so lucky
Garden Master
One of my kids is a real poor money manager. He is self employed, and so doesn't have a steady income. Gets lots of creditor calls, threats, etc. He asked me for advice on how to get his financials straightened out, so I told him a few things to start. He doesn't have a great amount of debt, but it is spread out. I'm wondering if you all have anything I can add to the advice I gave him, which includes:
1: Open and sort your mail everyday, so you don't miss really important info, and get a better handle on how much needs to be paid out this week.
2: Save 10% of any money you get in; put it away in a special account or envelope.
3: Send each creditor something each month, even if it's just $5. Don't ignore them.
4: Put a big calendar for the month on the fridge door, marking down what is due, and who to pay how much.
5: Cut out or down on those few unnecessary daily expenses like that big gulp. And maybe put the smoking on a time schedule, rather than trying to quit cold turkey (again).
6: Keep money communication open with significant other, working together, encouraging each other.
He has said he likes Dave Ramsay's advice, but he doesn't think it applies if you don't know how much money will be coming in. I haven't read him. I have encouraged him to try to find a different line of work, but his self confidence is at an all time low, so the chances of him wowing an employer are pretty slim.
Suggestions?
1: Open and sort your mail everyday, so you don't miss really important info, and get a better handle on how much needs to be paid out this week.
2: Save 10% of any money you get in; put it away in a special account or envelope.
3: Send each creditor something each month, even if it's just $5. Don't ignore them.
4: Put a big calendar for the month on the fridge door, marking down what is due, and who to pay how much.
5: Cut out or down on those few unnecessary daily expenses like that big gulp. And maybe put the smoking on a time schedule, rather than trying to quit cold turkey (again).
6: Keep money communication open with significant other, working together, encouraging each other.
He has said he likes Dave Ramsay's advice, but he doesn't think it applies if you don't know how much money will be coming in. I haven't read him. I have encouraged him to try to find a different line of work, but his self confidence is at an all time low, so the chances of him wowing an employer are pretty slim.
Suggestions?