Limitless Living

31/05/2021

Those of us (you included I hope) who budget know how hard it can be to stick to our budget. After all, bad money habits, as with most habits, are hard to break.

Here are some suggestions then to help you stick to yours:

1. If you are paid weekly or bi-weekly, switch to a pay cheque budget since it is not as overwhelming as budgeting for a whole month at a time.

2. Schedule weekly budget check-ins. Budgets are dynamic and so we cannot create a budget and never look back at it. They need to be tweaked and adjusted to suit our lifestyle and priorities as they change.

3. Keep a buffer in the bank account that you pay your bills from to cover any unexpected charges like late fees or an increase in a utility bill.

4. Use sinking funds to set aside money for upcoming bills like car insurance or Christmas shopping.

5. Get one month ahead on your expenses.

6. Have a plan for unexpected and unanticipated expenses like having to fix the roof or replace the washing machine.

Remember that good money habits practiced over time will result in financial wellness.

24/05/2021

If you are struggling financially or if you simply wish to take control of your money, then think before you spend. Now don’t get me wrong. Even if you do have a lot of money, you should think before you spend. After all, “a fool and his money will soon depart” as the saying goes, and indiscriminate spending is a sure way for you and your money to be parted.

So, starting today and going forward, before you buy something, stop and think about whether the item is a want or a need.

Ask yourself:

Why do I need or want this item?
What will happen if I don’t buy it?
Is it important to my well-being?
Do I already have something similar?

By first asking yourself these questions, you’ll waste less money, thereby having more to save, invest, pay off debt or even spend on the things that are most important to you and make you happiest.

17/05/2021

Question: How do you get to a place of financial freedom?

Answer: Create a prosperity plan.

Think of financial freedom as the destination and your prosperity plan as the roadmap. Your plan is the tool that helps you to navigate the day-to-day management of your money, giving you the CLEAR directions you need to achieve financial freedom.

Use this tool to:

- Plan your destinations (Goals)
- Build a roadmap for your money (Budget)
- Build better money habits (Tracking)
- Pay off your debt
- Save and Invest

As Marie Forleo reminds us:

"Success doesn't come from what you do occasionally. It comes from what you do consistently."

What are you going to do this week to start your journey to financial freedom?

13/05/2021

10/05/2021

Want to know 4 good money habits to adopt?

Create a prosperity plan
Determine how much of your income you want to spend, how much you want to save, how much to give, and how much to invest.

Get your debt under control
Come up with a debt repayment plan that will help you to reduce or eliminate your debt faster.

Change the way you think about money
Stop thinking that money is the root of all evil or that money is scarce/limited.

Know why you’re saving
When you have a reason for saving you’ll be excited and more likely to put money aside every month, but when you’re saving just to save, you’ll more likely only set money aside when you have some left over.

Which of the 4 will you be starting with?

03/05/2021

Use your budget as a tool to spend on those things that are most important to you. Don't let marketing tactics dupe you into spending your money on things that you regret buying or that you take home, put in a closet and never wear or use.

Here’s how you can line up your spending with your values:

1. Identify your current priorities.
Maybe you want to spend more time with your family or purchase a new car or eat organic food; whatever matters to you most is what should inform the approach you take to your finances.

2. Implement systems that support your plan.
Once you’ve identified your priorities, putting a budget in place based on those priorities can help to keep them at the forefront of your mind so you don’t sacrifice your big picture wants when you are faced with momentary temptations like that LV handbag.

3. Review, reflect and reassess.
Review your spending each month. Your budget will reveal any disconnect between what you say you value and how you actually spend your money.

Financial planning is not a practice of self-deprivation; it is an intentional way to make daily decisions that support your big picture. And the beauty of it? You get to decide what that picture looks like.

HOMEWORK
Ask yourself if the way you are currently spending is in line with the things that are important to you.

26/04/2021

Even if you’re making ‘good money’ every month, you still need to have a budget. You are most likely leaking money that you are unaware of and having a budget will help you identify the loss. Plug the leak. Stop it from going down the drain. Use that extra money to pay down your debt, to save or to invest instead. Send it where you want it to go.

Having a budget that works is the foundation to achieving your financial goals. Doing it on your own especially when you first start is challenging. Have someone hold you accountable so you’ll stay on track until you build your money discipline muscle.

HOMEWORK
Ask me how I can help you to get started.

19/04/2021

So many of us treat saving as an afterthought. If there is money left back after we’ve done spending then maybe we save a few dollars. That move could not be more wrong however. Saving should be a priority. We should be saving first THEN spending what is left.
Practice paying yourself first. Before you spend a dollar of your pay, put an amount to savings (or investment) that works best for your situation even if you can only start with $10. If possible put it into an account that is not easily accessible. Do not take a bank card for that account. In other words, do not touch that money!

16/04/2021

Do you have an emergency fund?

12/04/2021

"I remember saying to my mentor, 'If I had more money, I would have a better plan.' He quickly responded, 'I would suggest that if you had a better plan, you would have more money.' You see, it's not the amount that counts; it's the plan that counts." - Jim Rohn

Enough said.

Let us know how we can help with your plan.

06/04/2021

Need help developing those habits? Inbox me.

29/03/2021

We keep hearing about the one percenters.
They're the richest people in the world.
Most of us don't dream of becoming as wealthy as them.
We do however want to be financially free.
So why not learn from the one percenters?
Success leaves clues.
Let's follow the clues.

Use the four categories below to guide the financial goals you set for yourself:

1. Stability – Consider setting a goal that will allow you to be able to withstand upheaval (emergency fund)

2. Independence – Include a goal to build wealth so you can stop working when you want to and still enjoy your ideal lifestyle

3. Lifestyle – Set a goal that will allow you to manage your money in a way that will see you enjoying your day to day life and the things you value (e.g. travel)

4. Growth – Set a goal aimed at growing your income and/or for your own personal growth. (allow you to grow as a person and feel more fulfilled in your day to day life)

HOMEWORK

Brainstorm all the categories and come up with your goals.

Write down your income, deduct your mandatory expenses, then working with what is left, allocate it based on the goals you have come up with.

Happy Easter!