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Welcome to our new subscribers this month! You
are now a part of a growing group of people receiving tailored solutions
to common money and budgeting issues. Feel free to share this
newsletter with anyone you wish. Your email address will not be used
for any other purposes.
To
Your Success!
Ericka Young
Check that Book!
Personal finance is just that… personal. In this day and age no one wants to
admit to having trouble in the area of their money. We are responsible right? We know what to do right? No problems here… Well take a look at the housing
market right now and see for yourself if we really know what we’re
doing. Foreclosures are nearly
double what they were a year ago all over the country. We as American’s have not made good
decisions with our money and now many of us are paying the price.
One of the most important things you can do to
improve your financial life is Check that Book! Many people come to me because they
are dealing with overdraft fees and bounced checks. We’ve all done it, but there is a lot
of shame, guilt, remorse, and stress over making this particular
mistake. I’m here to tell you
that there is absolutely nothing to be ashamed of. Actually, this is the reason that I
am doing this business. Making
smart decisions with your finances begins with tracking where all your
money is going. Miscalculations
quickly lead to overdrawn accounts.
How do we end this cycle?
There are several things you can do to get on the right track if
this has happened to you.
- Start with today’s
bank balance for your account.
Write it in the checkbook immediately.
- Write everything
down!!! All of your ATM
debits, checks, debit card purchases, withdrawals, automatic
payments, service charges, dividends, and of course all deposits
must be written in the checkbook.
Many people forget about the automatic payments or checks
that were written several weeks prior. If you authorized it, it will
hit your account soon.
Review the transactions the bank already took out. Insert any transactions that
haven’t yet hit your account in addition to outstanding checks
you’ve written.
- On an ongoing basis
it is imperative that you write down all transactions as soon as
they occur. If you are
utilizing a software tool for your checkbook like Money or Quicken
then you must keep all receipts in a convenient place so you can
record everything as soon as you can get to your computer.
- Bring the balance
down! If you don’t subtract
or add your last transaction and know the balance remaining, then
a checkbook is worthless.
The whole point is for you to know exactly how much money
you have currently in your account.
- Accuracy is key.
Never round up or down to make it look like more or less is
in your account. All that
says is that you don’t want face the truth. This whole process is about
facing the truth. Your
checkbook balance may be just the reality check you need.
- Remember that using
your debit card can also post as a credit card purchase. If you use your pin number
during the transaction it posts to your account immediately. If you sign without using your
pin number then it is run as a credit purchase and could take
several days to show up. Do
not allow this to be a checkbook catastrophe. Just because it doesn’t come
through today doesn’t mean it is never coming through. Record it in your checkbook just
as if it debited your account immediately.
- Balance it. Be sure to check each
transaction with your bank at the end of each month with your bank
statement. I check off each
transaction when it comes in.
This way I know what is still outstanding. OK my engineering background is
about to come out… Remember
this equation:
Bank Balance = Confirmed Bank Transactions –
Outstanding Transactions
- You want to make sure
not to forget any checks that are more than a month old. Sometimes it takes people a
while to cash checks. At
least this way you can give them a reminder call to let them know
the check needs to be cashed.
Otherwise you might feel that you have more money available
than you truly do.
You can face the checkbook giant. Actually, conquering this beast will
bring freedom and control.
Knowing exactly what you have in your account at any given
moment helps you to make sound decisions with your money all the
time. Even if there isn’t much
in the account at least you know.
If there is a lot in the account… at least you know. Ignorance in this area is certainly
not bliss and could lead to financial stress and countless fees. Make it a point to begin utilizing
your checkbook.
Who do you know?
We’ve all heard this saying before: It’s not what you know, but who you
know.” I have been running
Tailor-Made Budgets for the past 2.5 years and have capitalized on
several opportunities to grow my business. Many of you watched my television
clip run on FOX10 news nearly 3 weeks ago and understood the
type of opportunities that can present for a business. There was an amazing response and
that was no accident. A
gentleman by the name of Russ Christ is helping Tailor-Made Budgets get
in the media. His work resulted
in that television interview and I am forever grateful! If you are looking for a professional
in public relations to help you grow your business, I highly recommend
Russ. Give Russ a call at (480)
577-3698 and tell him Ericka sent you. Now you are in the know!
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August 24, 2007
Birthday Edition!!
New
Classes Fall 2007!
Ericka
Young will be teaching several classes this fall! If you are looking to go to the next
level in your finances or have some financial goals you want to see
accomplished check out the following classes being offered by
Tailor-Made Budgets.
Time
is running out,
so sign up today!
Gilbert Parks and Rec:
Run
with Your Vision, 9/17/07
Count
the Cost - Your New Home, 9/27/07
Registration
begins today!
Call (480) 480 503-6200 or go
to
www.gilbertrecreation.com
Chandler/Gilbert Community College:
Setting
Financial Goals, 9/22
Get
Out of Debt For Life!, 9/22
To
register go to: www.cgc.maricopa.edu/ss/registration/
Chris and Ericka Young are Dave
Ramsey Certified Financial Counselors!
Call (480)
200-2516 today for a free
30 minute consultation to see how they can help you achieve your
dreams and goals!
Anyone
who refers a new client to Tailor-Made Budgets will receive a $20 gas
card or movie passes. So get the
word out and enjoy free gas or a night out on me!
FOX10 News
Clip
If you didn’t get to
see the FOX10 news clip time is running out. Typically they remove the actual
stories from their website monthly.
So don’t delay there’s only 1 more week
left this month to view the clip.
Go to www.myfoxphoenix.com
and search Ericka Young.
“Be diligent to know the
state of your flocks and attend to your herds”
Proverbs 27:23
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