Finances...

Another one from the archives...as I said in my last post, I like to keep this blog light and therefore try to steer clear of serious topics. However, these guidelines have helped my friends so I'd thought I'd share with the world. And if it can help at least one person, then I'm a happy camper:D


Warning heavy reading post...

Recently I had dinner with previous co-workers and a topic we came upon was getting your finances in check. I came upon a post Ellie did on finances and thought I'd share them. Having worked for the financial industry many moons ago I would agree and take the advice into careful consideration...
* Update the link is no longer active :"( it was from 2012! If you do happen to find it out there on the great wide web it was called Master your finances now.

Let's break it down...
Your pay check should look something like this:
40% should be invested into a non risk management portfolio
30% risk portfolio
20% leisure (shopping, your drinking fund etc...)
10% should be your savings...(rainy day fund)
------
100%

Another example-
30 % risk portfolio
30 % non risk portfolio
20% leisure
10% savings
10 % Giving to Charity, Community...
------
100%

You get the picture:)

Let's take the savings further by adding; a good savings minimum should be 3 months worth of your need to pay expenses(rent, phone, car insurance etc...)

Really you can save/spend as much as you want...these are just good guidelines...

And if debt is starting to look like your shadow(I wish I could trademark this!) then my advice is to seek professional help from a personal banker/financial service rep. It's free and they can offer advice/re-work your finances. Eg: Consolidation loans, lower interest credit cards, e-savings accounts, credit lines...
* carry CASH! It's so easy to whip out plastic, with cash once you spend it it's gone. Easier to manage when you can see all you have in front of you.


Good luck with beating that DEBT!

* have you watched Confessions of a Shopaholic. Cute movie, love Isla Fisher!