Having Money Trouble? 7 Tips to Help You Better Manage Your Finances
Believe it or not but money really does make the world go ’round. Many people think the more money one has, the more problems they have. This is only the case when poor money management occurs. When properly allocated, money can be an incredible asset used to anyone’s advantage. If you are trying to climb out of the money problem pit, listed below are seven ways to help you manage your finances better.
1. Classes and Seminars
Education is so important. Unfortunately, financial literacy and management isn’t taught in grade schools the same way math, science and reading are. Whether it’s through the local church, library or community college, invest in a couple financial seminars or debt management programs. Many are offered for free or at a small fee.
2. Reading
Reading is fundamental. It is the ground layer of getting a solid education. Visit the local library or bookstore for countless books on how to manage money and get out of debt. If you’d prefer to listen on the go, try the audiobook option. Visit iTunes, Audible.com, or Amazon for a great download or visit the local library for a free listen!
3. Accountability Partner
The knowledge you have plummeted you into the financial mess you’re in now. It’s important to seek outside help. One way of getting help from the outside is by employing the help of an accountability partner. Find someone who is in a place you’d like to see yourself, financially. Pick their brain for advice and also accountability. This could include some personal transparency so make sure it’s someone who can be trusted.
4. Filing For Bankruptcy
While filing for bankruptcy might sound like the scariest and most detrimental thing anyone could possibly do, don’t completely nix the option. Consider hiring a consulting firm like Exelby & Partners Ltd. to see if this is a viable option for helping you get on the road to recovery within your financial life. Again, bankruptcy can sound scary and it may feel like your life or world is collapsing when you are filing for it, but it exist to help those recover and gain financially stability.
5. Realistic Incentives
Once financial goals have been put in place, it’s important to stick to them. A great way to stick to goals is to have rewards or incentives to encourage you along the way. If there is no reward, it’s harder to continue in the journey. For example, after paying of the first half of a credit card balance, get an inexpensive massage. Do something you really enjoy because it will encourage you to keep going!
6. Finance Folder
One of the reasons people get so flustered with their finances is because bills, receipts and financial statements are so disorganized and scattered. Keep track of everything in one binder or folder with tabs. This helps to keep things under control visually, mentally and ultimately, financially!
7. Budget Basics
Last but not least, having a budget is vital to financial success. It is important to have money saved and invested in the right areas of your life or it can cause financial havoc for yourself. Create a budget based on your needs and wants. Also consider using a mobile app or online system such as Mint.com to help send reminders and information about spending/saving habits and how to do better.
While it may feel like an uphill battle, the road to recover within the finances is achievable. Keeping professionals and positive advice within arms’ reach are also really important tactics for personal financial success. Before you know it, financial troubles will be a thing of the past!
Category: Financial Planning
