Ian Mausner is a seasoned financial professional who worked with clients in money management for over thirty years. In that time, he helped people from all backgrounds take control of their bank accounts and find financial stability.
Among the most basic steps that a professional such as Ian Mausner might recommend that you take is budgeting. Though many people make budgets, few follow them. Tips like those below can help you break the pattern of ignoring your budget and start repairing your financial situation:
- Find a Tracker that Works.
Once you have the numbers for your budget, it’s easy to set it aside with good intentions and forget. A tracker that has your categories and limits will help you avoid this habit.
Whether you’d like a tracker on your phone, your tablet, your laptop or your notebook, do your research and find a system that works for you. Input your numbers and then, either daily or weekly, record what you’ve spent so that you can see what you have left.
When a category runs out, it’s easy to say “just this once” or “it’s only a few dollars” and keep spending. Unless it’s completely unavoidable, don’t allow it. Sure, it’ll be uncomfortable and you won’t like it, but if you’re strict with yourself, you’ll be less likely to over-spend the following month.
Sometimes the first, second and third drafts of your budget will be off. You’ll underspend in some categories and be forced to go over in others. If this happens, revise your budget as needed and try again.
If you’re having trouble with your budget, consider speaking with an experienced professional like Ian Oliver Mausner for assistance. Your advisor can give you the steps that you need to take your bank account into your own hands.
Also can read: Ian Mausner: How to Prepare to Invest
Ian Oliver Mausner is a seasoned financial advisor and money manager who, for three decades, focused on helping his clients build wealth through investing and management.
Before you’re ready to start investing with financial-savvy experts like Ian Mausner, you’ll need to prepare. Steps like those below are just the beginning:
Investing while you’re in debt isn’t good business. Any earnings you make from investing will unlikely compare to the money you spend on interest each month that you’re in debt. Stop using your credit cards and come up with a plan to get rid of your debt.
Pick from the popular strategies that you can find online or in books and, once you’ve decided, follow one carefully until you’re completely debt-free.
Without liquid savings for emergencies and unexpected expenses, you shouldn’t be locking your money in investing. Once you’re debt-free (or before you begin paying down debt, depending on your approach) save enough money to live off of for six months. The exact amount will depend on your cost of living.
While saving money, do not touch what you have and put as much as you can into your savings every month until you reach your goal.
After you have a comfortable savings cushion and are free from debt, your first investments should be in your future comfort. If you’re not already saving as much as you can for retirement, start doing so.
Work with a retirement planner to determine how much you will need to retire and what it’ll take to get there and start putting your money into it.
Once you feel like you’re ready to invest – or even before you think you’re prepared – speak with a specialist like Ian Mausner to get started. You won’t regret the professional assistance.
Ian Oliver Mausner spent over three decades working in financial advisement and money management. Though his entrepreneurial focuses are not limited to finance-related fields, his interest in investing and financial security have not changed.
If you dream of the financial security of a seasoned pro like Ian Mausner, making a budget is among the first steps to getting there. Basics like those below will help:
- Assess Mandatory Bills.
Assess your monthly mandatories. Start with all non-negotiable bills – your mortgage and car payment, for example – and then add things that you could reduce, like gas and groceries. Calculate how much you spend each month without indulgences like stopping for coffee or eating out.
- Compare Your Income.
After you’ve assessed what you can’t avoid spending, compare your monthly income to the number you previously calculated. If you’re spending less that you’re earning, great! If not, it’s time to cut back where you can.
Groceries, gas and clothing purchases can typically go lower, and payments like insurance can be negotiated. Consider eliminating extra bills, like your television service, if you need to.
Though it might feel impossible, if you cannot raise your income above your unavoidable expenses, find ways to increase your monthly earnings.
- Set Your Limits.
Set limits on how much you can afford to spend on what each month. Use as much of your income as possible to pay down debt and save for emergencies. Once you have your limits, follow them.
Finally, don’t try to manage your money alone. Even professionals like Ian Mausner seek advisement, if for no other reason than for a second set of eyes.
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