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Are you one of those people that finds themselves always wondering where there money goes or how come you spend so much, so fast, on nothing?!


Back in the day, people would bring their weekly paychecks to the bank for deposit. The majority of the money would go into a savings or checking account, and the rest would go in the pocket. The cash was intended to last until the next paycheck. If it did not, it was an apparent signal that too much money was being spent.

Let's jump ahead to modern times when paychecks are electronically deposited and we fill our pockets with debit and credit cards. Old, worn out dollar bills and bulky coins never dirty our hands. This is much more pleasant than the old days. However, this type of financial living makes it simple to 'break' the budget.

When you can't see a diminishing pile of cash, it becomes more difficult to identify how much money is being spent. Sure, you can check your bank account online daily, but most people do not. They are in for quite  shock when they finally discover their balance, or lack of. Its not the car loan or mortgage that is hurting them, its the daily draining of money. If you find that this scenario pertains to you, the seven-day money challenge below will help you regain control of your finances.

Performing this experiment should give you a real wake-up call by making you realize how much you are actually spending.

Determine what your weaknesses are
The following is an excerpt from a letter receive from one of clients...."I was trying to make my money last Friday to Friday. I would carry a little notebook with me and would write down if I stopped for food, coffee, gas, etc.. When it came time to buy gas Tuesday morning, I did not have enough money. As a result, I had to use my credit card for the remainder of the week. I was stunned and very let down."

It's likely that most people can relate to this one way or another. Keeping records of your spending will allow you to determine your weaknesses and resolve to altering spending habits. It is unfortunate that it often takes a jaw-dropping experience for people to see what is happening.

The money diet
Way too often, people set financial goals for the children's education, retirement, etc. but come up short, or even fall of track, because their budget is out of control.

The biggest problem are the variable expenses. Accounting for fixed expenses is easy. Your daily habits will make a large percentage of the money that is not accounted for.


Taking the money challenge is similar to a diet. You can not expect to lose 40 pounds overnight, and you can't anticipate to put an end to years of poor spending habits in a week. However, if it makes you second guess about spending $20 on items or goods you really do not need, you are making advancement. And, similar with a diet, there will be some motivated people that will make the change lasting and then there will be individuals that will revert back into their old routines.

Get prepared in 3 steps
If you want to get a grip on your spending behaviors, all it takes is a tiny notepad and some  willpower.

Step 1: Determine how much cash you necessitate to cover a week's worth of groceries/food, gas, magazines, cigarettes, and whatever else is part of your daily expenses.

Step 2: Be truthful. Don't intentionally overestimate so that you have more money than you need to make it through the week.

Step 3: Put the projected amount aside and do not use credit or debit cards.

If you make it through the week with just using the money you put aside, great! Don't worry if you need to visit the ATM once or twice. Go over your spending and determine where you could have cut back on costs. This is a test to see how well you can develop a mind-set where you are continuously analyzing and altering your daily cash expenses. It can result in you having more money in your savings well as success with your long-term financial planning!


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Managing Money Info: Financial Strategies | Financial Emergencies | Money Issues | Allowances
Teaching Kids Credit | Saving Money | Savings/Investing Calculator | Trimming Expenditures
Cut Grocery Store Costs | Avoid Wasting | Why You Should Budget | Developing a Plan
Mistakes to Avoid | Money Spending Challenge | Checking Accounts Money

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