Lighthouse Financial Coaching
The holidays are behind us. The events and food have finally passed. The decorations have started to come down. The NEW YEAR is here. Lighthouse would like to remind all readers to take some time to evaluate your 4 Walls of Life.
The first wall is transportation. Having reliable and safe transportation is something we take for granted often times, but when that is interrupted, our lives can be more filled with stress and doubt concerning commitments we have taken on. Be sure to get that regular maintenance like tires, oil, inspection, and registration taken care of to keep you on the road. A fully stocked emergency kit is a great idea also.
The second wall of life is clothing. This can be more of issue with families with children who can outgrow clothes at an astronomical rate. One way to save is to shop at thrift stores or the clearance racks of department stores. Also consider stocking up on clothes as the season ends. Many stores place summer items on dramatic discounts and they make room for clothes for the winter season.
Wall number 3 is food. Make a list before you head out. Stick to the list. Don’t shop for food on an empty stomach. Christmas has been on the calendar for quite some time so planning should begin with plenty of time to create the list and plan for parties and family gatherings. Buying at warehouses like Sam’s and Costco has been proven to a very cost-effective way to operate a household, especially for those items that lots of people buy in bulk: paper products, cleaning supplies, trash bags, and even pet food.
The 4th wall is housing. Money can be tight for many folks during all times of the year but especially during the holidays when many needs multiply. Don’t let the rent or the mortgage payment slip through the cracks. Know your monthly rent or mortgage payment and keep a weekly track of how money is accumulating to pay that when it is due. A general rule of thumb in this area is your housing cost should not exceed 25% of your monthly take home pay. This is all money from all jobs and work you perform that goes into your pocket during a given pay period.
In our next article we will discuss the importance of budgeting and the best way to approach budgeting.
If you would like more information of this topic or any aspect of personal finance, please contact me at Lighthouse Financial Coaching. I offer a FREE introductory visit and will help clients get organized with and start winning with money.