Tuesday, April 10, 2012

The Frugal Files: Spring is the Time to Grow Your Green

Hello there frugal folks!!

Welcome back to The Frugal Files!! I hope you enjoyed our Flip Flop week and that you took notes on Marcy’s tutorial on navigating CVS, Rite Aid and Walgreens. I am especially grateful to Marcy for sharing her expertise. With me being fairly new in the coupon game, they were the stores that intimidated me the most. I just didn’t know how to shop in those places for the best price. Now, I’m much more comfortable and I hope you are too.

It is now April and Spring is here; one of my favorite seasons of the year. The sun is out, so we’re leaving winter and debt behind. As the saying goes…April Showers bring May flowers. I love flowers because they are beautiful, but also because of what they represent: GROWTH. Just as seasons change on the earth, it is mirrored in our bank accounts. As we continue to chat about Savings, Debt and Decluttering, it is only right that we now clear that space as the new ground is ready for planting and growth!!

We talked about basic savings and that should continue always. Now where can your money go from here? My first piece of advice is to seek out and hire a Financial Advisor. It doesn’t matter how much money you have because if you have the vision I know you do, you know that what you see is not where you will always be financially.

Ask for referrals and get started on your search. At your first meeting, listen to what they can offer, but bring your own questions. Ask them to help you calculate your current Net Worth, then allow them to help you write down some of your financial goals, both short and long term. It could be saving for a home, your children’s college fund, a mutual fund or other investments. Not sure which investments are best for you? Ask them about that too!! The more questions you ask, the closer you are to growing your own personal financial portfolio.

While you are securing your advisor, do some of your own financial gardening. There are some moves you can make without an advisor. For instance, you can commit to raising the amount of your Automatic Savings draft; the money you are saving regularly and automatically. Purpose to put more aside. If you want to step it up a notch though, ask your advisor about mutual funds. Open one and begin putting money there. It’s like a savings account, but it’s set up to be long term for you and can include low risk bonds and high-risk stocks. You can choose your own risk level. The long-term benefit of this type of fund is GROWTH!!

Another way to grow money is to get it from someone else. I know they say nothing in life is free, but I don’t think they have been exposed to it. If your employer offers a 401k/403b AND matches your investment, you have just proved those people wrong!! It is free money and you should take full advantage. If they will match up to 6% of your check, then you should be saving 6% of your check in your 401k fund. The amount you save is before taxes, so that means there are less taxes being taken out of your paycheck. This is an awesome long-term tool for retirement. If you really want to live well in your retirement, then start saving now. The greatest part is…the money grows as you grow older.

Just like you need a new wardrobe for the new season, you also need a refreshing look at your money. It is great to save it, but if your goal is true wealth, then it’s time to financially grow up. The season has changed and it is time you do the same. If you want to change the way you think about money, then you need to change what you say about money. Instead of thinking of stagnant saving, speak and act toward abundance and GROWTH. I have a financial affirmation for you that will do just that:

I Give Thanks For All My Prosperity that is Rapidly Multiplying!!

Frugalicious Diva

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