three children involved in three different traveling sports teams.
  3. If married, work together. It’s extremely difficult to make a budget work when both spouses aren’t on the same page.
  4. Use cash envelopes for “impulsive” spending categories. For my family, these categories include: Groceries, Restaurants, Clothing, Spending Money, and Entertainment. Cash prevents overspending the budgeted amounts.
  5. Save for Known, Upcoming Non-Monthly Expenses. If you choose not to save for Christmas, vacations, special days (like birthdays and anniversaries), property taxes, car repairs, and insurance deductibles, you are ignoring reality. Which means you should refer to #2.

BONUS TIP: Use our FREE budgeting tools located HERE.

What other budgeting tips have helped you make your budget work well?

How To Destroy Your Finances – Part Five

Welcome to the latest series at the wildly popular JosephSangl.com – “How To Destroy Your Finances”

In this series, I will be sharing methods proven to cause financial pain and agony. Use these methods if you want to live with piles of stress and harm your relationships.

Part Five   Let Your Feelings Drive All Of Your Financial Decisions

When all else fails to destroy your finances, employ this method. After all, your feelings are always correct, right? I mean, there was that time you felt that one person was really awesome and wanted to date them and they turned out to be a terrible monster, but that was just a one time error. Your feelings should absolutely come first when it comes to finances. Employ Nike’s slogan: Just Do It. When you were thinking about saving some money, go ahead with your feeling to go shopping. When you wanted to go to Human Resources to set up your retirement plan contributions, go ahead with your feeling to go out with your friends.

Go ahead and date the person who has piles of debt and two bankruptcies. I’m sure they were telling the truth when they say it was all someone else’s fault. Even though your friends are telling you how awesome a budget is working for them, let your feelings of inadequacies force you to remain quiet instead of asking them to help you with your own budget.

When the salesperson says you look good in it – buy it. When you don’t want to eat the groceries in the fridge, just go out to eat every meal.

Your feelings rule.

Of course, if you don’t want to destroy your finances, you would prepare a budget (get free budget tools here) and automate the important things so you won’t have to rely on “feeling like it” for the things you know are important – like college savings, emergency savings, investments for retirement, and exciting things like Christmas and property taxes.

Memorial Day – A Time For Remembrance

Today is Memorial Day. A day set aside to remember and reflect upon the tremendous sacrifice made by men and women who have given their lives that others might be free. They gave their lives. Their families reeled with the ongoing impact.

The son who never met his father.

The mother who was denied the opportunity to hug her daughter ever again.

The fiancé who wasn’t able to celebrate her wedding day.

My young great-aunt who lost her husband of only a year or so in WW II and went on to have no children.

Does America have problems? Absolutely.
Will we always have problems? Absolutely.
Do I love my country. Absolutely.
Do I love, honor, and respect those who have sacrificed and are sacrificing to protect it? Absolutely.

On this Memorial Day, take a moment to thank a soldier, sailor, airman, and marine. They have chosen voluntarily to stand ready.

I’m grateful.

How To Destroy Your Finances – Part Four

Welcome to the latest series at the wildly popular JosephSangl.com – “How To Destroy Your Finances”

In this series, I will be sharing methods proven to cause financial pain and agony. Use these methods if you want to live with piles of stress and harm your relationships.

Part Four   Never Save Money.

This is a GREAT way to destroy your finances. Choose to ignore the fact that life happens, and it will cost money. Ignore the fact that your car tires and brakes are wearing out. Spend all of your money as soon as possible. Buy a Chia Pet. Refuse to acknowledge that appliances will break, the roof will leak, and that you will have a doctor bill one day. Live in a fairy land where the school never sends home fundraisers, you never have a need for emergency travel, or work doesn’t lay you off.

Instead, comfort yourself with lies like, “I just don’t make enough money to save.” Ignore when crazy finance people (like the ridiculous FIRED UP Joseph Sangl) say things like: “You can not PROSPER if you do not SAVE.”

Blame your failure to save on other people and things. It’s your employer’s fault for paying you too little. It’s your kids fault for continuing to grow. It’s your landlord’s fault for not insulating the house. It’s GOT to be someone else’s fault because if it isn’t, then it might be your fault. And we all know that ain’t isn’t possible.

Whatever you do, just spend it all. Live for the moment. We’ll deal with the stress later.

Of course, if you don’t want to destroy your finances, you will choose to save some money every single time you are paid. Even better, you would automate your savings into a great savings account.

How To Destroy Your Finances – Part Three

Welcome to the latest series at the wildly popular JosephSangl.com – “How To Destroy Your Finances”

In this series, I will be sharing methods proven to cause financial pain and agony. Use these methods if you want to live with piles of stress and harm your relationships.

Part Three   Don’t Invest – Retirement Is Too Far Away Anyway

When offered a company match for your retirement savings plan (401(k), RSP, 403(b), TFSA, IRA, Roth IRA, etc), refuse it. You need that extra money for your budget spending right now. Say things like, “I don’t ever plan to retire anyhow” and “I’ll make my kids take care of me.”

Choose to remain ignorant in the ways of investing and how compound interest works. Use the wonderful excuse, “Investing is just too confusing.” You only have $100 to invest each month, anyway. What difference could that money really make?

Rely on the lottery as your best chance of retirement. Demand an inheritance from your parents. Better yet, continually hit them up for money right now. If they don’t immediately comply, use the “guilt trip” approach. When your siblings approach you about your leech behavior, become outraged and tell them, “You just don’t understand how hard it is for me.” And, of course, when mom and dad do give you money, don’t you dare invest it. AB-SO-LUTE-LY do not do this! To properly destroy your finances (and relationships), spend it on something ridiculous like an original VCR.

Of course, if you don’t want to destroy your finances, you will invest some of what you earn each paycheck. You will choose to lasso the power of compound interest that makes $100 per month for 40 years at 12% annual growth equal $1,176,477. You might even look at my current list of investments as a starting point for your investment strategy.