Feel like your finances have more control over you than you have over them? Or like you're in a financial hole and just keep sinking? There are ways to take back control of your spending and regain control of your finances.
Explore these strategies to work towards a more financially stable future.
1. Adjust Your Credit Card Usage
There's nothing wrong with having and using credit cards. The problem comes when you start spending money you don't have on purchases you don't need. Get into the habit of only spending what you can pay off at the end of each month. This will help keep you from spending what you cannot afford and going into deeper credit card debt.
You can cut up all your credit cards or you can keep them around and be more intentional about how and when you swipe.
2. Go on a Spending Cleanse
This doesn't mean you can't spend any money, but it does mean you aren't spending unnecessarily. Yes, you should still pay your bills, grocery shop, etc., but, for a time, you cut out extraneous spending from your life.
This can be for any length of time, but challenge yourself. If you're new to this, start with a day, then try a week. These brief periods of minimalist spending can help pad your accounts and break bad financial habits.
The trick is to not put off purchases and then go on a spending spree the moment the cleanse is over.
3. Learn More about Personal Finance
It's hard to get better at a skill without first understanding it. Without some form of guidance, it can feel like you're shooting in the dark and not making any progress.
Get help from professionals. This can come in the form of books, blogs, videos, magazines or advice from a professional. And since you're reading this email, you're already on the right track. Hurray!
4. Create a Financial Strategy
Sit down with your partner or family and create a financial strategy. This can include creating a budget, savings plan, emergency fund and detailing how you'll spend your money in the future. This should be a roadmap of your financial goals. You don't have to plan for every contingency but creating a financial strategy will lay the groundwork for a better financial future.
There will be bumps in the road, and not every financial decision you make will be the right one (we all make mistakes), but it's important that you learn from your mistakes and do everything to prevent them from happening again.
Get on track and create a better future with more control over your finances. Contact the office to discuss further. We can work together if you’d like more guidance.