Prosper Newsletter: May 2008 > Financial

You understand that the following information is educational in nature and is not intended to be legal, accounting, or tax advice. You are responsible for your own financial decisions and should consult your own legal, accounting, and tax advisors before making your financial decisions.

Reward Yourself

Without Breaking the Bank

Budgeting is a concept that requires an essential change in thinking. When you set up and follow a budget, you are in fact changing the way that you think about and view your income. Establishing a budget is the easy part: you divide your expenses into a list of wants and needs. Necessary expenses could include loan payments, credit card payments, utilities, groceries, communication, and transportation. Make sure they are actual needs, not justified wants. Then list your wants: a rewards list after you have lived within the bounds of the budget or achieved a certain goal.

Living by a budget requires that you stop buying compulsively, that you curb your spending, and that you build up a savings account. However, following a budget successfully is like dieting. In order to have a successful diet, you must follow the diet exactly; yet no one is perfect, and everyone needs a break once in a while. The same is true with budgeting.

You can stick to a budget exactly, but it is always wise to put aside ten to twenty dollars a month for personal spending money, or to add to a savings account for larger rewards (such as a vacation or expensive concert tickets). However, spending money can get you in trouble. Let's say you put aside ten dollars a week for spending money. However, before you began to budget, you would spend twenty dollars a week doing all sorts of activities that no longer fit into a strict budget. You can fix this problem by taking out your spending money in cash. When you have your spending money in cash, it is a physical reminder of how much you have left. Many people find it easier to keep track of how much they have spent if they see a physical depletion rather than making withdrawals using a debit card (or charging everything to a credit card).

You can also curb your spending habits by extending your spending money for as long as you can. Look for free entertainment, such as concerts, plays, or lectures. It is a little bit of a shift to go from spending money on anything at anytime, but such a shift is crucial when sticking to your budget. For example, try to find rewards or entertainment options that are on sale. Invest in a coupon book or be aware of sales or specials. If your weakness is eating out at restaurants, then limit yourself to eating out at restaurants only once a week, and then only when you have a coupon or when there is a special. If you like movies, attend matinees that are usually less expensive.

If you would like to reward yourself with a larger toy, then budget for it. Make sure that all your monthly expenses are paid for, that you are paying down your debt if you have any, and that you are putting around ten percent of your earnings into savings. If the reward is expensive, then save up for it over a period of time-just don't neglect your savings, debt reductions, or necessities.

If you do a good job sticking to your plan, factor small personal rewards into your budget. Doing so grants you incentive to continue your budget and relieves you of the drudgery that so often hangs over a budget. You may find that an occasional reward will keep you inspired to work within your budget.

Tip of the Month

Make it Happen

Spring is a great time to reflect on inspiration. The change in the seasons often prompts a desire to find new projects and personal growth. Think about the seeds and bulbs awaiting the opportunity to spring through the once frozen ground to find their opportunities to be productive. The honeybees have spent the last several months huddling together to keep warm, hoping that the honey stores will be enough to carry them on to the warm spring weather. When the warmer temperatures arrive, they will emerge from their hive to do their spring cleaning. Eventually, they will act in partnership with all of the flowering plants, assisting them in their cycle of life. To see life emerge and be productive is inspiring. Does it inspire you to play your part and be productive? Spring is the renewal of life, and that is inspiring.

In addition to the change in seasons we also have the opportunity to honor our mothers in this season. My mother is a great source of inspiration. My mother was able, through many trials and economic hardships, to get what she wanted-without acquiring debt. It is amazing to me to see someone who was willing to do whatever it took to make things work. She could save. She could find ways to cut expenses here and there to fulfill the needs of her family. This alone inspires me, knowing that there is a way to achieve what you want, if you are willing to do what it takes to get there.

What inspires you? What will it take to get you to take action? Where is that switch to turn on the light of inspiration? Look for your inspiration. Open your eyes. It is there, you just have to find it. Prepare yourself to receive that inspiration. Learn new things. Try new things. Start doing what you need to do to achieve your vision. Read your vision statement and review the goals, steps and tasks that need to be accomplished and do them. The flower that is pollinated by the bee will bear fruit. What you do today will affect your future. Do it!


*See the Elective Class Catalog in your Success Center for the latest dates, times, and class details.

May

Elective Class Schedule:

  1. 1st

  2. 2nd

  3. Financial Elective Class Given by Charlie Machinski

    3rd

    Time:
    8:30 AM (MST)

    Topic:
    Mortgage Strategies

  4. Financial Elective Class Given by Kory Koontz

    3rd

    Time:
    9:00 AM (MST)

    Topic:
    Advanced Cash Flow Management

  5. Financial Elective Class Given by Charlie Machinski

    3rd

    Time:
    10:30 AM (MST)

    Topic:
    Personal Financial Analysis

  6. Financial Elective Class Given by Kory Koontz

    3rd

    Time:
    11:00 AM (MST)

    Topic:
    Credit Mechanics, Management and Grooming

  7. 4th

  8. Financial Elective Class Given by Darren Hardy

    5th

    Time:
    6:00 PM (MST)

    Topic:
    Get Started on Financial Independence

  9. General Elective Class Given by Dave Mink

    6th

    Time:
    7:30 AM (MST)

    Topic:
    Business Organizations

  10. Financial Elective Class Given by Darren Hardy

    6th

    Time:
    11:30 AM (MST)

    Topic:
    Shop Smart and Save Big

  11. Financial Elective Class Given by Kory Koontz

    6th

    Time:
    5:30 PM (MST)

    Topic:
    Advanced Cash Flow Management

  12. General Elective Class Given by Paul Weaver

    7th

    Time:
    12:00 PM (MST)

    Topic:
    Revitalize and Activate Your Goals

  13. Financial Elective Class Given by Jeff Loertscher

    7th

    Time:
    6:00 PM (MST)

    Topic:
    Intro to Retirement Planning

  14. Financial Elective Class Given by Ross Landon

    8th

    Time:
    4:00 PM (MST)

    Topic:
    Risk Management and Insurance Planning

  15. Financial Elective Class Given by Charlie Machinski

    8th

    Time:
    5:00 PM (MST)

    Topic:
    Personal Financial Analysis

  16. Financial Elective Class Given by Kory Koontz

    8th

    Time:
    6:30 PM (MST)

    Topic:
    Credit Mechanics, Management and Grooming

  17. General Elective Class Given by Darren Hardy

    9th

    Time:
    6:00 PM (MST)

    Topic:
    Small Business Accounting

  18. 10th

  19. 11th

  20. Financial Elective Class Given by Darren Hardy

    12th

    Time:
    6:00 PM (MST)

    Topic:
    Shop Smart and Save Big

  21. General Elective Class Given by Paul Weaver

    12th

    Time:
    6:30 PM (MST)

    Topic:
    Revitalize and Activate Your Goals

  22. Financial Elective Class Given by Darren Hardy

    13th

    Time:
    11:30 AM (MST)

    Topic:
    Get Started on Financial Independence

  23. General Elective Class Given by Dave Mink

    13th

    Time:
    4:00 PM (MST)

    Topic:
    Business Organizations

  24. Financial Elective Class Given by Kory Koontz

    13th

    Time:
    5:30 PM (MST)

    Topic:
    Credit Mechanics, Management and Grooming

  25. Financial Elective Class Given by Ross Landon

    14th

    Time:
    4:15 PM (MST)

    Topic:
    Risk Management and Insurance Planning

  26. Financial Elective Class Given by Jeff Loertscher

    15th

    Time:
    5:00 PM (MST)

    Topic:
    Intro to Retirement Planning

  27. Financial Elective Class Given by Kory Koontz

    15th

    Time:
    6:30 PM (MST)

    Topic:
    Advanced Cash Flow Management

  28. 16th

  29. 17th

  30. 18th

  31. Financial Elective Class Given by Darren Hardy

    19th

    Time:
    6:00 PM (MST)

    Topic:
    Get Started on Financial Independence

  32. Financial Elective Class Given by Darren Hardy

    20th

    Time:
    11:30 AM (MST)

    Topic:
    Shop Smart and Save Big

  33. General Elective Class Given by Dave Mink

    20th

    Time:
    4:00 PM (MST)

    Topic:
    Business Organizations

  34. Financial Elective Class Given by Kory Koontz

    20th

    Time:
    5:30 PM (MST)

    Topic:
    Advanced Cash Flow Management

  35. Financial Elective Class Given by Jeff Loertscher

    20th

    Time:
    6:00 PM (MST)

    Topic:
    Intro to Retirement Planning

  36. Financial Elective Class Given by Charlie Machinski

    21st

    Time:
    5:00 PM (MST)

    Topic:
    Personal Financial Analysis

  37. Financial Elective Class Given by Charlie Machinski

    21st

    Time:
    7:00 PM (MST)

    Topic:
    Mortgage Strategies

  38. Financial Elective Class Given by Kory Koontz

    22nd

    Time:
    6:30 PM (MST)

    Topic:
    Credit Mechanics, Management and Grooming

  39. General Elective Class Given by Paul Weaver

    23rd

    Time:
    11:00 AM (MST)

    Topic:
    Revitalize and Activate Your Goals

  40. General Elective Class Given by Darren Hardy

    23rd

    Time:
    6:00 PM (MST)

    Topic:
    Small Business Accounting

  41. 24th

  42. 25th

  43. General Elective Class Given by Dave Mink

    26th

    Time:
    7:30 AM (MST)

    Topic:
    Business Organizations

  44. Financial Elective Class Given by Darren Hardy

    26th

    Time:
    6:00 PM (MST)

    Topic:
    Shop Smart and Save Big

  45. Financial Elective Class Given by Jeff Loertscher

    27th

    Time:
    6:00 AM (MST)

    Topic:
    Intro to Retirement Planning

  46. Financial Elective Class Given by Darren Hardy

    27th

    Time:
    11:30 AM (MST)

    Topic:
    Get Started on Financial Independence

  47. Financial Elective Class Given by Kory Koontz

    27th

    Time:
    5:30 PM (MST)

    Topic:
    Credit Mechanics, Management and Grooming

  48. Financial Elective Class Given by Ross Landon

    28th

    Time:
    1:00 PM (MST)

    Topic:
    Risk Management and Insurance Planning

  49. Financial Elective Class Given by Charlie Machinski

    28th

    Time:
    6:00 PM (MST)

    Topic:
    Personal Financial Analysis

  50. General Elective Class Given by Paul Weaver

    28th

    Time:
    6:30 PM (MST)

    Topic:
    Revitalize and Activate Your Goals

  51. Financial Elective Class Given by Kory Koontz

    29th

    Time:
    6:30 PM (MST)

    Topic:
    Advanced Cash Flow Management

  52. 30th

  53. 31st

For more info