Financial Blogging

For people who are drowning in debt, the end of the moth can be a dreadful thing. Constant worry, of “am I going to make it this time”, “is my phone going to get disconnected again?”, sadly more people than you realize go through this exact predicament every month and you don’t even know it. Sometimes the very people you envy, you know the one’s that (you think) have it all, are struggling to make their payments without having to get a Check Advance every month. Yes it’s true, the grass isn’t always greener or better on the other side. It’s okay though, if this is happening to you, it happens to everyone at some point in their lives. Sometimes things get overwhelming or something unexpected happens and you have no control over the situation, like those horrible storms that come sweeping through and take everything you own in a sweep of a second. We’re all human and we all go through difficult times. Don’t beat yourself up over it, be resilient and take back control of your life. Follow these 5 steps below to help you conquer your faltering finances.

 

 

1. Assess your financial situation:

 

The first thing you have to do is sit down and take a look at your spending habits. You may not realize how much money you  needlessly spend, trust me, most people don’t. When you sit down with your monthly statements, take note of all the small random purchases you make and add them all up, those are the first things you are going to focus on eliminating. Then you will continue down your list and move on to bigger unnecessary expenses. Soon you will see exactly where you need to cut your spending.

 

 

2. Make a budget:

Now that you know where you need to cut back, you can begin to create your budget. This is very simple, you simply start by taking your monthly income and subtracting your monthly expenses, now whatever you can determine what you’re going to do with your left over money, assuming you have money left over. If you don’t, and if you are in a negative cash flow, then you have to consider making some major major cutbacks. Like car, house, cable, extra curricular activities, phone bills, internet etc… any extra luxuries that aren’t basic necessitates need to be reevaluated. This is time to give up excess.

 

 

3. Make a goal and create your plan:

Creating a goal is what is going to help you get to where you want to be. Goal setting is an extremely important aspect of your success. Establish a goal, ie. I want to save $5,000 this year. Now that you know you want to have $5, 000 saved up in a year, you can start to take the steps to make that happen. It’s easy, it really really is! To save 5000 in a year, you will have to put aside 416.66 per month to achieve that goal in a year. So let’s say you have to budget $500 a month, and you get paid bi weekly, then work out a budget and a plan to put aside $250 from every paycheck for a year. Stick your goal without fail and reward yourself at the end of it for accomplishing what you set out to, just don’t blow it all!!!

Leave a Reply

Name (required)

Mail (will not be published) (required)

Website

Submit Comment