Do you ever wonder about the impact of your financial debt on your overall being?
I recently read two Psychology Today articles; the first article questions “does retail therapy really make people happy? And the other was about how people manage debt. I found both articles interesting but wanted to share more about the ‘how-to’ of money management and debt, so I’ve compiled the following information:
- Gregory Karp shares strategies to eliminate debt
- Ellen Roseman shares what she’s learned about managing money
- Christine White is with Money Coaches Canada and recently shared with me some of their fabulous articles that accompany their services. This is one I especially liked on financial organizing
- Read here for debt and cash flow management assistance …
- An online community for those who want to organize their money …and then we saved
- Do you feel that you are loosing control to the debt in your life? Read more about Debtors Anonymous …
What I find even more interesting though is whether people should reduce their spending or increase their income? Renee Beeson gave me her opinion from a business owners perspective …
As business owners, we often think more sales, more revenue is the key to attaining financial goals in our businesses, but that is not necessarily the case.
Consider this: If you were driving without control of your car or were in the habit of steering with your eyes closed, would putting more gas in your tank make you more likely to reach your destination safely? Likewise, if you do not make well thought out decisions when it comes to business expenditures, earning more revenue or landing more sales will not improve your situation.
Take Control – Have a Plan!
Having a plan involves outlining a budget. Here’s an example:
|Sample Company Budget January 2014|
|Marketing and Promo||150||200||-50|
Adjust your plan. Don’t forget to also record all unplanned spending. If you are spending more than you anticipated on some items or find yourself accumulating debt, adjust your plan. Pay your debts. Stay in control. Setting budgets and making comparisons on a regular basis will help keep you on track financially.
There’s some food for thought! Thanks Renee.