Financial Zen at Zen Habits
posted in goal, zen |Kind of ironic, but thanks to the guest post at Consumerism Commentary of Zen Habits I came across a post that shares my namesake:
Financial Zen: How to get financial peace of mind
These tips are the ultimate basics to controlling your finances - they keep you sane and aware of your financial state of mind (and prevent the bills from piling up). Check out Zen Habit’s break down - I’ve attached my own comments to his very crucial tips.
1. Pay off your debt. If you’re reading this, this is your goal. It’s my goal. $0 debt! I recommend using the snowball method I posted earlier about.
2.Pay your bills as soon as they come in. Master this one. It’ll save you so much grief (and late fees) which also leads into…
3.Make your payments automatic. I DO NOT recommend having any company having access to your checking or savings. Read the Consumerist and find how badly they can accidentally screw you over because of “automated payments.” However, I do recommend having a bank/credit union that lets you set up bill payments online. I have checks sent out from my bank for everything I get a statement for. No problems - yet.
4.Develop a financial security net. Everyone recommends a emergency fund.
5.Review your finances at least weekly. Every weekend I double check my expenses and make sure I’m on track to paying off my debts (and my bills are on time - this has saved me more than once!) which leads to…
6.Talk about money with your partner. Your plan is only as good as your foundation. My wife is essential in this, and we talk about our finances openly with each other. She’s my other half, and she should know our “state of finances” - it’s even better that she talks to me about it directly, actively engaging in the same behaviors :)
So it’s a simple list - care to add? What does your spouse do with you in terms of finance?
