Master your money-track your spending

Master your money-track your spending

Posted on by Matthew Laker

Track your spending 

Series: Money Fit Club  (Part 5)(Part 4) (Part 3) (Part 2) (Part 1)

The next step in building a strong financial foundation is finding out where you are at.

The Vancouver courier reports in 2019 that over half of Canadians are living paycheck to paycheck. When I have done premarriage life coaching, one of the exercises I have the couple do is track there spending. It is best to do for two to four weeks to allow one to get a good understanding of what is going on. 

Many of us do not like looking in the mirror. However, unless we are willing to face what it looks like, we can not reach our goal. 

Tracking your money is essential as we begin to tell our money what to do. 

To help you with tracking your money. You can download right here an excel budget tool, and you will also get access to the walkthrough video. 

Action Steps

1)Download the free excel budget tool and watch the video

2)Begin to track your money for 2-4 weeks. Four weeks is a good way.  

3)Do a Financial analysis.

a)Read here about why you need to do a Financial Analysis

Master your money and don’t be mastered by it. Part 1

Master your money and don’t be mastered by it. Part 1

Posted on by Matthew Laker

Master your money and don’t be mastered by it. Part 1 

Mindset 

If you never change the roots, you will never change the fruit. 

For so many people, your problem is your mindset.  

No, someone will share, I do not have enough money? Or someone else may share it is their fault. 

Perhaps you are right there. Maybe you are low on cash, and someone has hurt you.

 However, the way to move forward is your mindset.   

So many people have a defeatist mindset. It will never change, they say. Or we become so comfortable with being mastered by money.

As long as you think it will never change, it will not. 

If we are not careful, we will comfortable, and someone will move the cheese. 

We can pour our energy into complaining and whining, or we can begin to take steps to leave that exhausting life behind. 

“Positive thinking will not let you do anything, but it will let you do everything better then negative thinking will.”(Zig Ziglar)

Things do not just happen. They come about by repeated, systematic routine. 

If you are not willing to work, then you will not move forward. It is going to be hard work, and you will experience challenges. Welcome to life. We either learn from the trials, or we die. 

What will be your choice?

Do you want to master your money, then choose to learn, choose to change, and master it, so it does not master you?  

If you are going to master your money and master your life, it starts with the mindset. 

Steps moving forward

1)Take a personality test and get to know yourself. Try this one. https://tests.enneagraminstitute.com/ or https://www.yourenneagramcoach.com/?vgo_ee=Kh0ZjJnubHuVQ1hg%2BftE7hwUnRnlmwiuCIJkd9A7F3A%3D

2)Reflection question – 

  1. Growing up, who shaped your way of thinking about money? What is the view?
  2. What choices have you made that lead to where you are? Where do you want to go?

4)List out negative root mindset changes that you have to make?

Check out part two.

(Part 2)(Part 3)(Part 4)(Part 5)

Master your money and don’t be mastered by it. Part 2

Master your money and don’t be mastered by it. Part 2

Posted on by Matthew Laker

Master your money and don’t be mastered by it. Part 2

(Part 1) (Part 2 ) (Part 3) (Part 4) (Part 5)

The lens we view life and money through works like a rudder on a boat in our life.  It will direct the way we go. 

For many of us to master your money, you will have to walk a different road. 

I want to propose an idea to you.  What if you are just a steward of the resources of life?  

This idea that we are just stewards of resources comes out of the Christian scriptures.  I understand you may not follow that; however, I think it is a powerful concept.  

First, it reminds us that we are interconnected with other people and never succeed without the help of others. 

Second, it challenges us not to draw our identity and value from money.   Our feeling of value can be like a roller coaster of up and down based on our financial situation. 

Third, the concept of being a steward is about how to manage resources (not just money) to make them grow, benefit others, and leave a legacy.  

So many of us have never developed the concept that we are managers of our resources.     

To often people are mastered by money, instead of mastering it.  A mindset you are going to have to take is one of a steward of resources.  

So here are your next steps? 

1)Look up the word stewardship?  How can the concept of stewardship help you better manage your money?

2)Long term and short term financial goals – write them out. 

Stay tuned for part 3 

Fill out this form to get a free worksheet for setting financial goals.

A Daily Schedule

A Daily Schedule

Posted on by Matthew Laker

Make a schedule and keep to it 

In the midst of this COVID moment right now more people are finding it hard to keep a schedule.  For many, the schedule has been tossed out the window, with routine.  

However routine and schedules are good for our mental health. 

 A schedule helps us stay focused. 

A schedule helps you get up in the morning, helping with purpose.  

A schedule is about being intentional with your time and resources.

A schedule lets you control your life and not others.  

A schedule is how you are going to reach those goals.

Set the schedule up so that you have the life you want. 

If you are going to succeed and you can.  Once a day set and review the schedule, once a week review and set the schedule, once a month and once a quarter review the schedule. 

Make a schedule and keep it.

But do not become so controlled by the schedule it becomes your master.  A strong healthy schedule has margin in it and can be flexible.   

Help with your schedule?

What are the three things you need to do in the next hour, in the next 24 hours, in the next week to get a better schedule?

How much life insurance do I need?

How much life insurance do I need?

Posted on by Matthew Laker

How much life insurance do I need?

A simple way to start to figure out how much life insurance you need is a Dime calculator.

Debt and final expenses – Add up your debts outside of your mortgage and estimate your funeral expenses.

Income – Take what you earn and multiply it by the number of years you need to support your family.  For example, if you are 40 and you have 20 years of working left.  

Mortgage – What is the amount you need to still pay off on your mortgage. 

Education – Do you plan on helping your kids to college, what will that cost?  How much do you want to help with?

I would recommend that instead of just planning for life insurance, consider an overall financial plan.  

There are other things to consider, as well regarding retirement and current and future investments.

Getting an understanding of this was important as I looked to provide for my family. 

A great place to start is getting your budget in order.

Try this free budget tool to help track and plan your budget.