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09 October 2011

Moving on to the next step!


True, the last two steps weren't all that fun, but we now know what we owe! That is usually enough to grab anyone's attention, so let's move along to the next step.

Balancing Our Blessings - CCC Step #3 - What's In The Bank?

This one may or may not be just as scary as the previous steps, but we need all of this information to Balance our Blessings! Have faith and move forward…

IF your checkbook register is up to date and balanced, YEA for you as this will be easy. All you need to do is make note of the current balance and put your feet up for a few minutes while you wait on the rest of us!

If your register is not up to date and will be semi easy to do so, stop and get it up to date and balanced NOW! Once you are done, write the amount down.

If you have the tendency to wing it (yes, there are those who do this!), you will have to estimate on this step. Pull up your account balance online and subtract what you think has not yet cleared. Then subtract another small cushion amount for those few things you likely forgot. Write the amount down.

08 October 2011

Balancing Our Blessings (again) Step 2

I pulled my credit card statements - not nearly as bad as the first time I worked this program, but they still need paid off...again! Are you ready for the next step? Here it is:


Balancing Our Blessings - CCC Step #2

Step #2 – Finding out where you are now


This one isn’t really meant to be fun either. You will need the tools you used in step one AND access to statements for ALL of your monthly bills – mortgage/rent, utilities, car payment, credit cards, day care, etc. (anything outside of food, gas, other necessities at this time). Don’t forget the items direct debited from your account!


As in the previous step, set your sheet up by listing all of these items down the left hand column. You will then have four columns to the right. Your sheet should look something like this:
Past Due Date Amount Current Date Amount
Mortgage
Electric
Gas
Phone
Cable
Credit Card
Car PmtCar
Ins.


Now, fill in those columns using the most recent statements available. The date columns should reflect the original actual due date of each bill. Total each column. This is what you currently owe others at this point. Pull in another tool…a HIGHLIGHTER. Highlight all amounts that are due prior to your next payday.

If you are following along, I'd love to hear your comments!

05 October 2011

Balancing Our Blessings - Step #1


Balancing Our Blessings - Step #1 Facing the Harsh Reality (the big picture)

This one is NOT meant to be fun or really even encouraging. It is meant to open our eyes and set our resolve to find balance!

Set your sheet up (computer or hard copy) by listing your debts down the left hand side. For now, we are only looking at things you pay monthly OUTSIDE of normal household expenses. By this, I mean car loans, credit card payments, etc. Things that have a total balance due. BUT leave out the house at this point. Check your statements to see what the payoff amount is and note that to the right of each debt. Total that column. THIS IS YOUR STARTING POINT! This is what you must pay off to become ‘debt free’. Now that your eyes are opened, set that aside and don’t think too much about it for now. You have likely found your motivator to move forward!

Reflect – While you were working on this step, did you find you were missing a tool? Did you discover it took HOURS to find your statements? Perhaps you need an ‘inbox’ for your SPOT or a special basket for incoming mail. Take time to pull in and implement that tool.

Set up and ready to move on

Okay, so with 1/2 of my house currently 'under construction', I decided a little basket on my night stand would be the safest bet. So, I rounded up what statements I could lay my hands on and grabbed a pen and paper. My trusty computer will round out my set up. I'm ready for the next step - are you?

Backing up a little - a bit about me and Balancing Our Blessings

I was reminded that any newbies may not know much about me. Here's the nutshell version. I am a single mom, with a single income. I have 20+ years in accounting and finance. I set up and tweaked what became "Balancing Our Blessings" over many years. It has served me well through many ups and downs, as well as many others. I have a grown daughter who has worked the steps and am teaching it to my teen son as well. Don't take my word for it, try it (and tweak it) yourself!





04 October 2011

Central Command Center - Defined and How To

Central Command Center – What is it?

When I think of the phrase Central Command Center, my mind pulls in anything I need to run my household smoothly. Though it tends to jump ahead and urge me to list many things, I would have us all bouncing around like a scared rabbit! This Center will end up being just a little bit different for each person. Let’s get started!



Balancing Our Blessings - How to Set up a Central Command Center

How to set up a Central Command Center


To start with, remember this will only consist of our financial arena at this time. Again, this can be customized to fit your personality and personal needs. Bare minimum, you need a SPOT! This can be a desk, a corner of the table, or a simple binder. Next, you will need a few TOOLS. Decide if you are going to work on this on your computer or the old fashioned way (pen(cil) and paper). You will also need a calculator (either your brain or an actual push button one – your choice) and access to your monthly statements. Again, this can be online or hard copy statements (stop and round all of these up if you are using hard copies). Tweak this to fit what you are most comfortable with – you are more likely to stick with it that way!


Balancing Our Blessings - I have my SPOT and TOOLS, now what?

I have my SPOT and my TOOLS, now what?


Now we have some hard steps to take that will not necessarily be pleasant. You may feel the urge to say ‘forget it’ or ‘it can’t be done’. Push past those thoughts and remember why you are doing this!

The Intro to Central Command Center

Balancing Our Blessings - Setting Up a Central Command Center - Introduction
Look around at all that you have. How ever much or how ever little, have you ever stopped to think that just maybe it really isn’t all yours?


Perhaps you have worked hard to get where you are at today. Maybe you feel like you have done it all on your own and are entitled to what you have. Have you ever stopped to think about how you got to where you are at today, though?


Perhaps you say “I’ve worked hard and sacrificed much. It is mine.” Have you ever stopped to think where your gifts and talents came from?


Over time, I have come to realize that NOTHING is MINE. I am entitled to none of it! However, I have been blessed with ‘it’…whatever ‘it’ may be! What is currently in my possession has been entrusted to me to care for and manage while I am on this Earth.


For some of us, this can be a very hard thing to swallow. If this is true, then these things can take on a whole new meaning. It means we are accountable to someone other than ourselves. What does this mean for the way we are currently handling things? It means we need to do so responsibly, just as we would if we were caring for something belonging to someone else in their absence.


To me, this means we should strive to Balance Our Blessings. Our blessings can include many things: our children, our marriages, our health, our homes, our talents…the list goes on. However, I have only been entrusted to help us learn to manage our financial blessings a bit better.


This area is something I have come to refer to as my Central Command Center. After all, if our financial affairs are out of whack, one can easily assume that other areas are as well! The Central Command Center will pull in a few loosely related items, but you will start to see that those items do have an impact on our financial well being.


We are in tough times right now. Let’s get determined to balance this blessing to the best of our ability for ourselves and our families!

Balancing Our Blessings - The Beginning

I warned you - ALL the way back to the basics.


Balancing Our Blessings

Have you ever noticed how missing a due date on a bill can really throw a kink in your day - especially if it is the cable or electric bill? The kids get cranky, your husband gets angry; all of the sudden you are forced to spend more time and money to get it back up and running than necessary.


There are many resources out there telling us to pay this or do that first. Save here or invest there to reach retirement. However, most of them are assuming we already have the basics covered!


On this journey, we are going way back to the basics! A solid well designed foundation is always the best to weather the storms, right?!


Let's get that solid foundation set up and then build on it!


Ready?


**Please note: While I have worked this system personally, I am NOT a CPA or any sort of professional financial advisor. Please tweak the system to your personal needs and use common sense when making your money decisions!

Let's DO this!

Sometimes, to move forward, one has to back step a little. This is one of those times! As I noted previously, I sometimes get lazy with my finances. 20+ years as a Staff Accountant and manager and I probably shouldn't announce that so loudly, but - DARE TO BE REAL! I never get lazy with OTHER peoples finances - just mine. It's usually during an alphabet war (ADD and OCD), and when I get consumed in a project - take your pick as to which has been happening lately. So, I go back to my Balancing Our Blessings basic steps.

Some of the detail will be in the next few posts, but if you want to see the original posts, head back to February 2009 of this blog.

Are you with me?


I'm back and on a major mission!

Well, glancing back, I haven't posted in MANY months. However, with the urging from some friends, I am back to blogging about my "adventures." Here's a quick recap to get us to the point in time for this adventure.

A little over 9 years ago, I bought a house. The story behind that is another "adventure", but to sum it up, the house was structurally sound, but needed a generous amount of TLC. That part didn't work out quite as planned and it took years to get it moving. Finally, three years ago, the bedrooms got a face lift (well, to about 98% anyway). Then it was back to saving money. This year I had the unexpected expense of putting up two large dog pens (yet another adventure). That postponed things, but FINALLY I was able to stash enough cash to remodel my whole living area (that is like 1/2 the square footage of my house!). That project is currently underway. Of course, it completely sucked the House Fund DRY, but I am so excited to finally be getting this done!

That brings us to now. The House Fund is empty, the project continues to reveal unexpected expenses (Murphy's law) - thus tapping into my regular bill paying account - and I still have two bathrooms, a laundry room and a kitchen to remodel. So my Mindful Living Adventure begins again, but this time with a few extra twists. Since my last Adventure, my son has enrolled into a private academy to finish out high school, he has had surgery (which the bills are still pouring in for) AND we have discovered he has a pretty darn big wheat sensitivity!

Oh well, what's life without some challenges? Those who followed the last adventure know I love a chance at creative problem solving, so LET's DO THIS!