5 Keys To Becoming Financially Fit (Part One)

<<<=====Share on Facebook Here   

                            If you Like, RETWEET HERE============>>>

How Do I Start Becoming Financially Fit?

These days everyone is talking about the economy and how it is becoming more and more difficult to keep above water, let alone save money for retirement. There are fewer and fewer dollars coming in and the expenses keep piling up. Well don’t just sit there crying in your beer about it, there are things that you can do that will make a huge difference. And you don’t have to adopt a Hutterite exisitence, but at the same time you can’t live like a Kardashian either.

There are some big things that you can do that will really save you some money, such as moving to be very close to where you work, or seriously downsizing your house or buying only used vehicles. But this post is focused on day to day things that really add up to significant steps to becoming financially fit.

The First Key to Becoming Financially Fit-Track Expenses

becoming financially fitMost pundits will tell you to set up a Budget, and while I agree that is a good secondary move, it isn’t what you need to first focus on in your focus on becoming financially fit. You need to know EXACTLY WHERE your money is going. Write down everything you spend as much as a nickel on for an entire month. Everything. Don’t forget the annual expenses like property taxes and house and car insurance. Just take your total and divide it by twelve.

To start becoming financially fit you don’t need to set a whole budget, but you do need to know where your money is going. Chances are you are already doing all that you can to bring in as many dollars as possible into your household. If that is true, then the only place that you can find extra money is in reducing your expenses. So let’s start there.

You have two kinds of expenses, fixed and variable. Your property taxes, your house insurance and your car insurance are fixed expenses. Morning coffees, clothes, food and gas for your car are variable expenses from a household point of view. I apologize to any accountants that I have raised the ire of with my loose definitions. Fixed expenses are often paid once a year, and we typically think of them as pretty set in stone. We pay what we are charged and to some degree insurance companies count on that.

Rather than doing that, shop around. Seriously, it’s never been easier and in becoming financially fit you attack ALL EXPENSES. You can phone and get quotes from a number of insurance brokers (I recommend no less than 3). Before you start, make a list of exactly what you need. Don’t let an agent talk you into taking earthquake insurance that has a $20,000 deductible if you live in an area that hasn’t had a quake in two thousand years. Similarly, maybe cancel that tsunami rider that you have on that Omaha bungalow. Only get the coverage you need.

Do the same with your car insurance. Do not pay big bucks to have an ultra low deductible on your auto insurance. There is a good reason why. If you have a low deductible, say $200 and you file a claim for a ding that costs $450 to fix, your rates in the coming years will skyrocket just because you filed a claim. It will cost you much, much more to use your insurance than it would have to just repair your car (or not, if it is just a ding) in the first place.

Challenge your property taxes. Write a letter filing your disagreement with the assessed value of your property, and odds are very good you will receive a reduction. Even if it only amounts to a $20 tax savings, it will be well worth your time. And what else were you going to do with the 30 minutes it takes you to file the appeal anyways? Go for a coffee? I thought so.

Tune in tomorrow as we continue this attack on expenses in your quest of becoming financially fit.

Till Next Time….

<<<<< If you enjoyed this post, take a sec to share, tweet, and Google+ it so that others can benefit from it, too. Also, be sure to leave me a comment below.

Sigrid McNab

Skype: sigrid.mcnab

Email: sigridmcnab@gmail.com

Work with Me- UsanaHealthSciences

Image(s): freedigitalphotos.net

PS: If You Want Clients To Chase YOU, Check This Out – Click Here

Related Posts Plugin for WordPress, Blogger...
, ,

About Sigrid McNab

Sigrid McNab is the author of #1 Amazon Best Seller, speaker and the CEO and Founder of sigridmcnab.com. Sigrid specializes in blogging, attraction marketing, and generating highly qualified leads. Sigrid teaches people how to build a successful online business.

View all posts by Sigrid McNab

2 Responses to “5 Keys To Becoming Financially Fit (Part One)”

  1. dagmar wichary Says:

    I can hardly wait til tomorrow


    sigrid Reply:

    Thanks Dagmar, see you then!



Leave a Reply

CommentLuv badge