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Blog: Managing Your Money
 Mortgages
Mortgages For as long as I can remember, People bought a house with a down payment and tried to pay off the principle as soon as possible. Then a new attitude began, no down payment, interest only mortgages, and lines of credit on the house so people could spend money they didn't have. All seemed fine till the reckoning came. A person lost a job, or had an accident or got sick and couldn't work resulting in not having enough liquid funds to pay the mortgage. Now instead of the house being a family's security it became an albatross. The house of cards people constructed came falling down around the consumer. We can hardly blame many. The president waged war with Iraq, fought by the few of the volunteer army. He told us to go out and spend. So just as the French before us we danced while Iraq burned our funds, putting the USA in debt. Now how do we turn the tide? Let's begin with our own budget. Please keep a detailed diary of all your spending for a month. Subtract your total from your income. See if you have an excess or if you have a loss. If you have excess put that amount into your money market fund or savings account. If you have a loss, look at what you spent that could be eliminated. Then create a budget for the next month. Use cash instead of credit cards so you will be conscious of just how much you are spending. Again keep a record. A very good idea is to pay yourself first. Take advantage of the 401 K accounts at your place of business. We all know we will not be able to live on Social Security so plan to live well in the future. Take responsibility now so you will be able to live debt and stress free. Ccfld9/7/08
posted on: 9/12/2008 11:30:00 AM by Frances D'Amato
category: Finances
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Managing Your Money
by Frances D'Amato
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About Frances:
Frances L. D'Amato, M.A. M.Ed. is an Organizational Psychologist as well as a working artist. She founded the Tree Group in 1981 and has been helping Organizations reduce clutter and streamline systems for more efficient management. About ten years ago she expanded her focus to include individuals who work at home and then individuals who need help decluttering their homes. Frances works with the individual to discover the meaning of clutter and develops a process to allow people to let go and live in a more clutter and stress free environment.
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