Article Sphere Logo
Personal Finance Article

3 Tips For Improving Family Cash Flow

By Expert Author: Jim DeSantis Platinum Expert Author
Word Count: 748 words | Views: 377 view(s)
When it comes to our money and the pleasure it buys, lack of self-control is the number 1 enemy for most of us. Often, when you come into an extra amount of money, you have this tendency to rush out and instantly satisfy the irresistible itch to splurge on just about anything you lay your eyes on. It is a "bargain" after all!

The "have to have it now" mentality is a very costly mistake because many people fail to recognize that they just spent money that may be needed in the immediate or distant future for unseen or unplanned for needs. And, I have news for you, you are not alone.

Only a small percentage of the population have balanced family budgets and have savings for a rainy day. The majority are operating with maxed out credit and unbalanced family budgets.

The saying: "the thrill is gone" is true, especially when it comes to material things. The stuff you were thrilled to buy right now will eventually fade, break down, or rust away. Only with patience and self-control can you plan for the important things that your family will need in the future. Money spent on feel-good-stuff today robs your family of their financial future. The real thrill is having money in the bank!

The future financial success of your family starts with a determined effort to manage your spending and savings.

First, you need to accumulate a financial cushion that will serve you well in emergencies. Once that cushion is in place, you can start saving for future needs like the kid's braces, education, their first car. All these and more require smart planning and self control.

If you now understand the strong connection between self control and spending, the next question you will ask yourself is: "How do I start using self control and be a role model for my family?"

There are 3 primary ways you may have never been taught that are relatively easy to follow. Once your family members see how much extra money you are accumulating, they will want to follow your lead. These steps are not complicated and they will work financial miracles for you. As you use them, they will become part of your lifestyle and will give you a great feeling of personal power over your cash flow.

Here they are:

1. Resist the "itch!"

This may be obvious and may be the hardest to adopt. You have become used to instant gratification. It's a habit that must be broken. You need to ask yourself if you really need that new "thing" in your life or if you can do without it. Will your life change dramatically for the better if you buy "it?" You will find that the answer is almost always "No!" You will be proud of yourself if you resist the "itch!"

2. What are your needs? What are your wants?

Make a list of the things you "need" just to keep your household operating smoothly. These get priority because they eliminate stress. Pay for your needs first, always! I am talking about food, clothing, shelter, transportation, education, and medical care.

Now make a list of "wants" and decide which of these you can truly do without and which of these will actually make your life better. Plan for those that will improve your life and start saving for them so you can pay cash! Dump the rest.

The rule here is simple: Do not buy something you do not need today that will steal money from the things you need to buy in the future. It's all about having the money available when you need it. Money you spend on today's "want" may be money you must have for tomorrow's "need."

3. Who is your financial guru?

We all know someone in our family that has their financial act together. They have all their needs covered and they seem to have all the material things we would like to have but cannot afford. Have you wondered how they pull it off? Well, ask them and listen to their advice!

If you are too embarrassed to ask them, seek out a person who can serve as a guide for you and adopt a financial lifestyle that they recommend. This can be a financial counselor from your local bank or credit union or a non-profit organization in your community.

These 3 steps just scratch the surface. Get help and self control will become second nature before you know it.
Jim DeSantis

About the Author: Platinum Expert Author

Author, Jim DeSantis, would like to give you free help to control your family budget. Please accept Jim's free ebook - "Your Family Budget!" Click here=> "Your Family Budget!" No email or signup required. Jim DeSantis reveals some excellent tips and tricks that will help you improve your cash flow and your savings. You may also get "Your Family Budget" here=> http://www.jdanswers.com/Gold/FamilyBudget.html

Article Source: http://www.articlesphere.com/Article/3-Tips-For-Improving-Family-Cash-Flow/187208

 This Article has been viewed 377 times.
  

Related Videos



 

Related Articles

 
 

Listed below are more articles related to the above article from the "Personal Finance" article category.

People interested in the above article "3 Tips For Improving Family Cash Flow" are also interested in the related articles listed below:

 
The first thing that stops people from actually saving for retirement is that they just don't understand how any of it works. Once you break things down and start researching to make yourself a simple, understandable, doable plan it will make more sense and become more realistic. So, how to get started building a retirement plan? First you need to do some research so you can understand what types of accounts you want to build into your plan.
Are you just starting to plan for your golden years? Do you have a specific expertise in a field such as real estate for example and dream you could apply all the knowledge you've gained over your career to help empower your retirement earnings? Well, read on! You can!
Are you starting to plan for your golden years? Do you have a certain expertise in a field such as buying and selling property for example and wish you could use all the experience you've gained over the years to help empower your retirement savings? Continue reading! You can!
Contrary to what most of us think, keeping ourselves financially fit in recession times is possible, If we have planned in advance and have taken simple steps in financial planning, it is actually possible to make ourselves recession proof.
Everyone wants to be able to save money for their child's education. A Coverdell Education Savings Account is a tax advantaged savings account that empowers your efforts, making more of your hard earned savings for your child's education. Read on to learn more about a Coverdell Education Savings Account.
Retirement planning is an important part of financial planning of a person. If you have to live a comfortable life post retirement then you need to follow certain dictates. Follow this article to know how to plan out your retirement properly!
Nowadays it's more challenging than ever to get by. It could be that the fastest rising outlay for contemporary families is gasoline fuel. The cost of fuel can on occasion soar 5 to 15 cents per gallon in a single day. The general public is wanting to stretch out their dollars, especially at the fuel pump. Here are some tactics to be more economical on gas for your car or truck.
Article Directory Home All Categories Finance Personal Finance 3 Tips For Improving Family Cash Flow
 

Can't find what you're looking for? Try Google Search!
 
Copyright © 2005 - by Larry Lim, Singapore - Article Search Engine Directory at ArticleSphere.com™
All Rights Reserved Worldwide. All Trademarks and Servicemarks are the property of the respective owners.