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Financial “Spring” Cleaning Is In The Air

January 5th, 2010

NCN

As I mentioned in the previous post, I’m going through my financial documents and doing a little financial “spring” cleaning. Granted, it’s the middle of winter, but it’s a great time to get my things in order.

Taking a break for a bit of lunch, I surfed over to Twitter (click to follow yours truly) and noticed that a couple of my fellow pf bloggers are also in the mood to organize and de-clutter.

Kevin, over at No Debt Plan has written a very cool looking post about How To Prepare Your Finances For A New Year. My favorite portion of the article, Kevin suggests:

Hopefully you are already living on a budget… The new year is a great time to sit down with your family and review everything. (Emphasis mine)

Mrs. Micah over at Finance for a Freelance Life has an excellent post, filled with spreadsheets and templates for organizing financial documents and information. In fact, I just downloaded and printed out a copy of her Financial Life Worksheet, about which Mrs. Micah wrote:

In essence, it is a long document with places for all kinds of financial information on a wide variety of topics.

For those who have ADD or ADHD, check out John’s work over at Adult ADD and Money. He’s created a 6 chapter Adult ADD/ADHD Money Guide. Even for folks who do not have ADD, this is a smartly-designed guide.

Well, that’s it. Time to head back to work. I hope you guys take some time over the next few days to do a little “spring” cleaning. Once all those files are nice, neat, and organized, you’ll feel super-awesome. Rock on!

Posted in Noted, Resources

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A Little Financial “Spring” Cleaning

January 4th, 2010

NCN

I know. I know. It’s freezing cold outside and we are right smack-dab in the middle of winter – but I feel the need to do a little financial spring cleaning.

First, I need to go through my filing cabinet and gather up all income tax-related documents. W-2’s will arrive soon – and I want to file my taxes as soon as possible this year. I also want to go through my old tax returns, label them, and store them in a more orderly fashion.

Second, I’ll sift through the rest of my files, discarding any unnecessary documents, bill stubs, or letters. Over the past four years, I’ve changed banks, cellular providers, satellite television providers, etc. I just need to see if I have any “stuff” hanging around that I can send through the old shredder. I’m pretty conservative when it comes to trashing documents, so if I even think I might need to keep one, I’ll keep it. That being said, I’m pretty sure I can get rid of the manual and sales receipt for an old push-mower – one I bought ten years ago and no longer own!

After that, I’ll update my list of financial accounts. Three or four times a year, I like to go through my financial accounts, update and change passwords, make sure that contact information is correct, and make note of any new accounts I might have opened. I like to have an inventory of those accounts – one copy that I keep with my regular files and one copy locked away in our emergency safe.

Next, I think it’s time to print out a new copy and update my grocery store price-book. I use the price-book to track the price of groceries (and other items found at the local grocery store). When an item hits its rock-bottom price, I stock up. My current price-book is several years old and a little tattered. Now that I’m back to healthy eating, I’m tracking different items.

Finally, I need to go through and organize all of the various finance-related files that are on my computers. I have two laptops – my old Lenovo and my current Mac – and I also have an old desktop. I have various files on all three, and I really need to consolidate those files and password-protect them. I’ve been meaning to do this for some time, and this freezing cold weather outside is as good a reason as any to take an hour or so and just get it done.

What about you? Do you have any financial spring cleaning that needs to be done? If so, don’t wait until spring – Do it now!

Posted in Tips

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Saying Goodbye To A Strange Year

January 1st, 2010

NCN

It’s time to say goodbye to 2009 and hello to 2010. I hope all of my readers will have a blessed and profitable 2010.

For me, 2009 was a bit of a strange year. I dealt with a couple of health issues, including kidneys stones and some back pain. I never really got into a good “groove” in 2009. I can’t describe it, but for some reason, 2009 just felt like a throw-away year.

Financially, I worked hard and kept plugging along, but I never felt like I was really accomplishing anything. Perhaps it was the general financial malaise – but I just felt “out of sorts” all year.

I certainly don’t mean to give the wrong impression. I wasn’t depressed and I feel good about some of the progress I made in 2009, but, taken as a whole, the year just had a very weird, very odd, very strange feeling. (Am I the only one who felt like this? Perhaps…)

I can honestly say, the past month or so, I feel a renewed enthusiasm – for blogging, for weight loss, for financial management – all of it. I have had to shift my focus, away from some projects that were too time consuming and towards projects that I could fit into my schedule, and now that those difficult decisions have been made I feel much better.

2010 is shaping up to be a very interesting year. Hopefully (and one can never tell), the worst of the financial meltdown is behind us and the entire economy can move forward. I am preparing myself for a better year, and I’m approaching 2010 with a renewed interest in money management.

My plan is to return to daily posting, with an eye towards encouraging others who are getting out of debt and striving to live debt free. I also have some big changes, just right around the corner, that I can’t wait to share with my readers. Again, I hope that you have a blessed and profitable 2010. Rock on.

Posted in Noted

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The Best Thing About My Old Truck

December 21st, 2009

NCN

I have this old truck – a 1994 Ford. (It’s not THAT old, but at 15 years, it has its share of scrapes and dings.) I use it, mainly, to haul off the trash, but it’s also good for towing a trailer or bringing home supplies from the lumber yard.

I bought the truck, used, almost 10 years ago. I really like my old truck. It’s not much to look at, but it’s fun to drive and it gets me where I need to go.

Recently, I had a couple of truck-related. It needed some pretty major engine work, several other parts (like the brakes and belts) needed to be replaced, and it needed new tires. I thought, very briefly, about replacing the truck with a newer model – but quickly decided not do so.

Instead of replacing the truck, I had it repaired. A good friend of mine is a mechanic, and he fixed the engine and replaced the worn out belts and brakes. Two days ago, I had a new set of tires put on it. It’s now running, in my opinion, better than it has in years.

The best thing about my truck – honestly – is the fact that it’s paid for. It’s mine. I own it. Sure, it’s old, a little beat up, and requires some attention, but, again, it’s paid for. For the cost of two, maybe three, car payments, I was able to get my old truck fixed, put a good set of tires on it, and keep it road-ready for another five, maybe ten, years.

To put things in a bit of perspective, let me tell you a quick story-

Several years ago, long before No Credit Needed time, I owned a little blue car, a sedan. It was a nice car, it handled well, and had no major mechanical issues. One day, as I was driving down the road, I heard a strange noise. When I arrived home and inspected the car, I found that there was a problem with the rear tire on the passenger’s side. I also noticed that the right-rear brake-light had gone out. Instead of fixing the tire (or just buying a whole new set) and replacing the brake-light (a 5-minute job that might have cost me $5) – I traded the car and financed the purchase of a brand new SUV.

That’s right. I didn’t want to deal with two very minor repairs – so I went into debt – simply to avoid a little hassle. It makes me cringe, even now, thinking about the foolishness of that decision. Alas, I was young, convinced that I could make the payments, and looking for excuses to upgrade. I found the excuses (very lame excuses), and I made a poor financial decision.

The good news is, after years of not-so-bright decision making, I managed to get my act together, turn things around, get out of debt, and move forward. I don’t want to even think about where I’d be, right now, had I not come to my senses.

By the way – I’m not saying that I’ll never buy a newer (or even new) automobile. In fact, a few years ago, I purchased a slightly used minivan for our family. However, there was a major difference between the SUV purchase and the minivan purchase. The SUV purchase was ill-planned, silly, and required taking on an unwise amount of debt. The minivan purchase was well-planned, justified, and made with cash. The day after I purchased the SUV – I felt immediate buyer’s remorse. The day after I purchased the minivan – I felt a sense of accomplishment.

Each time I take it for a spin, I’m reminded of the fact that my old truck is paid for. The title, tucked away safely, has my name on it. Humble though it may be, it gets me safely from point A to point B, and that’s really what’s important. Divorced from any notion that I-am-what-I-drive, I’m free to focus my time (and my finances) on more important things.

Posted in Automobiles

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Bossing Myself Around

December 15th, 2009

NCN

Having read countless articles about personal finance and money management, I’ve come to the following conclusion. The best thing that I can do to insure that I have a sound financial future is to be a better boss – of myself. Allow me to explain.

About four years ago, after spending almost 15 years working (with very little in savings to show for it, and several thousand dollars in credit card and automobile debt), I had a (what is now quite obvious) revelation: It’s not just important that I have a job, pay bills, and take care of pressing financial needs, but it’s also vitally important that I take the time to actually manage my finances so that I can provide long-term financial stability for myself and my family.

I understood, from a very young age, that it was important that I work hard and do a good job for my employer. What I missed out on, and what I think most folks are missing out on, is the fact that it’s also important to do a good job – for myself. I had to learn to focus on the “business of me”. I realize that this is not a novel concept, but it is one with which I did not personally identify until just a few years ago.

Like most people, I live a busy life. I have a wonderful wife, a full time job (in the real world), a part-time job (in the online world), and three young children. My wife and I are busy with activities at our church, taking our kids to and from various practices and school events, and spending (some limited amount) of time with our own friends, socializing. At the end of most days, I’m exhausted, ready to veg out in front of the television, eat some popcorn, and then go to sleep. It’s always tempting, especially when things get busy and I’m mentally exhausted, to neglect sound money management. Tempting – and foolish.

Over the past four years, I have learned to boss myself around. Instead of neglecting my finances, I make them a priority. On my calendar, right next to appointments and scheduled events, I pencil-in time to pay bills, research investment opportunities, read other personal finance sites, and work-out my budget.

I am not naturally inclined towards organization. I tend to be forgetful and I have a hard time remembering dates, names, faces, schedules, and times. I have learned, however, to be very organized. I live on a budget. I have a filing system for financial documents. I regularly review all of my financial accounts. I maintain a balanced, neat checkbook. Each day, I make the choice, the firm decision, to do all of the small things that are necessary for managing my finances. I boss myself around – and I listen to the boss.

There are thousands of resources (many which I use and recommend) which can help us manage our finances, but the most powerful resource isn’t found on a bookshelf or linkable via some website. The most powerful resource you have is your will – your choice to be and to do more – with your life, your money, your talents, your blessings, your gifts, and your time. Evey significant change in your financial life begins with a choice that you make – a soul-deep decision to follow a specific, certain path.

The above was going to be my last sentence, but I feel compelled to include the following. When I speak of “bossing myself around”, I mean that I choose to make financial management a priority and I choose to move from laziness towards productivity. It is important to me that I point out, that as a believer in Christ, all ultimate authority resides with Him, in whom I have placed my trust. I use the word “boss” in a positive light, as one who manages that with which he has been blessed. Rock on!

Posted in Money Management, Motivation

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