Jim over at Blueprint for Financial Prosperity has written several blogs recently about The 7 Deadly Sins of Personal Finance.
Just a few of the sins you will want to avoid are:
Do you want to have help to be able to avoid these sins so that you can be successful with your money management? Never fear, Geezeo can help!
Jim says: “When you have a pot of money set aside for emergencies, you don’t need to rely on loans or credits to pay for the emergency.” A great example that he lists is having a flat tire. You can’t plan for something like that to happen – or can you? It’s not about knowing when you will need to use that money to pay for that tire, it’s about knowing you have the money available to take care of that should the need arise.
So just how can Geezeo help you here? Make good use of our goals section. Geezeo allows you to monitor and display your progress toward obtaining your goals. Plus, others with the same goal can offer encouragement, tips, and strategies until your goal is reached. Set up a goal so that you can set aside the money to have as part of your emergency fund.
Another sin that Jim mentions is the lack of budgeting. He gives a good analogy: “Without a clear picture of how much you’re spending and on what, you’re basically wandering the forest at night without a flashlight.” He also states why you cannot improve your spending if you are not tracking it. “With a budget, you can tell where you stand the greatest chance of improvement. You may discover patterns you didn’t know beforehand.” says Jim.
Geezeo can help you get started on your budget by helping you pinpoint where you are spending the most money. Create spending targets based on what you think you are spending, let Geezeo help you keep up with your transactions & tag them accordingly, and then PRESTO! – You will be able to visiually keep track of where you are overspending and can use room for improvement.
Finally, another sin that was mentioned is that of not enjoying your life. Says Jim: “Life, especially the personal finance aspects of your life, is all about balance… You don’t have to spend a lot to enjoy life but you don’t have to starve yourself of all fun… While all those goals are important, it’s also important that you enjoy life now so that you don’t burn yourself out.”
Where can Geezeo come into play here? The goals are to save money, but also to enjoy doing things with friends and family, so how can you find inexpensive ideas of ways to spend your time? Check out our groups section to find like-minded people searching for ways to enjoy their time without breaking the bank. Whether it’s just you and your significant other or an entire family, we’re sure you can find a group that will suit your needs and help you find what you are looking for.
Check out the other 4 sins that you will want to avoid. If you are having a particularly hard time with one of them, confess about it here.
