TPSU E-zine  

Welcome to The Perfect Start Up E-zine,  a monthly e-zine serviced by TPSU.

Budgeting Basics.

A budget, or spending plan, is the best way to get control of spending and review if your money is used the way that will benefit you best. Managing money is a skill, and like most skills it requires a bit of discipline and lots of practice.

Step 1: Journalize your spending
Using a spending diary can help identify areas where you can reduce unnecessary expenses. Logging your spending trends, such as the daily coffee and donut, the daily newspaper, or even the soda for lunch, can be a rude awakening. The coffee and donut can cost you $1,092 a year (assuming you are spending $3 for a medium coffee and a donut…$3 x 7 days a week = $21, $21 x 52 weeks per year = $1,092).

Step 2: Estimate your monthly take-home income and expenditures
Gather all your bills including credit card statements, receipts for groceries, gas or anything else that you buy with cash. You should also have your checkbook register available to review additional expenditures. Write down all of your expenses, broken down into categories for (1) fixed expenses like the house payment, credit card payments and car payments; (2) flexible expenses that vary each month, including the phone and electric bills; and (3) discretionary expenses, such as a gift for someone's birthday or a scheduled outing. Login to your members area to download forms that will help you through ths step of the buget. Add up your total monthly expenses and total monthly income. Then subtract the total expenses from the total income. The difference is available for you to use as you desire. If the total difference is a negative amount, then you are sp ending more than you are earning. In this case you should take immediate action to adjust your lifestyle and expenses so you do not continue to accumulate more debt.

Step 3: Plan
It is comforting and almost second nature to think that you will have more money next year. But it will not happen without some serious commitment. Before making any promises and thinking that your financial situation will change automatically, plan for change.

Sit down and make some goals. Goals give you direction to realize your dreams. Establishing goals for the short, mid and long term will help you achieve financial security. Short-term goals can be met within a year, mid-term goals would probably take a little longer, perhaps five years, and long-term goals may take ten to fifteen years to achieve. Be descriptive and define the means to the end. If your goals are specific enough, you will be motivated to cut down on your spending to reach those goals. For example, you can use this tactic:

Goal(s) _____________________________
Estimated Cost _______________________
Target Date__________________________
Monthly Savings _____________________

Step 4: Reduce your spending
The hardest part of the budgeting process is over. Now comes the commitment. Although it may seem impossible to cut your ties with some of your expenditures, you will soon become comfortable with your new spending plan.

Cutting expenses is perhaps the biggest challenge people face. This can be because they are already just meeting their financial responsibilities. However, it can be accomplished. There are a few suggestions to consider:

- Pay with cash instead of writing checks or swiping your credit card. It is so easy to just write out a check or to pay with plastic. The after effects are not felt until it is too late.

- Withdraw a set amount of money every week. If you only have $50 to spend in one week, you will monitor and perhaps be a little more frugal when it comes to buying something you do not need.

- Do not create more debt. If you cannot pay for it up front, do not buy it. Should you come across something you think you cannot live without, step back and think. Do you really need the extra stress of one more bill? How is making that purchase going to affect your planned goals? Even when you know you deserve something, put your wants on hold until you have the cash to pay for them up front.

- Remember your weakness. If you like to shop for clothes on a weekly basis, try to avoid going to the mall or places of temptation. If you find yourself somewhere and you want to shop, only spend the allotted amount you budgeted for.

- Rethink your shopping style. Comparison shop! Plan your purchases before you buy. Make a list of things you need before you go into the grocery store - and stay within the list.

Step 5: Pay yourself first
The easiest way to save is to think of this category as an expense. Try not to wait until the end of the month to see if you will have money left over to put into savings. Set up a separate bank account for this savings plan, then, watch your money grow.

It is very important to routinely compare your budget to how much you are actually spending. Once you become comfortable with the process you will be able to alter your categories and perhaps put a little more into savings.

The subject matter contained in our educational publications is for informational purposes only. We suggest that you consult your financial or other advisors when planning for your specific needs or requirements.

Exchange entertainment

Chances are you work with someone who owns books, movies, magazines or even games. Find those individuals with similar interest and exchange these items.

Going to the movies can make for an expensive evening out.

Instead, borrow movies from a co-worker and treat yourself to some popcorn from the grocery store. Make it a date with someone special, a friend or simply a family night. If it is a movie you borrowed, you will not have to worry about late fees. Books and magazines are not only a good way to entertain you but they can also be educational. Spend some quality time with your friends or family by playing a game. Most often, these times allow for conversation and good laughs.

Healthy Tip

This makes sense.... the Chinese and Japanese drink hot tea with their meals...not cold water... maybe it is time we adopt their drinking habit while eating!!! Nothing to lose, everything to gain...

For those who like to drink cold water, this article is applicable to you. It is nice to have a cup of cold drink after a meal. However, the cold water will solidify the oily stuff that you have just consumed. It will slow down the digestion.

Once this "sludge" reacts with the acid, it will break down and be absorbed by the intestine faster than the solid food. It will line the intestine. Very soon, this will turn into fats and lead to cancer.

It is best to drink hot soup or warm water after a meal.

A serious note about heart attacks:

Women should know that not every heart attack symptom is going to be the left arm hurting. Be aware of intense pain in the jaw line.

You may never have the first chest pain during the course of a heart attack.

Nausea and intense sweating are also common symptoms.

60% of people who have a heart attack while they are asleep do not wake up.

Pain in the jaw can wake you from a sound sleep. Let's be careful and be aware.

The more we know, the better chance we could survive...

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