Is the time right to take command of your finances? Having a grip on your finances is a big step to getting your life on track. The information that follows will help you establish your personal goals and take firm control of your financial future.
If the timing is wrong for you, avoid selling. If a stock is making you money, and increasing in value, avoid selling it too soon. Try to look what stock you have and move them around to better suit you.
You should write down every penny you spend to find where you are blowing the most money. If you put your notes in an obscure location, though, it may be too easy to forget about it. Purchase a big whiteboard and place it in a visible spot. Write down everything you spend on that. When you see what you’re spending throughout the day, your finances will be on the forefront of your mind.
Turn your unwanted items around the house into money in your pocket with a simple yard sale event. Let all of the neighbors know about the upcoming garage sale – one might even offer to sell items for them in exchange for a small commission. Garage sales offer limitless opportunities for creativity.
Make saving money your first priority each time you are paid. It is easier to save money every week rather than waiting to see what you have left when the month is over. Knowing from the start that those funds are off limits sets the right tone for budgeting and being mindful of your spending and planning.
You should find out if your debit card offers an automatic payment scheduling system that you can utilize to pay your credit card bill each month. This is a great way to be sure that you do not forget to pay a bill.
Try setting up monthly bill pay with your bank to make sure all of your credit cards are paid on time. You may not be able to pay off the card completely, but pay what you agreed to on time to improve your credit rating. If you schedule an automatic debit of your checking account, you eliminate the need to worry about making a payment late.
Almost everyone at some point in time makes a mistake with their finances. If this is your first time to bounce a check, your bank may waive the fee. This is a one-time courtesy that is sometimes extended to people who keep a steady balance and avoid overdrafts.
Carefully assess your complicated relationship with money. If your goal is to improve your financial situation, you won’t be able to do so until you have a better understanding of why you spend and save the way you do. Make a good list of what you believe about material possessions and money, and think about what has triggered that from your past. You can move on and work on building positive feelings later.
Review and adjust your portfolio on an annual basis, at a minimum. Re-balancing your portfolio annually will align the mix of your assets with your situation. By taking time to do a regular analysis, you can also take advantage of the “sell high, buy low” mentality while you take stock of your investments.
One of the simplest ways to regain control of your financial situation is to record every single expenditure for a few weeks. When you fully understand where your money is going, you have a better idea of where you can cut costs so that your finances are better overall.
If you have kids and want them to go to college, be sure to start saving right when they’re born. College is very costly and if you wait until later on you will not be able to send your kids to school.
If you have extra money at the end of the month, resist the urge to spend it and put it in your savings account instead. Breakaway months can be tempting times to increase your spending, but for permanent success, double down on savings and staying within your budget.
As we have shown, taking control of your personal economic situation is essential. By following the advice presented here, you can better your financial situation. You will have the power to be in control of your personal finances, push through with your financial goals, as well as being able to use your money in an efficient way.
