What is your plan?
We are coming to the end of January, time to check up on those Financial Resolutions. How did you go? What debt-kicking strategy did you decide on?
To sort out your money, you need more than a ‘Resolution’, you need a plan. There are many out there to choose from. In order for the money plan to work, you have to find a strategy that works for you, and most importantly, something that you will commit to.
Most have similar approaches, the person behind the plan can sometimes make the difference, particularly if they offer (free) additional resources.
Buckets and Playing Domino
The Barefoot Investor is the professional persona of Australia’s Scott Pape. His style is very down to earth, and he offers many free resources on his website, or through his regular contributions to newspapers and Television.
The Barefoot Investor (“BFI”) approach, in very simple terms, is to manage your money with buckets and specific bank accounts in order to control your money and Domino your debt to tread your own path in making your money work for you.
Envelopes and Snowballs
Dave Ramsey is the American author of ‘The Total Money Makeover’. There are small differences in the approach, particularly in the area of setting the family budget, however, similar to BFI in that there is a straight forward step by step guide that leads you through different stages on the path to financial freedom.
Ultimately, isn’t that what we all want?!
Find the right fit
There are many other personal finance resources available, so feel free to read around to find the one author that sticks in your mind, and will help you change your habits.
Here are some more Aussie authors… all of these should be available at your local library…
In a nutshell…
Congratulations on making the decision to tell your money what to do!
What may seem like a tough adjustment at first, if you stick with it, as Dave Ramsey says, will make you able to ‘Live like no one else, so later you can live like no one else.’
The most important thing is to find your money mentor, the one that you can relate to, with a plan that makes sense to you. Join a Facebook group of your favourite finance author and be part of that community to feel supported on this new financial road.
As always, never give out personal information on the phone, websites or Facebook.
Speak with Wall Business Services, a financial or personal councillor for advice before making any decisions that you are unsure of.