If you’ve accumulated some debt and or continually find yourself questioning why you can’t seem to control your spending, it’s time to acknowledge that money is in control of you. Think of it as a first step in a 12 step program, to taking control back of your financial life. Fortunately for you, your problems can be solved if you take the time to educate yourself on personal finance and budgeting. See, when you prepare and plan properly, your chances of failure decrease significantly. It’s time now for you to take control of your money, and stop money from controlling you. It’s not going to be something that you can do overnight however, it’s going to take education and discipline.
It’s time to start treating your personal finances like a business does. I’ve never heard of a major or successful business that lasted very long without proper budgeting and continual review of actual spending versus budgets. So why should you treat your personal finances any different? Below is a list of the action items (and 16 part series I will teach you) that you will need to take in order to start treating your finances like a successful business would (I will help you with the specifics, so don’t fret):
- Acknowledge that money is controlling you.
- Become determined to change your situation and get your personal finances in order and to treat your finances as a successful business would.
- Pull all of your financial information together (unpaid bills, collection notices, credit card balances, everything).
- List out everything that you owe, and everything that you own free and clear.
- Consider parting with anything that you own that you don’t absolutely need to live. Sell these items and build a cash reserve, we can decide later how best to use these funds.
- Educate yourself on building a budget.
- Start budgeting on a weekly, then monthly basis – with a debt repayment plan (I’ll show you how to do this).
- Immediately cut all credit cards up.
- Start paying with cash only when you go to stores.
- Review your monthly budget against actual spending.
- Ask yourself is everything on your budget crucial to survival, or is there anything else you can cut out.
- After you’ve gotten comfortable with the weekly and monthly budgeting, consider an annual, 3-year, 5-year, and long term 10 year budgets where you can set savings and investment goals
- Build an emergency fund equal to a minimum of 3-6 months (a general rule would be to build a stash that would last as long as you believe it would take to find a job in your field)
- Educate yourself on becoming as frugal as possible, learning the many ways to cut and reduce expenses
- Start retirement planning, and put a plan in place
- Enjoy the fruits of your hard work and discipline as you watch yourself take control of your money and stop allowing it to control and destroy you.
I will walk you through the entire process over the next couple of weeks and help you along the way. I will help answer any questions you have as well. The most important thing is to not procrastinate, this is your chance to take control of your money. Start thinking like a business and get in control of money, you know what you’ve been doing isn’t working – and if you keep on the same path you will simply be in a worse position in weeks, or a month, or a year. Go gather your information now, and come back immediately so we can start on a budget for you. Sign-up now for my email article delivery and get money saving tips and more, and stay connected with me while I help you achieve control of your money. It truly sounds harder than it really is. You’ll feel so good about yourself too, knowing you’re doing everything you possibly can to change your situation.