The day was a Monday and the atmosphere was calm. It was as if it was going to rain. I had just heard the news that our salary had already been paid into our bank accounts. Only God could explain how happy and joyous many of us were to hear the news. I, therefore, did not waste time as I went to my bank immediately to collect the money.

To my utmost disappointment, I got to the bank only to discover that my account had not been credited with said salary. I became confused as I didn’t understand what the next line of action would be. I was at the bank later after some days to collect the money however.

The truth is that even if you don’t want to collect the money as soon as it is paid into your account, most people are always left with no other option. Many hardly had any money on them by the time the month is coming to an end. I could still remember the scenario that is peculiar to January of every year where it seems the month is always longer than expected. Most employers will not pay the salary until the last week in the month. Just imagine the situation many employees find themselves during this period. The saving grace of many might just be the foodstuff, which they have at home.

I am really sure the scenario above perfectly describes the situation you already find or might find yourself every month. It seems that you always need more money each month. Most employees believe that an average employer is only out there to use them and pay them peanut. While there might be elements of truth in this, I strongly believe that no amount of money is too small for you because there is always a way around everything.

Water rises or falls to its own level. It depends on how you see it. But I believe it rises to its level. Life is a journey. Money is condensed worth. No one can ever pay you your true worth. Just continue giving what you have regardless of how much you are paid. Your present salary is a seed in your hands. Work as though you are being paid N300, 000 say a month for your duties. You see, your worth is invariably what you believe in your heart, and it would one day be a reality. It is only quantified as so and so amount, but you really are inestimable. Salaries, stipends are just a means of appreciating your gestures and support to a vision – not your worth!
Sometimes, this money does not even come regularly as many might not even collect it until maybe after 3 to 4 months. What then is their secret? How come some of these people are still alive today and doing fine? The answer lies in you. It all depends on how you are able to manage that money that comes your way.

How do you see money? Your answer to this determines what you will do to the next money that comes your way. What happens to the little N7 500 that comes your way now is exactly what will happen to N75 000 or even N750 000 if it ever comes your way. As such, there is need for all to take charge of their financial future. You, therefore, have to make a personal decision to treat money as a seed.

I stopped obsessing over the rising cost of fuel,rising interest rates and healthcare costs. I started to make myself crazy and realized I was worrying about things I really had no control over. Or do I? I did come to realize that I do have control over these costs.

I took personal control over my finances and the cost of my healthcare costs and I started to feel empowered. I recently read an article in which it was debated if due to the rising costs of healthcare on the consumer would individuals become sicker and not seek medical attention because of this cost. The article then went on to debate that you have personal choices and most people spend their money on entertainment, clothes and or vacations. You have to make apersonal choice to be healthy.

The one common denominator of your finances is the lifestyle you choose to live. Are you the type of person who lives beyond your means, or spends your bonus money even before you receive it? Your lifestyle impacts your finances and most of all your health. Many individuals go about their day the same way everyday. Why change something that works? Or does it? Do you feel you are making healthy choices everyday from taking care of you,nutrition, the way you deal with stress and exercise?

You need to be able to step out of your own shoes and look at your life as an outsider. Are you the best you can be, or has life and it's stressors consumed you so much you walk around with blinders on? The cost of healthcare has doubled over the past few years and will continue to rise ,hopefully not at such a fast pace. But realize the choices you make now will affect you and your finances in the years to come as well.

Do you have a retirement plan? Most people do. And if you do, what is your Retirement Plan?

Few years a go, I was a member of a multinational MLM company and was one the many speakers in their regional convention. The guest speaker was a lady; an accountant by profession. Those two questions were her opening question to hundreds of members eagerly wanting to learn the secret of her success.

In a hall full of hundreds of motivated members, you can imagine what was the answer like for question one, it was a resounding YES, But no one dared to share their retirement plan to answer question two. What follow those two questions was quite amusing and entertaining but left majority of the members wondering for their next plan of action for their retirement.

So let me share with you what followed then; the speaker said "Everybody has a retirement plan, what is yours? Most people will have a so-called TYPICAL Retirement Plan. A typical retirement plan would be like the following and this plan includes those who do not have a retirement plan but have this by default;

Most people go to college and graduated with a degree, they then Look for a JOB; work 40 hours a week for twenty-five days a month, 12 months a years, Save some money, buy a car, get a date. After serious dating, they Get married; buy a house, work harder to meet the house mortgage, then they Have children, work even harder, the spouse may have to work to support their family; Raise their children to college and looking forward to RETIREMENT!

Sound familiar, this is a typical retirement plan, or is this YOUR retirement plan?"

If this is your retirement plan, just remember this, ten, twenty or thirty years from now, you will be an old man/woman living in an old house, driving an old car staying with an old woman/man.

Personally, I think there is nothing wrong with this plan and in fact was my initial retirement plan and most people would love to have such a plan, happy ever after retirement. The question here is, since you are reading this article, ask yourself,

IS THIS YOUR RETIREMENT PLAN?

Is this what you wanted in life?

Statistics had shown that majority of the people will spend all their saving or gratuity three to four years after their retirement. And many still have to work after retirement age just to get by for a living and cannot enjoy life. There is a vast different between need to work for a living and want to work for enriching life!

If you are stuck in this typical plan, don't worry, there is always an alternative to what you are planning right now. Jim Rohn; one of my favorite motivational speaker has this piece of advice on a seminar which I attended two months ago, he said,"Every one of us must learn to have a second skill in today competitive environment in order to survive and compete." At age 70 plus, Jim still travels around the world to share his fundamental philosophy in life, not because he needed to, but he enjoyed seeing people becoming successful and reap the fruit of a more meaningful life.

There are many different ways to budget your money. For those who lack will power or often go over budget, methods like the envelope method work wonders. This method teaches budgeting by strictly cutting off your resources and allowing you a very small amount of money to work with each week. It sounds harsh, but by the end of just a few months you will be living like you were never on a budget and saving a lot of money at the same time!

How it works

The envelope method is simple. You are going to pay your bills like normal, but for things like groceries, entertainment, gifts and eating out, you are going to have a specific budget to follow. These are the areas that people often struggle in. So you need six envelopes. Figure out how much you want to spend weekly in each area. For my husband and I, we spend $60 on groceries, and $30 on entertainment weekly. For the month we have $60 dollars in the miscellaneous envelope, $50 dollars in the gift fund and $60 in the eating out fund. Every time I buy groceries I take out $60 dollars and just bring that to the grocery store. I can’t spend more because I can’t afford it, I don’t have any other money with me. When I get home I put the receipt in the envelope. This way I can see exactly how much I have spent and I can only spend a certain amount.

Why it works

It seems harsh, but the envelope works because it becomes a sort of competition with yourself. You will quickly find yourself trying to not spend all the money in the envelopes, and every bit that you save each month can go towards savings or paying off debt whichever. As your debt shrinks and your savings grows, you will be more and more motivated to save money

Do any of the following thoughts ever cross your mind as you are preparing the monthly bills? How did your friend get a new job with a 20% pay raise? Wasn’t she almost fired last year? When is your manager going to move on? You are certainly more qualified. Whatever happened to the move up or out policy? Your debt has gotten out of control. You need more income. Why should you struggle each month living pay check to paycheck? It’s time for a change?

Now think back to your last large pay increase. Are you better off today than you were before the increase? Of course you are. You have nicer stuff. May be you are living in a larger house or finally purchased your dream car. You take a winter and summer vacation. Your kids are in private school. If you are better off, then why are you still struggling from month to month? A higher paycheck translates directly into a more expensive lifestyle. My wife and I vacationed in Hawaii a couple of years ago. One morning at breakfast while overlooking the most spectacular ocean view I had ever seen, my wife stated that she needed a vacation like this every year. I said that you would like to have a vacation like this each year. She replied, “No, this is a need.”

As your paycheck increases, so does your NEEDS. The bottom-line is that people that overspend on a modest income will usually find ways to overspend on a higher income.

About the Author

Michael Dawson recently said goodbye to a 20 year career in Engineering, Marketing and Sales to focus on living his dream of financial independence. He has since founded The Time and Money Group as vehicle to encourage others to do the same. The company's mantra is "Why trade time for money ... when you can have both." Sign up for their free weekly newsletter, where he and others discuss the different paths to financial freedom and offer insights for your successful navigation.