Personal Finance Tip of the Week, By Financial Fundamentals, LLC of Watertown

If you begin to feel overwhelmed by all of the personal finance suggestions you hear, don’t give up! Instead, think of ways you can use your personal talents to achieve the same objectives.

I recently met with “Sharon” who told me that she was never successful following all of the suggestions and rules related to budgeting. She isn’t a highly quantitative or detail-oriented person, so all of the expense tracking requirements were difficult for her.

Rather than giving up, Sharon thought of ways she could achieve the same objective using different approaches that were a better fit for her.

She loves to create to-do lists, and gets motivated by checking each item off her list. So Sharon decided to convert her budget into a to-do list with check boxes next to each item.

Her monthly budget now consists of several check boxes that remind her when bills are due, and some additional check boxes that address one or two spending categories that she is trying to manage more carefully. She also has one check box to review her checking account once per month to make sure she is spending less than she brings in.

Is this a traditional budgeting approach? No. But does it satisfy the primary objectives of budgeting and help Sharon stay on track and get ahead? Absolutely.

So take personal finance suggestions and rules for what they are worth: starting points. Then apply them in ways that leverage your talents and maximize your chances of success. Be creative and don’t be afraid to try personalized approaches that are a little unorthodox. Like Sharon, you may discover that reaching your financial objectives can be easy and fun.

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Stephen Barkhuff, CFP(R), CFA is the founder and president of Financial Fundamentals, LLC, based in Watertown, MA. Financial Fundamentals helps couples and singles with modest incomes take control of their financial future. Please feel free to email him any questions or comments.