“WEALTH IS THE ABILITY TO FULLY EXPERIENCE LIFE.” – Henry David Thoreau
I once had a friend who told me he tracked every penny he spent for a 30-day period. It sounded exhausting! No way, I thought! How boring! Until he told me he discovered he was spending $150 a month and $1800 a year on coffee! I’ve been doing the exercise ever since!
I’ve been creating a monthly spending plan for decades, based on the process I’m going to share with you, and find it both grounding and empowering. I now make conscious choices and no longer wonder where my money’s gone when I open my wallet and find there’s not much there! The goal isn’t to pinch pennies, but rather to live abundantly, based on what’s most important to me.
Want to know where your money is going?
Buy a notebook that’s small enough to carry around and divide it into two columns. In the left-hand column, write down everything you spend and what you spend it on, including the candy bar you buy at the news stand! In the right-hand column, write down everything you receive and where it came from – down to the very last penny!
Whatever you do, don’t change your spending habits during the “discovery” period. That way, you’ll get an accurate picture of your patterns.
Do the exercise for a month. To keep it simple, start the process on the first day of the month and when there are no extra expenses, like vacations or holidays.
At the end of the month, divide your expenditures into categories, such as groceries, eating out, rent, gas, newspapers, entertainment, coffee, etc. See what you discover.
Subtract your expenses from your income. See what you have left and what, if any, changes you’d like to make to your future spending.
Lastly, create a monthly spending plan based on the information you gathered, and allocate your income into the categories that are most important to you, including saving for something special you’d like to buy or do. The process will help you take charge of your money, rather than spending randomly.
Some of your expenses, like rent, will be fixed. Others, like eating out, having your nails done, etc. will be more flexible, and the amount you choose to spend can vary month to month.
Who knows, with a little tweaking, before too long, you may have the funds available to take that long awaited vacation!
With love,
Theresa
Bio
I was born and raised in New York. I am a Certified Life Coach, Energy Healing Practitioner, Workshop Facilitator and Author with more than 25 years’ experience. My books include Alphabet Affirmations: Transform Your Life and Love Yourself and I Am the Treasure.
I specialize in helping my clients manage their stress and develop inner resources, like confidence, courage and resilience so they can live with greater ease, realize their goals and dreams and better meet life’s challenges.
For more information and to schedule an appointment, email Theresa@reconnecting2you.com
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