Say NO to Getting Broke
Do you have two or more debts that are two or more months overdue? Do you have zero savings and zero opportunity of retiring in comfort? Here are four steps to taking back control of your finances.
• Take the plunge. Find out once and for all how much trouble you’re really in. Make a list of all the persons and companies you owe money, and the specific amounts you owe. Once you find out how much you owe everyone, you can start planning how to pay them back. Also, make a list of all your expenses for a week or so. Find out how much you spend on everything and compare it to how much you earn. Seeing your costs in black and white can help you decide which expenses are really important and which expenses you can do without. If you spend less money every week, you’ll have more money to pay back your outstanding loans.
• Take baby steps. Set small, easily achievable goals for yourself at first. Go a week without using your credit card. Save $10 every three days. As you achieve each goal, set your sights a little higher next time.
• Take a deep breath. Remember that there’s no deadline for getting yourself out of a financial hole. It took you some time to get yourself into this mess and it will take you some time to get yourself out of it. Don’t be discouraged if your finances don’t clear miraculously after a month. Give yourself six months to stick to your new good habits and to feel their beneficial effects.
• Take some advice. If you need help fixing your finances, consult a financial planner. It is possible that some or all of your debts can be consolidated so that you’re making payments on just one loan. A financial planner can also help you identify ways to spend less and save more.
Remember, money isn’t everything, but if you don’t pay attention to your finances, you might end up spending more time worrying about money than living your life.
via Binary Dollar and Q-Notes
(image from smithandkeene.com)
Tags: avoid-getting-broke, finance-tips, financial-management, money-management
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