Work on creating a SIMPLE strategy for financial issues


As your financial situation changes, it is important to remember that your issues will require planning followed by a series of detailed actions. Often times before getting into detailed planning it is helpful to start with a bigger picture strategy. This can provide the proper focus to select the proper tactical objectives and actions to consider. The SIMPLE approach is one that can give you a great place to start and provide a framework for next steps.
Save first
This means before your start spending your deposit money to your savings. This includes having deductions to 401k and deposits to your emergency or other savings account automatically setup out of your check. This way, savings always happens regardless of what other expenses might happen during the year. You might need to make a few adjustments to how much you are putting in all of these categories right now.
Impulse buys should be avoided
The best way to accomplish this is to have a 24 hour rule before buying any item over $100 or any item not on your shopping list. Being thoughtful about spending is important. You have to know where you are going to reduce if you are going to spend more than you plan.
Making it to Monday
It’s a weekly spending plan for discretionary expenses instead of a monthly budget and by starting it on Monday you can better control your weekend spending. The weekend is when most people have the greatest number of discretionary expenditures.
Pay everything on time
Paying bills and loans late costs you money in terms of late fees and could possibly harm your credit score.  A poor score can indirectly can cause you to pay more for loans or other services. Keeping a high score means you will get the best pricing on loans possible and save thousands over your lifetime.
Look for ways to save
Whether it’s using loyalty cards or coupons, get in the habit to look for deals and discounts on everything you buy. This habit also helps curb impulse buys as well plus if you are always looking for deals and discounts, it will require doing comparison shopping more often.
Eliminate costly habits
If you have costly habits like smoking or premium coffee stops, cutting out these habits can save you money each week as well has have long term benefits such as improved health.  Look beyond the obvious for habits or behaviors to change if you want to save the most money.
It can be SIMPLE to improve your financial situation as this approach provides a framework for the other financial moves you need to consider.

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