I love watching her TV series because she highlights the biggest problem that we have, will or might be facing, which is the lack of financial control.
In the TV series Till Debt Do Us Part, she works mostly with couples who are heavily in debt and do not realize the severity of it. Because of financial problems they are facing, they are almost always on the verge of breaking up.
I always wonder how did people manage to rake up that much debt and the common problem that these couple have is to excessively spend using their credit cards and make minimal payments because they spend their money on other non-essentials.
Have you heard of the 5 envelope system? This is one of the ways to manage your money. Gail however uses jars. Actually, it doesn't really matter which ways you use to manage your expenses but it is very important that you do not cheat.
Here are some tips on how to make an envelope system - http://www.ehow.com/how_2362985_make-envelope-system-.html
If you think that creating physical jars or envelopes are a hassle, you can also use apps for smartphones like Android or iPhone.
Currently I'm using Android App Cashflow Lite and EEBA (thanks Durrah, for introducing it)
In this website - http://money.ca.msn.com/savings-debt/gallery/gallery.aspx?cp-documentid=29665553, Gail sets some tips and pointers on the few money blunders that people make. Give it a read and hopefully we can all learn something from there about how to manage our money better.
Why am I talking about this today? I want people to realize that, although you have a lot of money, it doesn't mean you can squander it any-old-how. Rich people still have their money because they know how to manage it - although, in their personal life, budgeting might not be in their daily agenda.
I'm still dreaming big, but I'm also working smart.
Kippis everyone!
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