Page 9 - LDBD Community Mailer Magazine - Vol. 1, Issue 1 - Oct Nov Dec 2018

LDBD in every issue ◊ Financial Management

Get Rid Of Your Money Leaks For Good

TIME TO FACE REALITY can help stop the paycheck-to-paycheck cycle,
and allow you to begin to save, pay down debt, or
The reality is skipping the latte will not miraculous- invest.
ly change your financial life. Neither will splurging
on the fluffier toilet paper, nor spending a little extra Create a simple spending plan of major spending
on that wedding gift. However, it is the collection categories like food, clothing, shelter, car, enter-
of financial decisions that do matter. tainment, etc. If what you spent is greater than
what you planned, there is the leak. Find ways to
If you eat every meal out, buy only the finest home cut back and be more conscious with spending.
staples, or make a habit of indulging every gifting Take time at the end of the month to see if your
whim, then the costs begin to add up. Beyond the spending habits changed and how it affected your
golden rule — spend less than you earn — it’s budget (spending plan).
hard to be prescriptive, because expenses are the
result of various individual decisions, many of TAKE CHARGE!
which feel inconsequential as we make them.
I challenge you for the next couple of months to
So, rather than instructing you to “spend on this” take a concentrated effort to identify and repair the
or “don’t spend on that”, today we are challenging leaks in your finances. Once these leaks are a
you to get in the habit of tracking what you spend. patched, or better yet, removed, then the water
Of course we know this is easier said than done. flow increases automatically. If you need motiva-
To properly manage your money, you have to tion and/or coaching, then reach out to us. You
become a conscious spender and recognize can do this!
where your money is going.
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A good starting point is to record all of your purchas-
es, whether in a notebook, on a spreadsheet, or 360FinancED is a passion
an app like Mint. Afterwards, you want to use this established by Antonio
“data collection” to analyze your spending habits. Eubanks, who admittedly is
not a financial guru, howev-
DRIP…DRIP…DRIP er, motivated by life experi-
ences, a lifelong dedication
As you begin to examine these spending deci- to learning, and a passion to
sions, you will find there are what we call “leaks” in teach and help others
succeed, managed to turn
your spending. If you picture your income as a around a life of late payments, repossessions, no sav-
water faucet, then your spending is the water ings, and no financial plan. What he learned studying best
hose. Now imagine a water hose that has holes practices, as well as good old fashion trial and error, he
poked throughout. These holes impede the flow now shares with the masses. Having worked for over 20
of water to its rightful destination. years in the IT field, Antonio is a stickler for systems and
processes and applies that same mindset to finances.
These “leaks” are any amount of money that you Going by the adage that a SYSTEM Saves You Stress,
spend repeatedly without even thinking about it, Time, Energy, Money, he founded 360FinancED, a
almost by habit. Everyone has different leaks, and financial education and coaching platform designed for
yours may surprise you. For some, its ATM with- people to learn to manage their money so that it doesn’t
manage them.
drawals, entertainment, overpriced insurance, late
fees, or even shopping with friends. Whatever the Using the principles of personal finance, he helps people
cause, the money “disappears” each month. to establish, increase, and share their wealth. He has the
insight needed to help people walk through the financial
FIX NOW OR BIGGER PROBLEMS LATER change that they want for their lives. He is a husband,
father, grandfather, pastor and a self-professed infor-
Money leaks are disastrous to your overall financial mation junkie.
state. You may have an ample enough water
supply (income), however, the holes in your water
hose (spending) is causing the water (money) not
to make it to the end (month). Finding the leaks
LIVING Day By Day •Net Oct  Nov  Dec 2018 | 9