Tag Archives: tracking

MOOLAH MONDAYS: 5 Tools You Can Easily Create to Improve Your Money Management

Budgeting & Money, , , , , , , , , , , , , , , , , , ,
budget, money, finances, vacation, spending, saving, earning, paycheck, discipline, tracking, stress reduction, debt reduction, overspending, discretionary income, expenses, bills, receipts, wantlist, want list, expenditures
Photo by eric731

They say sex and money are the top two things couples fight over. So let’s talk about money. Managing your money well can do several things for you:

  • Reduce stress
  • Pay off debt
  • Avoid new debt
  • Help you save for things you want like a vacation, new car, a child’s college fund, or Christmas gifts

Several months ago my post about 7 things you need to do right after a layoff touched on budgeting. Budgeting is so important whether you are in transition or not—and can be fun! In this new series, Moolah Mondays, I’m going to share the system I came up with and have used for years to successfully budget and manage my finances.

First, make a Planning Budget (click the link to download a template in MS Word). This will show your regular expenses/recurring bills. The fun part is you’ll end up knowing how much discretionary income (leftover money you can use for things you want) you have when you’re done. The Budget is based on your total net (after taxes, withholdings, benefits, etc.) income from all sources each month—Just use a best guess estimate if you are on commission or have income that varies. This will be a simple table and look something like this:

Second, make a paper Tracking Budget. This is like a Checkbook Register but better! Here, you’ll enter what you’ve made (have to spend) and spent (subtracting what you bought) We’ll go into more detail on this tool later in this series, but here’s a sample in use.

  • Rent: $500 -$500 (Nov.)
  • Tithe: $200
  • Utilities: $200 -$100 (cell) -$60 (internet) -$15 (water)
  • Food: $150 – $75 (Nov 1)
  • Gas: $100 -$35 (Oct 1) -$35 (Oct 8)
  • Car Insurance: $200 + $200 + $200
  • Homeowers Insurance: $100 + $100 + $100
  • Me (spending): $300 -$20(ATM) -$25 (dogfood) -$35 (watch) -$5 (lunch)
  • Car Payment: $300
  • Retirement: $400 + $300 + $400
  • Vacation: $100 +$200 +$150
  • Credit Card: +$100 + $60 + $35 + $35 + $25 + $35

Next, let’s do a fun one…keep a Wantlist. Here you can plan to make dreams a reality. I like to keep mine in Google Drive as a Google Document. Your Wantlist could look something like this:

  • $1500 – Trip to 20th Class Reunion
  • $500 – 50” flat panel TV
  • $800 – Cindy’s prom dress
  • $200 – My birthday party

Last, keep a list of Yearly Expenses; sample below. I recommend a Google Document for these too. With this, you can keep an eye on things that you regularly expect (or might forget!) during the year for which you’ll need money. You can use things like your discretionary income, tax return, work bonuses, airbnb.com earnings, or 5th week paychecks to cover or get ready in advance for these expenditures.

  • Jan – Property tax
  • Feb – Vacation (final bit of funds)
  • Mar – Cindy’s birthday gift
  • Apr – Mothers Day gift
  • May – Fathers Day gift
  • Jun – Wash/Wax/Detail the car
  • Jul – Car alignment
  • Aug – (nothing/TBA)
  • Sep – Car emissions inspection and license plate
  • Oct – Christmas gifts
  • Nov – Parent’s anniversary gift
  • Dec – Termite treatment

Now that you’re armed with the right tools, next we will talk more about how to use them.

If you have children, friends, or family that would benefit from this blog, please share it. And don’t miss the next topic in this series! Sign up for this blog–see the box at the top right of this page.

MUCHO MONDAYS – You Don’t Need No Stinking Badges: Targeted Networking

Targeted Networking, , , , , , , ,

targeting, targeted networking, networking, target company list, guts, linkedin, tracking, meeting, preparation
You always hear that most people get their job through networking– upwards of 75% in fact. Years ago, my networking consisted of starting with those I knew, and I just kept following leads from one contact to the next. However, it didn’t feel like the most productive use of my time since most of my close contacts referred me to people who were not in my field. That’s when I started doing Targeted Networking.

Yes, this is a more gutsy approach since you’ll probably not know the person you’re reaching to, or you will not have been referred by a mutual colleague. But, if you are professional and prepared, you have nothing to lose! Here’s an overview of the process. In my forthcoming book I’ll go over this in much more detail than I can in a blog format.

  1. IDENTIFY YOUR TARGET – Use LinkedIn alongside your Target Company List, and identify the person with whom you’d like to have a networking meeting and his or her job title. Log in your spreadsheet the names of 1 or 2 other people with whom you could possibly meet, but start with the best contact (usually NOT the CEO, President, Owner, but someone working in your target department.)
  2. ADD AT LINKEDIN –Note if you both have some common colleagues. Personalize the request. Add (connect with) him or her at LinkedIn.
  3. LOG CONTACT INFO – Research his or her email address and phone number, adding them into your spreadsheet. Use email-format.com or Google to figure out the email address without having to call the company. (That frequently will not work anyway since receptionists usually shield employees from unsolicited callers.)
  4. REQUEST THE MEETING – 4 days after your LinkedIn add, email to request a networking meeting, thanking the person for connecting at LinkedIn if that has been the case.
  5. CALL, IF NEEDED – If there’s no response to that email in 3-4 days, call.
  6. VOICEMAIL – Give the person 2 calls at different times during the day if needed. Don’t leave a voicemail if you end up not reaching them.
  7. FURTHER FOLLOW UP – If you still haven’t spoken in the calls mentioned above, call once more the next day. Do leave a voicemail this time if you are still unable to reach him or her.
  8. THE FUTURE POSITION DROP OFF – If 3 days have passed since the aforementioned voicemail and you have no response, you can either try the process again with someone else at that office or draft what I call a “Future Position” Letter (introducing yourself, pitching your strengths, and noting the type position you’re seeking) addressed to the person you suspect would be hiring you or the CEO, President/VP, Owner, etc. and drop it off in person.
  9. YEP, FOLLOW UP CALL IF NEEDED – If you were unable to meet the potential hiring manager during the drop off, call in 4 days.

It’s very important to track the whole process in your networking spreadsheet. And, of course if you are successful anywhere during steps 1 through 7, book the networking meeting, prepare, meet, follow up with a thank you card, and then call or email to follow up in 7 to 8 weeks to see if the contact has heard of any open positions or thought of anyone else with whom you should connect.

Have you done targeted networking before? If so, share your thoughts on its productivity, any spins on how you do it, or questions.

Just a reminder, if you have family, friends, or colleagues that are on the job hunt, please share this blog with them. Don’t miss the next topic in this series! Sign up for this blog at the lower right corner of this page to be alerted via email!