Quote of the Day

Do not believe in something because you have heard it... - from the movie 2012


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Quote of the Day

Stop stressing things that you can't change and focus on the areas where you can make the most impact in your life. This is the key to great mental health

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the BANK: Financial Tip of the Week

The financial word of the week is BUDGET. To some I just said the worst curse word in the book. For a few, I'm receiving the subliminal message "I don't need a budget because I don't have any money to budget." Regardless of your position in life everyone needs to create some type of budget.

A budget  is a good thing...well actually a great thing. A budget will help one prioritize their financial to do list. For many of us, our idea of a budget is I paid all my bills and I have money left over, so let's BALL OUT. Hey we're all guilty of that mentality sometimes, but that's not a good I idea. Sticking to a budget will allow for free cash flow to be exposed, thus allowing for one to do more with their money.

Now I know most are asking..."Financial Guru, how do you create a budget"...that will be different for everyone.  My best suggestion start with your necessities. For example:

"How much are my important bills (rent, mortgage, car note, utilities, food, etc)"

Once you list those bills, take your monthly NET (meaning what you bring home) paycheck and see how much you have left over. If you don't have anything left over, then we need to figure out how you can lower your living expenses. 

Next answer these questions:

"How much do I need to spend on groceries?"
"What areas can I reduce my utility bills (maybe its changing my cell plan or making sure all the lights are turned off, etc)"
"Can I lower my auto gas bill by carpooling to activities or work?"
"Maybe lowering my auto insurance payment by increasing my deductible"

After exploring those options and identifying how much is left over, answer these questions:

"How much are my credit card bills? Which bill(s) have the highest interest?"
"How much do I have in savings? Do I have at least 6-9 months saved up?"
"Do I have money saved in my entertainment account?"
"What about my investments/retirement? Do I have any money being saved here?"
"What debt can I pay down?"

I know this may sound like you're creating a financial plan, but you're not quite their yet. These questions will help answer the next two questions:

"Where is all my money going?" and "How much would like to apply to these areas"

The difference between a financial plan and a budget is goal setting, but we will go there next week. Right now I want everyone to look at their bank statement(s) for the last 3 months and see if you missed the boat. If you followed your budget, then ask yourself this "Could I have saved or applied more money here or there?"

After you looked at your statement, download a budget sheet or visit Mint.com and set up your priorities. Create caps for all your expenses (meaning spending needs), make sure all your necessities are taken care of on time, and finally make sure you're applying enough to your emergency savings. Once you decide how much you would like to go where every month...stick to it. If you do this, I can ensure you that in the next few months, you will have a much better financial picture.

Final note, remember a budget will help you know where your money is going while taking care of what's most important...You and Your household.

That's the word for your Financial Guru

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Quote of the day

Success is not the destination; its a way to travel - unknown

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Quote of the day

Never consider the possibility of failure; as long as you persist, you will be successful. ~ Brian Tracy

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the Walkman: T.I. - I'm Back [Exclusive]

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the SHOPPE: Private Sales Report!

Back by popular demand is the Private Sales Report... These sample, membership-only sales come with up to an average of 60-80% off! Please feel free to click on the invitation links below or send your email address to theautty@ourbloc.com to get access and join these events!


Editor's Closet: Michou
Rue La La: Elie Tahari, Ebel, Cuddledown
Hautelook: JEva Franco, Kasil, Junior Drake, Belargo, Goldfage, Et Al Designs, Budzie
One Kings Lane: Aviva, Starbay, Xochi
Beyond the Rack: Cynthia H Designs, Antik Denim, Omnatura
RowNine: Sony Reader Pocket Edition, Borghese
Enviius: Brazen Hussy
Gilt Groupe: M Missoni, Marc Jacobs Handbags, Sonoro, Lizzie Scheck Jewelry, McQ Alexander McQueen
Gilt Fuse: Amrita Singh, Seychelles, Alice & Trixie, Qi Cashmere
Billion Dollar Babes: Theory, Nux, LA Made Kids
Gomatta Girls: The Battalion, Amrita
Ideeli: Ellen Tracy, Disney Couture,Tokidoki, Nautica, Arche
The Sample Sale: BCBG, YSL
Secret Sales: AfterShock, Narkotic Wear, Designer Sunglasses Sale, Kashmir House, Moontide

Enjoy & Happy Shopping!

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Quote of the day

"When you are in Love you can't fall asleep because reality is better than your dreams." - Dr. Seuss

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