Like this article? PLEASE +1 it! Evan Signature
Evan Carmichael Top Header
Share for a Cause









MAKING MONEY WORK FOR YOU

Written by: Jennie Bayliss

Article Overview: Money makes the world go round – so the saying goes – yet people rarely seem to make their money go round very well for them. And this, by-the-way, is true no matter how much or little someone is earning. This article looks at our beliefs about money, money management, credit cards and how to budget.

Free Download - HOW THE LAW OF ATTRACTION CAN HELP YOU SUCCEED By Jennie Bayliss
Name: Email:

MAKING MONEY WORK FOR YOU

Money makes the world go round – so the saying goes – yet people rarely seem to make their money go round very well for them.And this, by-the-way, is true no matter how much or little someone is earning.

I believe there are two main reasons for this: firstly, money management is not taught at school, so how we handle money is often influenced by what our parents taught us – intentionally or not; secondly people imbue money with all kinds of powers that it doesn’t have, so their decisions are influenced by what they believe about money.

Money is just a form of energy. It is a just a tool that helps you achieve what you want from life. But many people don’t see it like that. They believe that money can do all kinds of things – from making them happy, to believing that is they have too much, they won’t know who their real friends are!! But lets start with the more straightforward, nitty-gritty side of things.

MONEY MANAGEMENT
Good money management in it's simplest terms means spending less than your income, planning for your bigger expenditures, saving regularly to create a reserve and, ideally, having a plan for financial independence. Sounds easy! And in principle it is! Lets look at this in more detail, so the hard part (putting it into practice) can start to become a reality.

MANAGING EXPENDITURE
Most people know their monthly incomes, but few people know what their monthly expenditure is, nor what the breakdown is. So this is the first step. To find out where your money is going, start recording it. Some of your expenditure will be regular monthly outgoings: mortgage (or rent), utilities, insurance etc. Write these down. For the everyday expenses, start vigilantly collecting receipts for everything, then recording these in a either a notebook or in a spreadsheet like Excel. Do this for at least one month – ideally for three. Doing it for this period of time will give you a good picture. This exercise is an eye-opener: you may be really surprised where your money goes.

BUDGETING
Now you know how your money is being spent, you can make a budget for yourself. If your expenditure is less than your income – great! Are you managing to save enough to create a reserve of money for yourself? If you would like to increase your savings, look over your expenditures – what changes could you make? Are there some little luxuries that you could cut back on? Perhaps the sandwiches you buy whilst at work, or magazines, or DVDs, or…? If you currently don’t save could you set up a standing order for a small amount to go straight into some form of savings account?

CREDIT CARDS
If your expenditure is more than your income, then you’re probably playing the credit card game. Huge numbers of people are living in credit card hell. It’s so easy and so tempting to get credit. “Buy NOW: pay later”. This is the message the credit card companies sell to us. But very few of us work out when we could truly pay back on our purchases and even fewer of us know the real cost our cards are costing us.

If you have a credit card with a balance of £2,000 on it and you opt to pay only the minimum amount, this debt could be costing you around £300 a year or worse still, if it’s a store card, it could be as much as £600 a year! And you still owe the £2,000 or possibly more if your monthly repayments are less than the interest accumulating. For lots of people £2,000 on a card is nothing: 5, 10 or even 15,000 is not uncommon. At these levels, the cost of your credit card becomes excruciating.

If you are juggling credit cards, find out more about how to manage your debt, visit The Citizen’s Advice Bureau or seek professional advice, but please don’t just bury your head in the sand: you need to deal with it now as it will only become worse if you don’t.

BELIEFS ABOUT MONEY
Below are just a few commonly held beliefs about money:
• It’s hard to earn good money.
• Money doesn’t make you happy.
• The rich get richer: the poor get poorer.
• If I earn too much money, I won’t be able to pay my taxes.
• If you have a lot of money, you don’t know who your real friends are.

All of the above are completely false. Money is just a tool. It does not have the power to make you happy, or sad, or choose your friends. But as in the tip, “Steps to Make your Dreams come True”, what you believe about money, you will experience.

Trying to ditch your misheld beliefs about money is not always easy: but becoming aware of them is the first step to your transition. This little game might also help. Take a piece of paper and write down 50 of your beliefs about money. The first 15–20 will come to you easily. The next 15 will be quite hard and the last few might take several days to come into your mind: but these last few are often quite revealing. Now take your paper into the garden and set fire to it. Watch the words on your paper turn brown and disappear as they curl-up into ash. Let this symbolise the releasing of these beliefs that are holding you back from having a financial reserve.

Make today the day, you started to take care of yourself regarding money. If you need help, please do contact me - I coach people from around the world by phone.

-------------------
To receive more coaching tips and/or to receive them monthly by email, please see www.reddandelion.co.uk/tips.php
To receive monthly Tips by email, please go to www.reddandelion.co.uk/tips.html

Related Articles
  Making Money Online Comes Down to Only Two Methods!
  Making Money Online 101- The Real Truth
  Easy To Earn Money On The Internet - Is It True Like People Say?
  Making Money From Home Online Isnt As Easy As Turning On A Computer
  What are the top money making businesses?

Home > Business-Coach > Jennie Bayliss > MAKING MONEY WORK FOR YOU
Article Tags: decisions, everyday expenses, exercise, expenditures, eye opener, financial independence, gritty side, incomes, money makes the world, money management, money money, mortgage, notebook, outgoings, parents, period of time, principle, real friends, receipts, spreadsheet

About the Author: Jennie Bayliss
RSS for Jennie's articles - Visit Jennie's website

I am  a spiritual entrepreneur - stepping easily between the worlds of business and spirituality. I I coach, teach and write. I love my work and feel honoured to have found a role that I both good at and love. I live in the quaint village of Fortuneswell on Portland (Dorset UK: not in the USA!) where I have a retreat house, The Jasmine House, with amazing views over Chesil Beach. Come to my website and get to know me more. And if one-day you decide you need time out to learn, understand and heal - then come to Portland! As well as my main website below, find me at http://www.thejasminehouse.co.uk and http://jenniebayliss.wordpress.com

Click here to visit Jennie's website
Dashed Line

More from Jennie Bayliss
MAKING MONEY WORK FOR YOU
BECOME SUCCESSFUL CHANGE THE WAY YOU TALK TO YOURSELF
BOUNDARIES THE GRACEFUL ART OF SAYING NO
BEING GENTLE LEARNING TO LOVE YOURSELF
MEDITATION WOULD YOU LIKE TO GIVE IT A GO


Related Forum Posts
Re: What exactly do you need to start a business Re: What exactly do you need to start a business - Starting a business takes many things. Like guts and brains. But what I find pays off the most in online busines is HARD WORK. There is no better alternative. The more energy you use to make your business successful, the better your chances of it being successful
How to find buyers on the internet How to find buyers on the internet - My company is in the business of nutrition foods. We would like to distribute brand name products oversees. My original question were: a) How to find reputable buyers on the internet .What is a well-known website to make quality contact for leads. Is it really worth paying the premiums to join for a fee on some sites? , and become a member at These sites/marketplaces? i.e.: ALIBABBA.COM b)In terms of payment, transaction I had in mind the usage of PAY-PAL OR MONEY WIRE. is there a problem with that? c)What are the functions my website must! have. I want the site to become all-inclusive for various cultures. For example translation language, colors, customer service What should I do?


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.



Featured Article


Bottom Footer
Share for a Cause












Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
Name:
Email:
Popular Articles

Paint A Word Picture - Excite Your Customer

The State of the Sustainable Furniture Industry

The Value of Small Businesses

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.