Budgeting tips for 2022

Budgeting tips for 2022

Posted on by Matthew Laker

An old proverb shares, “Know the state of your flocks, and put your heart into caring for your herds” (Proverbs 28:23).

You may not have sheep, but are your resources mastering you or you them. Do you know the state of your resources?

June is a great time to review the budget.

A budget is a great tool to help us know the state of our flock and get the most out of it.

Budgeting tips for 2022

1.Set goals
The reality is setting a budget is setting goals. I walked one couple through setting goals and a budget in the early spring. Their goal was to get rid of debt by such and such a date. So they started developing a budget, reviewing a budget, and working on the budget. In the first three weeks, they realized that they had extra money and were going to pay off some of the debt in months; it was an exciting phone call to receive from them.

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2.Every dollar has a line – Write out your budget.
I promise you there is power in writing it out on paper or electronically. Another reason to have it written out is if you have a partner, they can not read your mind. Give every dollar you have a budget line. Make your money work for you.

3.Track and review
Brendon Burchard shares, “If you’re not going to monitor your progress, you may as well not set a goal or expect to live up to your own standards.” There is much this can apply to in many areas of life. If you do not track it, there is a good chance you will fail.

4. Income problem – Ok, sometimes you can not cut anymore in your budget, and there is a need to figure out how to earn more income in life. If this is you, let’s talk.

5.Celebrate your wins – too often, we do not celebrate our wins along the journey. Now keep it reasonable and affordable, and it may not involve lots of spending, but make sure you celebrate.

6.Stay with it.

There is no silver bullet for succeeding here; it is about being consistent and having a plan that can change as circumstances do.

Are you looking for help in this area? Let’s book a free 30-minute conversation.

Habits and Financial success

Habits and Financial success

Posted on by Matthew Laker

Series: Money Fit Club

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

Habits 

Understanding your habits will help you find financial success. Some of your habits are stopping you from experiencing financial success.  

To find financial success, it is not just `about getting more money. 

matthewlaker.com

1) To find financial success, it is about understanding yourself and growing your self.  

2)To find financial success, you need to know your current habits and the habits you will need. 

For Example, in 2019, the financial consumer agency of Canada released a study (https://www.canada.ca/content/dam/fcac-acfc/documents/programs/research-surveys-studies-reports/financial-well-being-survey-results.pdf) on the financial well being in Canada.

It shares, “Financial behaviours, such as saving and borrowing, were more strongly related to financial welling being than elements such as income, employment status and homeownership.”(p.28)

Your behaviours, your habits set the direction of your financial success.  

Financial Succes is less about finding motivation and has more to do with developing habits, rhythms, and routines that lead to the goals we want to reach.  

So here are the steps you need to take.

Next Steps:

1)Try a personality test – Yes, this is just a tool to help you understand yourself. If you want financial success, you need to know about how you work and how to grow. 

Two great resources – 

https://www.yourenneagramcoach.com/types

https://www.enneagraminstitute.com/how-the-enneagram-system-works

2)Track your time

Download below the worksheets to help. How you use your time says a lot about your priorities and values.  

Financial Succes is less about finding motivation and has more to do with developing habits, rhythms, and routines that lead to the goals we want to reach.  

3) What habits do you need to work on to find financial success? 

Series: Money Fit Club 

Part 1/ Part 2 / Part 3 / Part 4 / Part 5

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