Weaving My Financial Security Blanket - Dawn of a New Day
Dawn of a New Day
First, let me say thanks to those who visited my first hub and especially to those who left comments. Feedback is welcome and appreciated!
Yesterday, in Weaving My Financial Security Blanket - The Preface, I told you about my spending problems. Today I'd like to explain how I intend to save. My plan for saving has two primary components.
1. Cutting Expenses - I feel like this is sort of the obvious first step, and the first thing that people think of when they decide to save money. I have written and rewritten (and rewritten again) a budget, and I believe that it's realistic. I've got it all plugged into Quicken and fully intend to follow it. Those of you who decide to follow my fiscal exploits will be my witnesses. I'll keep you posted.
2. Make More Money - Recognizing that I am a spender and that I do have some money habits that I'm just not willing to change (at least, not yet), I'm going to need to increase my income. A second regular job is just out of the question, as I'll soon be starting classes to finish my Bachelor's degree - part of my longterm strategy for increasing my income. For now, I'm intending to do little things that can add up over time. For instance, I sell things on eBay from time to time, and would be willing to invest more time into doing so (primarily because I think it's fun). The deal I've made with myself is that all profits will be saved or invested. I have a few other small irons in the fire, and will write more about these as time goes by. Many relate to the idea of passive income, about which I've been reading lately. There's lots of great, and some not-so-great, information about this on the web. I may even reveal some of my sources... If they prove to be credible.
Another part of weaving my financial security blanket will be rebuilding my credit rating. My credit isn't so much bad these days; it is more nonexistant. I don't want to actually incur debt to do this and, according to Suze Orman, of whom I am a big fan, the best way to do this is with a credit card. I haven't looked into this yet, as credit cards and I have a bad history together. I do recognize, however, that it's a bullet that I'm going to have to bite. I don't have any real need for credit of my own at this point, as my husband's credit is exemplary. The problem is that I can't bank on him forever. He may not always be there for me to rely on. It would be comforting to me to know that if, God forbid, anything should happen, I could stand on my own two feet.
While I'm writing today, I want to address a comment that was made in response to the hub I posted yesterday, Weaving My Financial Security Blanket - The Preface. The commenter suggested that my timing for wanting to save money was bad, and that I should wait a couple of years for the "dust to settle." While the procrastinator in me wants to shout, "Amen!" I really can't wait any longer. I'm 32 years old and have waited for far too long already.
There's really no good reason for me to not start saving now. I do have a discretionary income and minimal debt. The only thing I've been missing is discipline, and it's time to learn that trait. I might need to donate some time and energy to increasing my income and buy a few less pairs of shoes (*whimper*), but it is absolutely doable and will be oh, so worth it in the long run.
Thanks for reading!