Page 23 - LDBD Magazine - Issue 22 - Jan Feb Mar 2018

LDBD in every issue ◊ Financial Management

Get Rid of Your Money Leaks For Good
by Antonio Eubanks

has different leaks, and yours may surprise you. For some, its
ATM withdrawals, entertainment, overpriced insurance, late
fees, or even shopping with friends. Whatever the cause, the
money “disappears” each month.
FIX NOW OR BIGGER PROBLEMS LATER
Money leaks are disastrous to your overall financial 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 can
help stop the paycheck-to-paycheck cycle, and allow you to
begin to save, pay down debt, or invest.

Create a simple spending plan of major spending categories like
food, clothing, shelter, car, entertainment, etc. If what you spent
is greater than what you planned, there is the leak. Find ways to
cut back and be more conscious with spending. Take time at the
TIME TO FACE REALITY end of the month to see if your spending habits changed and
how it affected your budget (spending plan).
The reality is skipping the latte will not miraculously change
your financial life. Neither will splurging on the fluffier toilet TAKE CHARGE!
paper, nor spending a little extra on that wedding gift. However, I challenge you for the next couple of months to take a concen-
it is the collection of financial decisions that do matter. trated effort to identify and repair the leaks in your finances.
If you eat every meal out, buy only the finest home staples, or Once these leaks are a patched, or better yet, removed, then the
make a habit of indulging every gifting whim, then the costs water flow increases automatically. If you need motivation and/
begin to add up. Beyond the golden rule — spend less than you or coaching, then reach out to us. You can do this!
earn — it’s hard to be prescriptive, because expenses are the ___________________________________________________
result of various individual decisions, many of which feel
inconsequential as we make them. 360FinancED is a passion
established by Antonio
So, rather than instructing you to “spend on this” or “don’t Eubanks, who admi edly
spend on that”, today we are challenging you to get in the habit is not a financial guru,
of tracking what you spend. Of course we know this is easier however, mo vated by
said than done. To properly manage your money, you have to life experiences, a life-
become a conscious spender and recognize where your money is long dedica on to learn-
ing, and a passion to
going. teach and help others succeed, managed to turn around a life of late payments,
repossessions, no savings, and no financial plan. What he learned studying best
A good starting point is to record all of your purchases, whether prac ces, as well as good old fashion trial and error, he now shares with the
in a notebook, on a spreadsheet, or an app like Mint. Afterwards, masses. Having worked for over 20 years in the IT field, Antonio is a s ckler for
you want to use this “data collection” to analyze your spending systems and processes and applies that same mindset to finances. Going by the
habits. adage that a SYSTEM Saves You Stress, Time, Energy, Money, he founded
360FinancED, a financial educa on and
DRIP…DRIP…DRIP coaching pla orm designed for people
to learn to manage their money so that
As you begin to examine these spending decisions, you will it doesn’t manage them.
find there are what we call “leaks” in your spending. If you
picture your income as a water faucet, then your spending is Using the principles of personal fi-
the water hose. Now imagine a water hose that has holes poked nance, he helps people to establish,
increase, and share their wealth. He
throughout. These holes impede the flow of water to its rightful has the insight needed to help people
destination. walk through the financial change that
they want for their lives. He is a hus-
These “leaks” are any amount of money that you spend repeat- band, father, grandfather, pastor and a
edly without even thinking about it, almost by habit. Everyone self-professed informa on junkie.

LIVING Day By Day •Net Jan  Feb  Mar 2018 | 23