By 2 Cents on January 12th, 2011 | Category: Planning |  Obstacles are those frightful things you see when you take your eyes off your goal.
~Henry Ford
Update: This article was included in the 89th Carnival of Money Stories posted at Out of Debt Again. Thank you!
There are all sorts of goal setting methodologies floating around out there, especially at this time of year. It’s the same with investment approaches. There are literally thousands of ways to succeed (or fail) in and out of the markets. As with investing, however, it’s more important to find what works for you rather than rigidly following another person’s script.
Also similar to investing, setting goals can be as simple or as complex as you like. You can set hundreds of goals, categorized by time frame, life sector, and importance. You could design a beautiful spreadsheet and track your progress graphically. Some folks will [...]
Read on and enjoy … Setting Goals for 2011
By 2 Cents on December 20th, 2010 | Category: Money Psychology |  Get me through December A promise I’ll remember Just get me through December So I can start again
~ from the song “Get Me Through December“
Markets and economics, like life, move in cycles. The only sure thing about a very long up or down-swing is that it will inevitably reverse. December is a time when neither markets, economics or our lives may necessarily be at the peak or bottom of their cycles, but the end of the calendar year still makes us reflect on where we stand on all three.
The holiday season only adds to that effect. We (hopefully) have some time to see friends and family we may not see throughout the rest of the year, and take some time to stop and reflect on the year that was and the year yet to come. December finds many of us a little weary [...]
Read on and enjoy … Get Me Through December
By 2 Cents on January 20th, 2010 | Category: Budgets | There is no one giant step that does it. It’s a lot of little steps.
~ Peter A. Cohen
Update: 6 Remedies for a Debt Hangover is mentioned in today’s Money Hacks Carnival #100 @ The Ultimate Money Blog. Thanks Mrs. Money!
Over the past 2 years, I have had to rework our budget a half a dozen times or so, in addition to running various budget scenarios for potential job changes. So this stuff is pretty fresh for me. For what it’s worth, this post describes how I handle our budget. I don’t decide on percentage allocations up front. This might work for someone just starting out, but most of us have spending commitments that are well-entrenched. Rather, I start by looking at our net income and all of our expenses in detail.
Tools of the Trade
Quicken: I use [...]
Read on and enjoy … How to Make a Budget: My 2 Cents
By 2 Cents on January 19th, 2010 | Category: Budgets | The first step towards getting somewhere is to decide that you are not going to stay where you are.
~ John Pierpont Morgan (Yep, it’s that J.P. Morgan)
Update: This post is included in the Money Hacks Carnival #102 at Passive Income Now. It’s also in the carnival Personal Finance: Third Edition. Thanks!
A lot of people hate the idea of budgeting. They say it’s too constraining. They need more flexibility. I’m not going to lie to you and say I love working on the budget. But I do love it when it’s done. And I love it when an expense pops up and I don’t have to get stressed out about it because our emergency fund covers it. I love it when my kids ask for something and I can tell them definitively whether or not we can afford it and [...]
Read on and enjoy … How to Make a Budget: Your One-Stop Shop
By 2 Cents on January 15th, 2010 | Category: Budgets | If you don’t know where you are going, you will probably end up somewhere else.
~ Lawrence J. Peter
Budget. Just uttering the word can make people cringe, squirm, and head for the hills. Even noted personal finance expert David Bachclaims that budgets don’t work. Rather, he says that we should “toss out the budget and make it automatic” using his (I think originally David Chilton’s) pay yourself first principle. The idea is that you would decide to save, say 10% of your pay and just live on whatever is left over.
I have 2 issues here. First, everybody needs some kind of budget. Second, even if you only pay yourself first, you are still practicing a form of budgeting, albeit a weak one. Mr. Bach has some good ideas, but I have to disagree with him on this point. Here are a few ways a budget – any [...]
Read on and enjoy … Do You Need a Budget?
By 2 Cents on January 12th, 2010 | Category: Planning | The best way to succeed in life is to act on the advice we give to others.
~ Author Unknown
A couple of weeks ago I wrote a post outlining 5 Goal Setting Guidelines as part of the Balance Basics series. Yesterday I wrote about our financial plan for 2010, and I got to wondering whether I followed my own guidelines or not.
The short answer is no, not really. But I found the process of comparing my advice to my own actions really informative, as it raised some issues that might help you out too. Lucky you. My inability to follow my own advice has resulted in more advice. I hope that’s a good thing. If not, I hope it at least makes you go hmmmm . . .
My Goal Setting Report Card
Put Them In Writing: Read on and enjoy … Goal Setting: My Report Card
By 2 Cents on January 4th, 2010 | Category: Debt |  Cheers to a New Year and another chance for us to get it right.
~ Oprah Winfrey
OK, so you overindulged. You read all of those articles warning about moderation or complete avoidance. You intended to follow that prudent advice. But you didn’t. I could easily be talking about alcohol consumption or debt consumption. Either way, over-consumption will put you in a precarious position.
If you’re not in that position on either front, congratulations. If you are, you’re not alone. Debt has been in the news a lot lately and if you read my post on 2010 What Ifs, you know that I think it will be a big topic this year. Sovereign debt problems are simmering in many parts of the globe and are coming to a full boil in others, particularly the PIIGS countries. This has led many to ask the question: Read on and enjoy … 6 Remedies For a Debt Hangover
By 2 Cents on December 31st, 2009 | Category: 20 Cents | 
This is a selection of 10 articles I thought you might find interesting from the month of December, 2009. This is by no means a comprehensive list, and there were lots more I could have included.
Fiscal Fizzle gave us some great information on How to Write a Great Financial Mission Statement. Ray at Financial Highway provided 7 Credit Score Myths you might not know about. Gail Vaz-Oxlade had a nice post titled Happy Is As Happy Does. It was a great reminder of the importance of attitude in everything we do. Tom over at Canadian Finance Blog asked Do You Have Enough Insurance On Your Home? This a good thing to reassess periodically. Rob Carrick at the Globe and Mail had a timely article on Why You Can, and [...]
Read on and enjoy … 20 Cents From December 2009
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