D Financial Side

Well guys its a tried and true fact that most of us don't realize that there is a financier in us just waiting to be set free. This financier has two sides: one that plans or should be planning for the future and the other who is concerned with making money for the now. I am like most of you I will plan for the future but half heartily and pay more attention to planning for the now.

As we can see time is running out when it comes to planning for our future there are so  many things to consider when we reach the over 30 and counting era. If we are married or single carries its own weight on how our planning should be focused. You and I both know that it is hard to sit and plan especially if you are married and both parties have different goals in life. Well guys you are lucky I will share a little secret of how I plan and get my husband and I to be on the same page or at least be on the same chapter. 
So guys let me show you some of my areas of main focus:-

• Future Planner

 1. Self Insurance - what it is and why we need it

 Some of us take out insurance for the wrong reason. It is an insurance that you take out so if you become critically ill it will pay you a partial income for a certain amount o years or for the rest of your natural life. It is also taken out in case you died your family and you are the prime bread winner then your family/loved ones  will receive a certain sum of money every month for a pre-approved number of years or they can receive a lump sum to assist with expenses for a while. Insurance policies can also be held by banks to secure financial transactions. My husband was so pigheaded and did not want to take out a policy so I asked an agent to come and speak to him about the benefits of having a policy and he took it out on his own doing..yay!!! 

What I have noticed is that most men do not like the idea of taking out a policy, at least in Trinidad, they feel it is literally dead money. But girls you and I know how important it is so get your brother, man, husband and or friend once they are working to get a policy please. JUST DO IT!!! 

 2. Budgeting - what it is and why we need to do it

Budgeting means taking your monthly income and dividing it among your expenses starting with the main bill/expense first. For example SAVINGS, rent/mortgage, food, school, utilities, entertainment etc. We need to budget so that we do not spend more than we have or spend what we have extra badly.I live by my monthly budget and I always take out my saving first. Its not hard so try it. You may even surprise yourself on how badly you were spending all along.

 3. Making a Last Will and Testament - the do's and don'ts 

I will not say much here, most people don't like it, myself included but we all have to do it especially if we care for our family and want to protect them from themselves.
According to Wikipedia....A will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his estate and provides for the transfer of his property at death. For the devolution of property not disposed of by will  the sate will handle accordingly. 

So guys we need to have these things in place because money and power go hand in hand and if it falls into the wrong ones even your kids will suffer. Now you know so get some legal advice because even the smallest amount can be shared fairly and not cause disharmony. Get to it guys even if you don't like thinking about it seek some legal advice today!!!

• Making Fast Money

     1. Holding a Garage Sale - this entails selling any items that you have in you household that you are not using. You can price as high as you wish and the buyer can try to get it for a lower price. But have a goal and make sure you sell everything. Some people have baby car seats, playpens, crib, strollers even baby clothes that they can sell. JUST DO IT!!!      

     2. Selling items on Craig's lists, Facebook's Market Place, or eBay - These are very good places to get rid off items quickly and to make fast cash.

     3.You can create a website or blog with really good content for example How to on cake making, baking, dress designing, hair care or website or blog design...there is plenty of scope to get you going.

• Saving - do's and don'ts 

We can save money for many different reasons but we have to get it started a.s.a.p.

Do's - Do Start as early as possible, save 5% of your income no matter how small and you can increase it when you are more financially able, put it in a separate account. 

Don'ts - Don't get an automatic teller machine card for this account, share this account with anyone (for example a joint account), don't withdraw money from it unless it is an emergency and in most instances it may be best to take out a small loan against this account, leaving it virtually untouched.

• Spending - do's and don'ts

You know something I think the hardest thing to control is our spending. But these are my personal do's and don't 

Do - Carry cash it removed the debit/ credit card charges BUT mainly reduces the amount you have to spend.

      - Making a list helps to keeps spending on track

      - Decide if you need or want something and buy if you need it.

      - Carry as many coupons as you can especially to the supermarket 

      - Most of your shopping around holidays when there are the better bargains   

Don't - Borrow if you can help it

         -  Carrying to many cards (debit or credit) when out shopping

         -  Buy in malls they are more expensive

         -  Spend when you are depressed you may purchase things you did not really need.

Well guys my ideas here helped me to stay out of unnecessary debts and spending and to be able to manage my finances better, it did not make me rich but don't worry one day I will hit the jackpot and be giving advice on how to manage being a millionaire!!! 

So guys our motto on this page is "JUST DO IT"