Turn Over a New Leaf
Posted by Gail | Filed under Take Control
Welcome to 2010. I’m very excited to see what the next year — and the next decade — bring. I hope you’re excited too. And if there are some things you need to work on to lay the groundwork for a happy life, today’s the day.
I’m always turning over a new leaf. Whenever I find that I’ve been doing something that’s not really working for me any more, I turn over a new leaf. The new year is a time of reflection and opportunity to do things differently.
If you blew your brains out over the holiday season, decided you “needed” a new big screen TV on that buy-now-pay-later plan, went nuts at the mall, or HAD to have a new car, consumer debt is your hangover. If you’re walking around with a big fat line of credit or credit card balance this may be the year you decide you’re finally Done With Debt. Once you make a commitment to paying off your debt and start taking the right steps, you’ll be surprised at the relief you feel. Whether you have to give up your super-de-duper cable package or trim back your coffee habit from two a day to once a week, you can find the money to make this happen. Really determined to be done with debt? Maybe you’ll get yourself an extra job until it’s gone. Now you won’t have time to miss the cable you gave up.
Bad habits are another “turn over a new leaf” opportunity. You may have bad habits you don’t even recognize: the magazines you automatically pick up at the cash register, the over-the-top cell bill, the weekly mani- and pedi you can’t live without. It’s time to look at how you spent your money in the last couple of months and decide which habits you’re going to change for the better. Whether you decide to pack your lunch, chop back your beer and wine consumption, or exchange smoking for walking, you likely have a number of things you can do differently to make your bottom line balance.
Can’t decide what to do first? Wish you had someone to tell you which priority should take precedence? Indecision is a nasty blocker. And standing holding two ideas without moving is a sure way to get nowhere. It doesn’t really matter which one you pick, you’ll be better off getting in gear than just looking at the options and shaking your head. Yup. Just pick one — any one —and get moving.
If your waffling is based on the fact that you really don’t know what to do – you lack information – then it may be time to turn from ignorance to knowledge. If you are allowing ignorance to be your excuse for not taking control of your money and your life, you’re a world-class dope. Books abound. Websites are full of fabulous information. And you can always find a friend who is good at the very thing you want to accomplish and let her lead you through the maze. Or make a new friend and work on your goals together. But to stay in the dark… man, that’s just dumb.
Course, sometimes people choose darkness because they are just plain lazy. Since it takes real effort to change, to do things differently, some people just can’t be bothered. They rather whine about what’s wrong than create an action plan and focus their energy on what they really want.
If your albatross is your sense of entitlement – I work hard, I deserve a vacation – then turning over a new leaf will mean:
- coming to the realization that you are only entitled to what you can afford,
- you can have it all, but not all at the same time, so you’re going to have to make some choices, and
- you are the author of your own fate, so you can stay mired in misery or finally take control of your money and your life.
If there’s one thing you should head into 2010 believing it is that you are the master of your own fate. You have choices to make and you can make those choices work for you or against you. But it will be YOU who decide through a well-thought out plan, or through apathy and indecision. It’s your life. What do you want it to be?
January 4, 2010 at 8:50 am
Happy New Year Gail and to everyone also…
January 4, 2010 at 10:02 am
Hi Gail,
A couple of years ago I listened to you and what I heard was…. the only one who could change my situation was me. I had been expecting someone, my family maybe, the sugar plum fairy,…. anyone to fix the problems I’d made for myself. So, thanks for pointing that out and getting me going. I’m not perfect and I slip and slide sometimes but I try and I think that is the big difference.
January 4, 2010 at 10:13 am
I like the idea of just picking one thing to kick off some change in your life. It can be really hard to get started when you don’t know where to start. Just do it. Start today. Take responsibility for your life story and if it doesn’t end as you wish, you have only the author to blame.
I’m pretty good at waffling myself and it sometimes takes me days to accomplish something that should take only hours. When I’m finished, I always wonder why I didn’t just get started sooner!
January 4, 2010 at 10:27 am
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January 4, 2010 at 10:32 am
I won’t say it’s a “New Years Resolution”, but I am going to try something new starting today (first Monday of the year!). I have decided to leave all forms of money, cash, credit card and debit card at home when I go to work. I work only a block away from home, in a grocery store. I find that even though I’ve gotten into the habit of bringing my own coffee, there’s still the temptation to buy a newspaper for my break, or I drink all my coffee, and then figure it’s ok to pick up another. If I really, truly need to buy something, my money is only a block away, and it can wait until I go home.
January 4, 2010 at 10:32 am
Happy New Year everyone! Well, I did not put the usual $ towards my debt repayment in December, but will be back on track this month. My raise will go straight towards it as well. Ahh, feels good to be back on the responsibility track!
January 4, 2010 at 10:37 am
Wanted to add: If I really need to pick up some groceries, it will better for me to go home and get my money, and then I can go over to the cheaper grocery store, instead of paying the higher prices at the place I work, just because it’s convenient!
January 4, 2010 at 11:04 am
Happy New Year Gail!
My wife and I are commited to exit 2010 without a single penny of debt. We shall see if we can make this goal happen.
regards,
Jason
January 4, 2010 at 11:10 am
Just because you are the master of your own fate doesn’t mean you can control everything. That’s the fine line that annoys us perfectionists.
Late in 2009 I discovered a better way of dealing with indecision or being overwhelmed. I always had a LONG to-do list sitting on my desk (crossing things off is so satisfying) but I usually ended up only doing one thing on it because there were so many to choose from. Now I limit my list to 3 things per day. I don’t agonize over prioritizing all the items, I just write down the first 3 that come to mind and stop there. It gives my overworked mind a break and more gets done.
January 4, 2010 at 11:11 am
I am sure you can do it Jason.
January 4, 2010 at 11:44 am
I totally agree with Amelia’s “you can’t control everything”. Last October I picked up a second part time job to help pay to have my ‘free’ horse broke to ride. Within a few weeks, the original pt job that I had wanted came to be a reality so I was juggling one full time and two part time jobs, on weekends sometimes working up to 38 hours with maybe a two hour break between one or the other. I gave notice to the first pt job for the end of November, as I just couldn’t physically continue. Having just the two then became a ‘piece of cake’. Mid December, although Silk isn’t completed schooling, I decided to return her to her normal boarding place for a few months to give us both a break. I had the intentions of using half of the 2nd job to pay down SL, the other to my newer vehicle fund. Before moving Silk, the trainer and I thought I should ride her at least once. Since I hadn’t been on a horse more than 10 times in the past 20+ years (broken tailbone giving birth), I should have realized that I was not the cowgirl I was in my youth. Another horse spooked Silk, she bolted, went left, I went right – right over her shoulders and landed flat on my back! At 52, that is not a good feeling! I jammed my back pretty bad, and was pretty sore for – well, still am, since it was a week tomorrow that this happened. Long story short, we moved Silk January 2. I went out to feed her yesterday, slipped leading her into the barn, and landed ribs first on a pipe rail fence. Several hours in the hospital later, to be told I broke a rib! At 52, that is not a good feeling! Since one job involves standing for 10 hours, and the other involves lifting heavy items, stretching and reaching, I am housebound for approximately ten days (to start with). I was just starting to get good hours at the pt job too, so I am annoyed at myself and the universe that this happened. I will only have to use 5 days of time in lieu at the FT job, as we have several benefit options to cover just such incidences. Fortunately, I picked up New Year’s Eve and Day shifts, earning $650 for the two days!! I will be ok financially for this payperiod, but future potential may be compromised due to new limitations I gave myself by my choice to have a horse. My reasoning for keeping this ‘free’ horse followed the lines of: I don’t drink, I don’t smoke, I don’t party, I don’t care for expensive clothes/things, Silk is something I do for me. She is my reason for getting up and out of the house, when I could just sleep in due to night shift work. Silk, as well as my free Golden Retriever Bailey, will be my companions when my youngest son finally moves out on his own. Having them makes my heart feel good. Right now, it’s that spot a few inches down from my heart that I have to hold on to so I can breathe!! So, long story short, we can plan and plan and plan, and sometimes the ‘universe’ makes plans for you. Luckily, this time I will be okay, when I can get from a reclined to upright position without a lot of swearing and crying!!! Oh, and the broken rib has totally obliterated the pain in the middle of my back from the previous injury – go figure!
January 4, 2010 at 11:49 am
Someone posting on this website wrote once that she gets rid of 7 things a day to declutter her home (could be anything – 7 magazines, 7 pieces of paper etc)….she chose 7 because it was small, manageable and could be done in 5 minutes.
I tried that about a month ago and she was right. It’s amazing how it helps you take control of clutter and bad habits.
So thanks for all the great tips I learn here on this website.
For 2010 my financial goal is to have my emergency fund built up by December 31 to the equivalent of 9 months of expenses. I’m one-third of the way there, by taking the money out immediately after I get paid, rolling my raise into it, and trimming expenses.
There was once a politician (Tommy Douglas) who said you should never be beholden to the banks. I’m determined to make that so this year – I’ve given them enough of my money over the years in interest payments and so have vowed not to do it again!
January 4, 2010 at 12:00 pm
Great blog Gail! I thought I was doing okay in 2009, guess what, I was delusional. Mortgage free in July, hubby making more money, but we were spending it all. Sat down one day and looked at the budget. I have tweaked it here and there and we are committed this year to get things paid off in 18 months, more if we put any extra money towards our credit.
One big thing, one of my kid’s cell phone. Last bill was $250 because of texting she did while in the states. Told her that the phone better be in her name by the end of January or I was cancelling it. She doesn’t think I will because it is a new contract and will cost me $620 to cancel, but I think it will be money well spent. She is 18 and needs to grow up.
2010 is the year that I get control of my house – head, money and space wise. I noticed Gail’s book in Costco the other day – darn I could have saved $10, but for my mind it was better I got it sooner than later!
January 4, 2010 at 12:35 pm
Happy New Year Gail! Love your first post of the year. By applying what I learned from you last year, we’ve now got a 3-month emergency fund (working it to 6), no debt but the mortgage, and over the holidays we opened RESPs for the boys. And we had a lovely and affordable Christmas to boot! We’re in control of our money now. Yay!
All the best to everyone for 2010!
January 4, 2010 at 1:16 pm
Kathryn,
Don’t cancel the cell phone contract – if she’s 18, add her name to the account, get it transferred into her name, and it’s then her responsibility. This means no cancellation fee for you.
January 4, 2010 at 1:36 pm
MP, I love the idea of decluttering *7* items from your home each day. Must try that!
We have some financial goals for 2010. Now that we’re on a manageable, working budget, I believe these goals will become reality in the next 12 months… and it will be the first time in over 10 years that we will be out of debt AND have money in the bank.
We definitely turned over a new leaf in the fall of 2009. Now we are enjoying the momentum that the change has created.
January 4, 2010 at 2:04 pm
@ Suzanne…. OUCH!!!! What we do for love is crazy sometimes.
@ Kathryn… good for you for drawing the line on the cell phone! You should definitly look into Elizabeth’s suggestion first though. 18 is old enough to control their own phone plan, insurances, and living expenses.
2010 is a year for making things fit. My resolution can be summed up with “A place for everything and everything in it’s place.” That includes my home, my finances and my dietary needs.
January 4, 2010 at 3:37 pm
See, this is why I love to come here every day. I learn so much from everyone!
@MP ~ I think actually it was Gail herself that explained the ‘decluttering of 7′, not sure. It’s a great idea and one I should get into my routine.
@Suzanne ~ oh! Poor you! Hope you are feeling better soon. I’m glad that your sense of humour is still intact. Where would we be without one?
@chubby bunny ~ that sounds like a plan. Let us know how it works out. Kudos to you!
@Jason ~ hubby and I will be working right along side you and your wife in this task. We are starting off 2010 with no CC debt, no mortgage. Just a pesky LOC of $28,000. EGAD! I’ve said it out loud for everyone to hear! Do I dare hit the ’submit comment’ button??????
You cheer me on Jason, and I’ll cheer you!
January 4, 2010 at 3:56 pm
Thanks *pol and Catherine for your commiserations. My twisted sense of humor had me telling my son yesterday that I might as well break a hip and get it over with, cuz surely that is next? Been waiting four weeks to see my Dr. over the holidays, so I struggled over there today – Outpatient surgery in 2 1/2 weeks! Yippee!! But while I am laid up, I am going to implement that 7 items policy – sounds like a good one, and easy enough to do. I am also going to lay out my financial path for 2010, not taking into consideration the pt job. That will be extra bonus money for the sake of the paper budget. I’ll cheer for your $28K goal also Catherine (that is a year take home for me
) Whatever happened to Maureen? I miss her….
January 4, 2010 at 4:09 pm
I have decided that 2010 is the year that I take charge of my life. Thanks for the pep talk, Gail!
January 4, 2010 at 6:41 pm
@Amber – This year will be a going-out-out-and-getting-what’s-mine kind of year too. Good luck to you!
Also, everyone, good luck on your varied journeys this year, may 2010 be more prosperous for you than 2009!
January 4, 2010 at 6:43 pm
great post Gail, great way to start the New Year. i also love the new year, it’s like ‘back to school’ a fresh start. for us, we got some extra motivation on the 27th when we found out we are expecting our second child, a real blessing. we have a budget and plan in place to pay off our LOC by April, and planned spending accounts for all the new baby stuff, getting our older daughters ‘big girl’ room ready etc. i’m cutting back on my coffee habit now due to necessity, lol, but that money will be reallocated towards reaching our goals.
good luck to everyone in achieving their dreams in 2010
January 4, 2010 at 8:24 pm
Lori, congrat’s on your new little blessing.
January 4, 2010 at 8:38 pm
WOW! According to Sean O-Shea on Global News tonight a poll that was conducted (didn’t say how many people were questioned) stated that 75% said they incurred no debt over Christmas…everything was paid for with cash; and that 58% said they did no post Christmas shopping. Did everyone from this site participate???? LOL
January 4, 2010 at 10:11 pm
Hi Gail and Happy New year to you!
My husband and I have been watching your show for years and have always admired your ” tell it like it is” approach to finance. When we were younger and fresh out of college ( a time when alot of folks feel they are free to do whatever they want without consequence) we made some poor financial decisions and subsequently paid for those decisions with a poor credit rating. Flash forward 7 years and we are now the proud owners of our very first home. I truly believe that we are the owners of our own futures and the decisions we make in our lives. We started watching your show quite a long while ago and every now and again I pull out a little bit of learned advice from you and I thank you for your wisdom and expertise in your field!
Thank you!
January 4, 2010 at 10:43 pm
Great post as always Gail. This is definitely the year I decide get off my butt, take charge and make things happen. I have been working on my finances (thanks to Gail), but I cannot procrastinate any longer with respect to my disorganization (clutter) and health issues.
Wishing everyone a prosperous 2010!!
January 5, 2010 at 5:59 pm
Hi Gail!
I just made my first budget with your worksheet. Sob. I’m in shock.
I was going to go buy your new book tonight to help get my finances on track but apparently I have no money for these kinds of things
I hope the library has it soon!
I need to start selling stuff in my house on Craigslist. And postpone renovations. And maybe auction a kidney…
But on the positive side, cutting my grocery/restaurant funds will tie in nicely with my weight-loss resolution! Yay 2010!
January 5, 2010 at 7:54 pm
Hi all and Happy New Year…
I want the new book too, but feel very stupid if I buy it in my position! Lots of debt, probably more than most of you combined!
The first thing I am setting out to do this year is get rid of unsecured debt then I will work on second mortgage and heloc. What a mess, how does it happen so soon.
If I was married, I would call Gail but I am single mom and haven’t seen her help Singles out on her show yet.
I would be way to embarrassed to go on her show anyway! Oh the drama!
Okay, good luck to us all!
January 5, 2010 at 8:13 pm
Ok, made up my handy dandy book…have my jars….did the budget sheet….here it goes, wish me luck!
January 5, 2010 at 9:20 pm
@ Dawn….you can do it! And, yes, Gail has done a single Mom on her show. Forget her name….but she ended up cleaning her Mom and Dad’s house…I especially remember her cleaning the toilet LOL. She also made dinner. It looked like she and her daughter lived above a store on the Danforth……
January 5, 2010 at 9:44 pm
Good news! My kidneys are safe!!
During the bus ride home tonight, I pondered having to share my cats’ canned food for the next year. I couldn’t figure out why the numbers were so bad. I make good money, I don’t go on trips to Europe, I cut my own hair, for goodness sake. If I’ve been living so far beyond my means for the last several years, wouldn’t I have a lot more debt?
I took another look at the budget worksheet when I got home to see if anything further could be done. Hmm… It appears I entered my bi-weekly income instead of monthly!!! Good grief. Truly, I think I’m dyslexic when it comes to numbers.
But that hour of fear really made me realize how destructive debt is. What if I just casually let it increase until I actually reached a crisis? I’ve been burying my head in the sand for years when it came to money. Looking at the cold hard numbers shows that if I stop frittering so much away on “stuff”, I can actually double my payments on my mortgage, car loan AND line of credit! Yay!
Thank you, Gail – your planning tools are fantastic!
January 5, 2010 at 10:01 pm
HOORAY! for Heather!
Glad to hear things aren’t nearly as dire as you thought. Your cats are probably quite pleased they don’t have to share their dinner. (As a sidebar, though, I wouldn’t eat cat food – but have you ever seen that commercial for Benefal stew for dogs? It actually looks pretty good – lol!)
@Catherine and Dawn – I remember that episode too – the toilet issue was pretty funny
January 5, 2010 at 10:08 pm
What a coincidence… I had been reading your blog this evening before heading over to my bf house. I get there and what’s sitting on his coffee table? The Costco Connection magazine… And guess who the lovely lady is that’s gracing the cover?
Well done Gail, I’ll be buying the book in a few weeks once I’ve managed to save up the $$$ – the new tv can wait
Happy New Year everyone and all the best to everyone’s financial goals!
January 8, 2010 at 4:35 pm
“I noticed Gail’s book in Costco the other day – darn I could have saved $10, but for my mind it was better I got it sooner than later!”
My wife picked up your book at Costco last week and she has been readin it non-stop. We worked on the 6 months expenses spreadsheet and we are excited to get out of our consumer debt.
In today’s society with big mortgage payments kids in daycare etc it’s tough and you need to plan.
Thanks Gail..
Also this site has some great stuff..
January 11, 2010 at 2:44 am
Hi, all, and Happy New Year!
This is my first time reading Gail’s blog. I’ve been watching her show for years, and occasionally catching up on Slice as well.
A couple of summers ago, my family and I went to a summer fair. There we saw a table advertising TDDUP, where people could sign up to be potential ‘clients’ of Gail’s. My then 7 yr old son said, “Mom, you and dad should apply.” I think he meant because I watch it so much … at least, I hoped he did (and didn’t really know our problems). But there’s no way I’d go on tv to do that. Not my style.
Last November, my hubby and I decided we needed to do something to ‘get it together’ before it was too late – so we went to see our bank manager. Luckily she is a wonderful lady and helped us by giving us a consolidation loan, which will take us 3 years to pay off (at current payments). I thought the hard part would be watching her cut up my credit cards (all but the bank she works for – that limit was decreased), but it wasn’t. It was kind of a relief. Now, we’ve got a consolidation loan and a van loan to pay off, but that’s better at 5% than the credit cards at 18%+. We even went into the final signing meeting with a year long budget, and included all the things that Gail says people forget. The bank officer was impressed. Gail would have been proud!
Christmas was almost all cash … almost. I bought a few things on the CC, but my DH bought more than I expected him to. But once he gets his new contract back pay, and I get my yearly bonus, that will be gone, too.
Our goal? To take our kids to DisneyWorld before they’re “too old” for it (ie. teenagers). Hopefully, with careful planning, we can pull it off 2 years from now.
Thanks for reading. (I’m sure whoever screens these will get a chuckle from my email address.)