Save Money Save Life

Unless you were living under a rock, you are well aware of the financial challenges our country has been facing. We are without a doubt at a historic crossroads. In fact, this uncharted territory has so many experts only guessing to what our future holds.

If you think hard enough, I bet you can remember the "good old days". Remember a few years ago when jobs were in abundance, technology was on the rise, and it seemed like everyone was making money...and a lot of money. We were buying fancy cars to impress, shopping at our favorite stores-on credit of course, and dreaming about how we were going to spend all the money we were sure to make when we climbed the corporate ladder. And then along came 2008.

Let's face it; most of us are just hanging on by our fingernails. If you thought you were alone I am here to tell you that you are most certainly not! Most of us are doing everything we can just to keep our heads above water.

But now is the time Ladies. Now is the time to take ACTION to begin rebuilding your "Fortune Fortress". After all, Girls Just Want to Have Funds!

Basically Are You Broke? It's likely been many years since you've sat across from your parents at the dinner table and been forced to listen to their financial advice. If you were anything like me, it probably bounced from one ear to the next and then out into an abyss. However, I urge you it is time to get back to basics and recall those money lessons that we learned so long ago. Think of these as the wardrobe essentials!

o Earn More Than You Spend: The concept is simple, but is it really? To build your "Fortune Fortress" you must simply earn more than you spend each month. Yes, it's just that easy.

o Pay Yourself First: It's ok to be selfish- You Come First! The old adage is that you should have 3-6 months of basic living expenses put aside; however times are changing. My challenge to you is to save 9-12 months of basic living expenses. Put the money directly into an interest bearing account, such as an ING Money Market account, and don't touch it until you need it for a rainy day. This is a crucial step that you should accomplish before you even begin to think about investing in the stock market.

o Write Down Your Biggest Money Mistake...and then TEAR IT UP: As women we carry a lot of emotional baggage as a result of our past money mistakes. You must let go of the guilt and grief to make positive steps towards your "Fortune Fortress". Write it down...and then TEAR IT UP!

o Invest In Yourself: Education, education, education...it's one of the only gifts in life that cannot be taken away from you. Take a class, earn a new degree, or simply enhance your knowledge base. You will reap rewards you can only image once you begin investing in yourself.

Not Basically Broke...But Will You Be? Ok, so maybe you did listen when you parents dished out financial advice. Maybe you have always been on top of your finances and brag to your friends about how well you are doing. I urge you to take caution and consider the items below as cash concepts you might not have spent too much time thinking about. Think of these as the fashion accessories that compliment the wardrobe essentials!

o Protect Your Paycheck: When was the last time you took a 12 month vacation? I am guessing never since we all live on cash flow. Likely your paycheck is your biggest cash flow asset. We spend a lot of money protecting our cars, houses, apartments and such but little to protect our number one asset; our paycheck. Statistics show that you have a one in four chance of getting sick or hurt for longer than 90 days prior to age 60. Talk to your financial adviser today about how you can protect your cash flow with a paycheck protection policy.

o Love Life: Most people think Life Insurance is just about death and don't realize how powerful it can be while you are living! If you own one type of this insurance, it can provide you with Tax-Free income for life at some future time.

o Make Money Magic: Start with 30. Collect all your receipts and bills for 30 days and create a comprehensive "Money Map", aka a budget. Be honest with yourself. You need to list everything from your mortgage payments to your clothing purchases to your utilities to your valet fees. Once you've created your "Money Map" you can begin to make small changes in your spending. Remember its small changes that make a large difference in your "Fortune Fortress".

o Get Cash Creative: It's time to get Cash Creative. I want you to look at your spending in creative ways. For instance; many women have the guilty pleasure of grabbing a magazine while in line at the grocery store. Let's say the magazine costs $4.50 and that you have to dive into this magazine every week. That's $225.00 a year you are spending. But what if you got a subscription to the magazine and that subscription only cost $48.00 a year. That's a difference of $177.00 every year. Now that $177.00 of savings could pay for part of your life insurance premiums or your paycheck protection policy. It is possible to have your cake and eat it too...just get cash creative. Or, WOW, you could even save or invest it.

o Find a Money Maven: Search out a Money Maven who can serve as a mentor to you. One of the best ways to learn is to follow in the footsteps of someone who has already chartered a course towards success. There is no reason why you should struggle through money mistakes that others have learned from. Find a Money Maven, buy her a coffee, take notes, and learn all you can from her.