Useful/Useless Personal Financial Planning Strategies!

[babs]

@ eriksbmw, i don't know where U reside but I bought the building about 11 yrs ago and i believed part of my savings is the equity in the property. If i decide to sell it today, i'll be more comfortable, but with my kids - education and support structures, i cann't afford to go into retirement now

The greatest things that downs us here in US is the housing bills... it takes a chunk off your income. As for me, i guess i'm doing good but as it is, oliver twist ask 4 more.

[Miss_Risky]

I have this strategy that has worked for me for years so feel free to borrow it as it is guaranteed to lower your stress levels. I haven't patented the idea yet.

Years ago, I opened an account into which I pay a certain amount monthly by standing order so whenever there is a need to send money home to a family member, I wouldn't have to dip into my own account or stress over the demand. This helps me keep my personal finance separate.

I've also found the account comes in handy for when I have a member of the family visiting me. For instance when my niece comes to visit, I give her the cash card for the account and tell her the money in the account is hers to do with as she pleases but should be aware that it also includes her pocket money for when she goes back to school. I find that she usually turns into a financial whiz kid because her focus turns to saving as much of that money as possible to take back to school with her. I've done the same with my brother and got exactly the same result. The only thing is that when they make that final withdrawal, I'm often left with about 5 quid in the account!

I haven't had a visit for about two years and I've kept up the savings. My sister has decided to come for a visit this summer with her two kids. All I can say is The Account and I are ready for the invasion!

Oh, and one more thing, the account can also act as your 'rainy day' money. The fact that the original purpose is for extended family doesn't mean you don't ever use it yourself!

[ghm]

This look very realistic and I like the approach. It's better to prepare for the inevitable. Extended family needs are part of our lives. it affects our relationship and consequently our happiness.

If we don't prepare for such, we will be under a serious stress whenever it happens..

[SoundSpeech]

Hey... I've recently tried the reverse savings tip and it works in two ways - first, it provides money to invest before I've earned it... second, it reduces the amount of 'free' money I have to spend each month... It's a really sound investment tip everyone should try...