Dollar $ense

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DOLLAR $ense

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VOL I : Issue 1 April 4, 2008

Editor: Joan Bramsch

E-mail: hijoan@joanbramsch.com

ISSN: 1526-2154

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Common $ense $olutions for Today's Financial Challenge!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

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WELCOME to the first edition of DOLLAR $ense

Hi dear $ Member,

First off, let me tell you my plan. I will publish at least twice a week. Each edition will be short and to the point. There will be only ONE Money Tip per issue. That way, you can either be glad to learn something new and make it your own, or realize you already know that particular tip so you sign off for the day and go on with your life.

And so we begin:

Until recently we've been spending freely and enjoying every cent of it. But now our lives have changed--for some, the situation has changed drastically--so it's time to meet this financial challenge head-on.

I'm your Editor and I know some things. I've lived long and I've learned to prosper. I'll teach you how to turn lemons into lemonade. I'll show you how to squeeze a dollar until it squeals. I'll help you discover the value of living within your means. And if you make a game of saving, it actually can be fun!

This old world has had its ups and downs for Centuries. Everything moves in cycles, but one lesson is always true... we can't spend more than we earn or we buy nothing but trouble.

Here's a motto I found on an old WWII poster:

"If your outgo exceeds your income,

then your upkeep will be your downfall."

Truer words were never spoken. So today I'm giving you an assignment--you're going to tell yourself to "Show Me The Money!" That's right. If you've never done any sort of accounting of your worth, you may be in for the shock of your life.

Doing this work is a very important step, my friend. You have to see, with your own eyes, where the money is going, before you can put your finger in the dike to stem the flood. NOTE: you may want to cc and paste this list for future reference.

So here's how to find out where the money is going and

what you can do about it.

7 Steps to Financial Solvency

1. Carry a small notebook at all times and keep track of EVERY PENNY you spend. The newspaper, a coffee to go, lunch, underwear, the soft pretzel, groceries, shoes, repairs, gasoline, utilities, rent, mortgage... every cent you spend goes into that notebook... for ONE MONTH! You've got to jot it down before you'll know where it goes, right? Right!
2. Meanwhile, ADD together your total income. Include salary, bonuses, commissions, stock dividends, interest, any side job income.
3. At the end of one month, create a spreadsheet with headings for all your categories: food, transportation, utilities, clothing.
4. List your Spending Goals in order of importance. To achieve each goal, decide how much money you'll have to save every month.
5. Add your Goals and Spending habits to equal your income. If they don't, then you'll need to make decisions on what you absolutely must keep/have/buy and what you can choose to pass by. If you find this task almost impossible, please read again, the WWII poster above. You really are making war on overspending so that you can soon live in Peace.
6. Write your Plan. Follow it. Forgive yourself when you slip. It will take a few months to overcome the instant gratification habit. Impulse purchases (like the Big Gulp when you fill up the tank) are poison to your pocketbook or credit card and, in this example, adds pounds, hyper behavior and extra dental bills.
7. Monthly, make note of your progress and Celebrate your success!

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That's all for today, my friend. This first issue will probably be the longest because we must first find out where we are, so that we can decide where we're going and how we're going to get there.

Namaste'

Joan

p.s. Did you know that over 44% of American's food dollar gets spent on outside meals and impulse snacks?