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What are some of the emotional needs for which you should be saving? Typically these include such things as family vacations, holidays, or new recreational vehicles. Some people use their emotional spending money to purchase clothing for a special ccasion, to buy novelty decor for their home, or to treat a family member with […]

As Hayden and Rose see their money grow in each of these savings categories, their confidence will increase and their ability to manage and control their finances will be enhanced. This will help them realize that it is easy to begin saving 2 percent, then 3, and then 10 percent. With time, and as you […]

Insurance is really important if you want to stay having a grip in your financial life. There are so many situation that might occurs unexpectedly with a chance to ruin the balance of your life financially, which is why insurance will provide the security feeling we need in our life for being prepared in any […]

To help you learn
how to create these “delayed spending” categories, take a look at the pie chart on the right. Notice that it is divided into three categories: Emergency, Emotional, and Long Term (Investments). Each section of the chart represents a percentage of money that you should be “spending” for emergencies, emotional needs, and long-term […]

People who understand this concept know how to prioritize their money so that they will be able to have the things they want and need right now, as well as what they will need and want in the future. This often requires them to sacrifice in one area of spending so that they can have […]

Chapter 3
No Such Thing
As “Savings”
Awareness. It’s a powerful tool against foolish behavior and by taking our challenge in Chapter 2 you may have discovered, like Stan and Arlene Harbrecht, that perhaps you have been wasting money on unneeded items. Did you spot any spending patterns of which you were not aware? Were you shocked by […]

Money Mastery
Step 3: Once you have determined how you have spent money over the last 12 months, total the expenses for each category,and then divide each by 12. This will give you the average amount of money you have spent per month in each category. With these averages in place, you can now use […]

Track It! Control It!
Forecast your spending by creating a spending planner worksheet. One of the most important ways to get control of your money is to forecast your spending. To help you get started, we have included Money Mastery’s Spending Planner Worksheet as an example. (For information on how to obtain the Money Mastery […]

Tracking My Money Takes the Joy Out of Spending We hear many eople object to tracking because they feel it makes them a slave to heir money, taking the spontaneity out of buying something. This “month-to-month” mentality, although very easygoing now, eads to lots of stress later when there’s no money for […]

Lori had to pay federal and state taxes on her new income. Because they filed jointly, the family’s combined income was what established heir tax bracket. She paid $4,500 in new taxes, most of hich was non-deductible for federal and state income tax. Lori had ocial Security withheld from her paycheck at […]