Get a G.R.A.S.P On Your Budget and Your Cash! by Michael Kastler

Next week, February 20 - 27th, 2011 is America Saves Week - we all know that you can't save if you don't know what you have! This is where Mike Kastler comes in with sound budgeting and money management advice! 

Mike is the Author of 'Get a GRASP on Your Budget and Your Cash' - a 5 Step Budgeting Program that helps take the pain out of budgeting! I asked Mike to share with us his motivation for writing the book and what readers can expect 

My passion was to create an inexpensive budgeting workbook and program that virtually anyone could afford!  I wanted to share my own personal finance journey and successes with anyone that wanted to achieve goals and create wealth from normal means of income.   My goal was to teach the Motivation, Knowledge and Discipline required to make budgeting a fun and personally rewarding experience.

The book's central theme is the 5-Step budgeting process - GRASP - which stands for:

G ather/organize your records

R ecord your data

A nalyze

S et-up accounts  

P ay-off debt 

It's a very logical, cookbook-style approach that walks the reader through each step.  Motivation techniques are taught to help the reader write out their goals which then become the 'motivation' for performing the GRASP budgeting process.  There's also a Discipline section which gives the reader some techniques and examples of how to stay on track month after month.  Emphasis is placed on teamwork within a marriage or accountability partner and starting children early with a Kid's Reward Program. There is something for everyone in this book!   

 

For 32 years Michael T. Kastler was employed in the automotive and IT industries working with clients on business, finance, procurement and IT strategies where he was recognized by senior level executives and received several awards. While climbing the corporate ladder, Kastler developed a love for finance and developed his own budgeting program leading to successful college savings for his children and his own retirement.

Educated with a Mathematics and Computer Science degree from Lawrence Tech University and Executive Education from Harvard Business School, Kastler branched out into the world of personal finance in 2009 by authoring the budgeting workbook entitled "Get a GRASP on Your Budget and Your Cash!" along with the companion MS Excel spreadsheet. Focusing on a simple cookbook-style approach and designed for the 90% of the population that isn't wealthy, he made his mark by incorporating Motivation and Discipline into the budgeting process.

Kastler has appeared on Fox2 News in Detroit and guest-hosted a radio show on WMUZ. He also launched his Budgeting Money Tips blog and website. You can purchase the book and learn more at http://www.budgetingmoneytips.com or email mkastler@budgetingmoneytips.com

 

How Much Should I Spend on Groceries?

Plan out your meals. Decide what you are going to cook for each week, and buy groceries based on those meals. Think of how often you will go out to eat as well, say for lunch, and add that in.

If you aren't sure of the amount you normally spend, do a 'dry run'. Do your 'regular' grocery shopping, buying only necessities for each meal. How much did you spend? Write that down and then budget in a reasonable amount for snacks and eating out.  We start with your 'regular' grocery shopping because that is normally the largest amount and most difficult to get a handle on for a family.

Average monthly amount that a price conscious family may spend on groceries:

Size       Amount
2              $450
4              $600
8              $850


Don't forget your coupons! http://www.couponmom.com/

Your Financial Coach,

Dorethia Conner
http://www.connercoaching.com/
dorethia@connercoaching.com

What's Distracting YOU?

Distraction comes so quickly. Recently, I was in one of my favorite places to be on my favorite kind of days. Downtown Detroit, on a nice hot summer day, debating my next steps. Should I call a few friends, meet up, shoot the breeze, see what’s new in their lives? I’m hungry, should I stop in for a bite to eat or grab an ice cream - yeah ice cream!

Or do I lace up my shoes and …run? Afterall, this is what I came down here to do!  I signed up to do the Detroit News/Freepress Fun Run with some friends and well...er… I haven’t run in several months. I'm starting from scratch… trudging along until I can reach 3 miles. It would be easy to stop, but I’ve made a commitment to the team I’m running with, which is what keeps me accountable.

What's distracting you from assessing your financial situation? How many times have you told yourself that this time you were going to do it, no excuses, you were going to get your money in order - only to get side tracked?

In managing our finances it is easy to get distracted. It is more fun spending than planning. Life happens and the days slip away...writing out a budget, balancing your checkbook or reviewing your retirement accounts are put on the back burner. The kids, the job, or maybe your business responsibilities get in the way. The committment I made to my teammates pushes me to run when I'd rather hang out. It's time for you to remember the pledge you made to yourself or to your family to leave a financial legacy.

NOW WHAT?

1. Renew your committment to understanding your finances thoroughly
2. Don't worry that you haven't done it in a while.. begin again!
3. Have someone that will hold you accountable whether it is a spouse or close friend
4. Schedule a consistent day and time that is reasonable for you to do your budget - set an alarm on your phone if you have to
5. Stay FOCUSED, keep your scheduled time! When you are pulled away to walk Fido, cut the grass, do laundry, take a call (you get the picture) remember your committment to yourself and the reward of financial diligence

Email me and I'll send you a basic budgeting form to help you get started - dorethia@connercoaching.com

pssst... another thing about running is that it gets easier each day you get out there and if you maintain after you've trained - you never have to start over...same goes for you and your money... I'm just sayin' ~Dorethia