3 Rules to Managing Money

Your Credit Union at work for YOU
Home Membership Services and Fees Loan Rates Safety and Smarts for Managing Money Staff and Directors	The Three Rules of Smart Money Management Are you keeping the three smart money laws? These are the ONLY three things you need to do to get your finances under control. There’s been a lot of information going around about how to be smart with money, how to invest wisely, where to save and things like that. The foundation of having no money problems is really very simple. There are just three laws you need to keep. Follow them and you’ll find yourself with extra cash within just a few short months. 1. The Law of Ten Cents. When you keep this law, you take ten cents of every dollar you earn or receive and hide it in your CREDIT UNION savings account, in your mattress, or in a hole in your backyard. It doesn’t matter. Get used to living on 90% of your income while ten cents of every dollar gets put away. Follow this rule and you will soon be on your way to building a very comfortable nest egg. You might think that 10 cents on the dollar is not going to get you very far. You can get used to living on 90 cents for every dollar you earn, and after ten months, you will have a full month’s salary put away. In ten years time, you can technically take a year off. 2. The Law of Organization. How much money is in your share draft account right now? How about your savings account? How much do you owe on your credit cards? If you don’t know, and if it would take you more than three minutes to find out, you’re not keeping a law that’s easily kept. According to the Law of Organization, you should develop a clear picture of what is where at all time and update it frequently. Set up a system for tracking all your accounts. Microsoft Money is a good one, but there are others too. It’ll take a few hours time to set it up, but once you’ve done it, regular maintenance shouldn’t be more than twenty minutes a week. Think also of how much you can buy with the money saved on late fees, insufficient funds fees, and all the other expenses of not having your finances in order. 3. The Law of Enjoying the Wait. It’s widely accepted that good things come to those who wait. If you MUST have things before you have the money for them earmarked, you’ve fallen prey to the great American debt machine. The Law of Waiting states that you PAY, and pay well, for having things NOW. If you can wait until later, and put money away specifically for the purchases you have in mind, you will have outsmarted the debt monster. No Debt. How much do you pay to get things sooner? Look at your interest rate and figure it out. Debt isn’t cheap. Think of how many things you could have bought with that wasted money! When you realize how much smarter it is to buy things when you have the money on hand, you’ll actually begin to enjoy the wait.

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Your Credit Union at work for YOU

The Three Rules of Smart Money Management

Are you keeping the three smart money laws?
These are the ONLY three things you need to do to get your finances under control. There’s been a lot of information going around about how to be smart with money, how to invest wisely, where to save and things like that. The foundation of having no money problems is really very simple. There are just three laws you need to keep. Follow them and you’ll find yourself with extra cash within just a few short months.

1. The Law of Ten Cents. When you keep this law, you take ten cents of every dollar you earn or receive and hide it in your CREDIT UNION savings account, in your mattress, or in a hole in your backyard. It doesn’t matter. Get used to living on 90% of your income while ten cents of every dollar gets put away. Follow this rule and you will soon be on your way to building a very comfortable nest egg.

You might think that 10 cents on the dollar is not going to get you very far. You can get used to living on 90 cents for every dollar you earn, and after ten months, you will have a full month’s salary put away. In ten years time, you can technically take a year off.

2. The Law of Organization. How much money is in your share draft account right now? How about your savings account? How much do you owe on your credit cards? If you don’t know, and if it would take you more than three minutes to find out, you’re not keeping a law that’s easily kept. According to the Law of Organization, you should develop a clear picture of what is where at all time and update it frequently.

Set up a system for tracking all your accounts. Microsoft Money is a good one, but there are others too. It’ll take a few hours time to set it up, but once you’ve done it, regular maintenance shouldn’t be more than twenty minutes a week. Think also of how much you can buy with the money saved on late fees, insufficient funds fees, and all the other expenses of not having your finances in order.

3. The Law of Enjoying the Wait. It’s widely accepted that good things come to those who wait. If you MUST have things before you have the money for them earmarked, you’ve fallen prey to the great American debt machine. The Law of Waiting states that you PAY, and pay well, for having things NOW. If you can wait until later, and put money away specifically for the purchases you have in mind, you will have outsmarted the debt monster. No Debt.

How much do you pay to get things sooner? Look at your interest rate and figure it out. Debt isn’t cheap. Think of how many things you could have bought with that wasted money! When you realize how much smarter it is to buy things when you have the money on hand, you’ll actually begin to enjoy the wait.