Tools for Financial Success

First I would like to begin by stating my financial goals for this week.

  • Create a budget and stick with it
  • Interview a financial advisor to determine a long term financial plan for myself - I will report back on the juicy knowledge I attain
  • Implement The Envelope System (which will be discussed in a guest blog this week!)

I am using a whiteboard to remind me of my financial priorities. I find that keeping visual reminders of my goals keeps me focused. It keeps my head in the game - especially with topics, such as finance, that I find to be dry and boring.I will also be adding these goals to the tracking spreadsheet I created to determine how well I stay on track.Now to today's topic - Tools for Financial Success.Financial success begins when the correct tools are used in your financial planning. The backbone to financial planning is your budget. I know this may seem like a daunting task but trust me, once it's complete you will have a full understanding of where you can cut back and free up money for your big dreams (such as travel or buying a home).Here is Founder of Man Vs. Debt Adam Baker's motivating story of turning his financial life around:[vimeo 56944456 w=400 h=300]An online tracker to consider using is Mint. Mint is a personal finance tracking system and allows you to categorize your expenses, track your financial goals and create great charts and graphs. The system is quite easy to set up and use!Dave Ramsey is a financial guru and offers free downloadable budget forms if you are more of a pen and paper person. He also has a ton of financial strategy information, such as the Debt Snowball Plan, to become debt free.There are also free Microsoft budget templates for you to use.The main tool you will use to turn your financial life around is discovering your passion and your personal "Big Why". Why do you want to save money? What are your goals? Do you want to travel the world? Start a small business? Buy a home? Once you figure out your Big Why, I encourage you to create a header at the top of your budget sheet that states why financial planning is important to you. Bring life to your Big Why!