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Friday, September 20, 2013

Buried in Debt? Here's your Shovel???

Author and financial planner Mark Wingo stopped by Get It Together Girl Radio to talk to us about changing your mindset and your bottom line when it comes to finances. Money is never just about money, there is a strong emotional component to managing your finances. Using money to address your personal issues or to keep up with the Joneses is always a recipe for disaster. As Mark, says in the interview, "I know the Joneses and trust me, you don't want to be like them!" LOL!

Looking wealthy and being wealthy are two different things. In addition to changing your money mindset, you also need to change how you handle money. It starts with a budget. Writing down what you spend and where that money will go is critical. Burying your head in the sand is not a sound financial plan! LOL!

Three things Mark talked about that will help you Get It Together:

1. Understand where your money is going.
Track what you are spending so you know where your money is going.Get a small notebook and write down what you are spending. Keep your receipts or review your bank account for debit transactions. Regardless of how you do it, get clear on what you are spending right now. Once you know what you are spending, you can start making different choices.

2. Develop a budget.
You have got to have a plan, a spending plan. Write out your expenses and plan on how you will be spending your money. There are tons of templates and samples out there to get you started. Just google budget template or spending plan template and you should find something to help you get going.

3. Change your thinking.
 Why is it important to have that $400 bag or drive that luxury car? If you are motivated by what others think or if you need to convince people that you are doing well, that's a red flag. It you are surrounded by things you have purchased because you 'deserve' it, you are also sliding quickly down a slippery slope. You do work hard and you do deserve nice things. But you also deserve the piece of mind that comes when you aren't stressed by financial worries and plagued by debt. Be less concerned about looking like wealth and start building wealth!

Click the player to the right to hear the entire interview!

For more information about Mark, his book and his financial literacy program, visit him at www.wingonomics.com.

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