My typical approach to life is very well balanced but I notice I tend to focus intensely on certain activities/studies to immerse myself until I consider myself an authority or at least 80-20 principle mastery . I have been focusing a lot of recent free time focusing on studying game/pick up theory which will be useful as I enter my new phase of life. I have learned enough of that for awhile until I put more into practice and hit the town for more detailed field tests. My new focus for my next few posts is on improving my finances and making sure that I am optimizing my earnings and minimizing my expenses to the greatest extent possible.
I often read a lot of financial info saying how the small things add up. If you only make your own coffee and forgo the Starbucks lattes or eat out less a month you will be able to pay off your debt, life will be great and your money problems will be no more. It is true that little things add up by I am going to start by tackling the biggest problems first and follow the 80-20 principle with respect to managing my personal finances.
My next few posts will highlight my big ticket expenses and explain the actions that I am taking to improve my financial situation. Here are the subjects I will be covering:
- Tackling credit card debt: Fortunately for me I have no credit card debt so this post will focus on my approach to using credit and tips for getting credit card debt free.
- Lowering my mortgage payment: I have 18 yrs left on my 20 year mortgage at a rate of 4.75%. I should have refinanced awhile ago but neglected to so now I am seeking to lock in a lower rate and some long term savings as a result (in addition to cutting years off of my mortgage).
- Managing education fees for my children: A big new expense for me based on some recent life changes so I will share some details on how I am incorporating this large unexpected cost.
- Reducing my car insurance fees: I have neglected my auto insurance policy for far too long and have helped put my insurance agent’s son through college as a result (my line I used yesterday with them). I will discuss the approach I used to benchmark and lower my costs.
- Reviewing other routine expenses including cable/internet/phone fees & other misc bills: I won’t dive into piddling amounts but I will talk about my approach to lowering costs for routine monthly expenditures that amount to 75$ and above.
I think you will enjoy the next few posts and I am eager to see how others are approaching their personal finances.