Today, most traditional personal budgeting systems (if not all) use an accounting method normally referred to as zero-based budgeting. What you’re learning about here is MoneySlinger’s unique mean-based budgeting system, and how MoneySlinger changes the rules of money management in your favor.
At the core of zero-based budgeting systems, while computerized today and adorned with a lot more eye candy, are the same rudimentary accounting principles that stay the “accounting” tradition of, well, bean counting.
Put another way, zero-based budgeting methods get the job done alright, but they require you to keep your focus (and continuous effort) on managing all your trees, while in contrast, MoneySlinger will teach you how to focus on and manage the forest instead. The difference? If done right, the bird’s eye view and control you can achieve over your cash flow using MoneySlinger, will allow you to manage your forest with the snap of your fingers (well, three snaps actually).
So if you’re not satisfied with your current personal budgeting system, or you’ve tried and failed at money management as an individual or as a family in the past, you may want to take a look at a whole new approach to personal budgeting and money management.
1. Lee, can you take us through your career leading up to creating MoneySlinger?
2. What lead to you creating The B Word, which would eventually become MoneySlinger?
3. Tell us about MoneySlinger. How does it all work?
4. What sets MoneySlinger apart from other programs like Mint.com for instance?
5. What kind of user feedback and media coverage have you received?
6. In doing some research on MoneySlinger, I saw your Dec. 20, 2011 blog post talking about personal budgeting and living beyond your “mean.” Could you walk us through what your message is with that article?
7. How can listeners get in contact with you and learn more about MoneySlinger?
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Your credit score is something you need to take seriously. Having poor credit will cause many unnecessary obstacles in your life. Securing steady employment could be difficult even if you are great worker. Getting a loan will cost you more in interest charges. Obtaining a decent apartment will be a hassle as well.
However, you can change your ways in an effort to rebuild your credit by taking these five actions:
1. Lay Off Of The Credit Cards
Charging your purchases is an easy way to get into debt. Some people feel as if credit cards are a free source of money. Credit cards are by no means a free source of money. You may end up paying an interest rate of 15 percent or higher. Look for a Green Dot card on credit.com to start spending your own money again.
2. Make A Monthly Budget
Planning your monthly spending is a good way to stay out of financial trouble. Paying your bills on time is a lot easier when you have an organized system of paying your bills each month.
3. Consolidate Your Debt
Consolidating your debt can lower the amount of money you owe. Having a lower balance will lower your monthly payment. Lowering your outstanding debt balance will also raise your credit score. Consolidation options include a credit card balance transfer, home equity loans, and debt settlement.
4. Start A Savings Account
Having an emergency fund will help you combat any future financial adversity. Take whatever steps necessary to build your savings account. Getting a second job may be the best way to do this. Selling assets may be another way you consider doing this.
5. Take Out A Small Loan
Taking out a loan will get creditors reporting to the credit agencies again. Sustaining timely payments for at least six months will show you have changed your ways. Your credit score will go up significantly because of these timely payments. Lenders will start to see you as a decent credit risk again.
You may find yourself suffering from a low credit score. However, you are not resigned to a poor credit score for the rest of your life. Start taking steps now to bring your credit back to a more favorable level. Consolidate current debt, stop using credit cards and start a savings account. Doing these things will ultimately be the path to permanent credit repair.
Martha Jackson loves to write financial articles and she is a contributory writer associated with the Debt Consolidation Care Community and has written several articles on debt consolidation, debt settlement and getting out of debt for various financial websites. She holds her expertise in the Debt industry and has made significant contribution through her various articles.
You said yesterday that you were supposed to stop spending money on fast food (because it ‘ate up’ such a large part of your budget last month) yet you stopped by McDonald’s this afternoon because you weren’t paying any attention to the determined self talk you had this morning.
You said last week you were going to switch phones because your current phone was charging you $50 a month for a data plan you weren’t really using, but then you discovered Facebook and now you can’t put it down, even when you know you don’t need it or use it enough to justify keeping the data plan.
A lot gives. What we say mentally and out loud doesn’t always match our actions. Sometimes it’s because we are incapable of really honoring our decisions when we don’t have to, and sometimes we forget because life is busy, and sometimes we change our minds. But most of the time, we just refuse to acknowledge we made a decision that goes against what we want – and that’s okay, because you can do better.
Start with a reminder. If you no longer want to purchase a pair of shoes a week, use the sticky note system. Your computer has one, too, and it can help you stay devoted to your cause. When you get up in the morning, make sure the first thing you see is, “don’t buy those cute shoes at the store next door because you don’t need them,” because if you see it first thing in the morning, it often helps reaffirm your mind and body to the purpose. It can work with bigger things, too – like “stop trying to figure out how to buy the house down the street when the payment is double what you can afford” – that tax your willpower in your everyday life when it can sometimes be easier if you didn’t have to constantly fight with yourself.
Tell the people around you. Telling the people in your life can help because it means you are keeping yourself accountable. When you say, “mom, I’m not going to purchase a new car because I know I would just get it repo’ed again,” then you might be more willing to stay away because you know someone knows about your plan that isn’t you. Even saying these kinds of things out loud to yourself can really help reaffirm your goals and keep you on the right track.
Practice saying ‘no’. Even if you’re just saying ‘no’ to something that’s a dollar – like some gum at the checkout register – saying ‘no’ to yourself for little temptations can lead to higher temptations every day of your life. Eventually, if you start out with little steps, you’ll have made it as far as if you had been taking big steps in the same direction, even if it takes you a little longer. But make sure you’re telling yourself ‘no’ with good cause – don’t deny yourself everything simply because you need practice with the word no. It’s hard to sustain, and when you fail to say ‘no’ to yourself when you meant to, it can affect you mentally and set you up for failure next time you try.
Be patient with yourself. Just because you mess up once or twice does not mean that you are a complete failure and never will succeed in making your actions and your words and thoughts align. What it actually means is that you’re human, and humans make mistakes. Brush yourself off and learn from what you did – and keep going, treating yourself with the respect you deserve as you do.
Elizabeth Roque is an in-house writer for Franklin Debt Relief. She presents information about debt relief services, credit card debt reduction. and getting out of debt on a variety of financial sites online.