When it comes to finances it can be hard to know what is the best thing to do for your family. While everyone’s situation is different there are a few things that everyone should be doing to have financial success.
When you have your finances under control you’ll have financial freedom. No more wondering if that check will bounce. No more stressing out about not having gas money.
Sometimes something will happen in your life and it’ll force you to have to get your finances under control. But don’t wait for that time to happen. Take charge now so there isn’t any worry in your future!
4 ways to achieve financial success this year
It’s that time of year again where you are ready to make this year your bitch! But don’t you say that every year and how did that work out for you last year? Well, you are in the right place to change all of that!
I am doing a 7-day series to give you the tools to start the year off right and make it your year!
It’s Day 7 of 7 days to your best year yet is all about financial success.
You need to get a budget in place, this is the most important thing you can do today to help your finances. When you set a budget you know how much is coming in and going out.
When it comes to budgeting it doesn’t have to be hard, it can be pretty simple. There are so many ways to track a budget. You can use an app or keep it in a notebook or use a spreadsheet. My favorite is to use my budget template. (you can snag that here). I use the template because I know exactly what bills I have and haven’t been paid and how much money we will have to spend that month. But no matter what you use to track your budget just make sure it works for you!
Another good thing about a budget is it forces you to know exactly where your money is going. Have you ever looked at your bank statement and wondered what you spent that $50 on? When you have a budget you’ll know exactly where all your money is going and you won’t be surprised by overdraft anymore!
You need to save your money in order to have financial success.
I know you hear it everywhere! All those ads that are in your face telling you some new way to save your money. While they all might not all be something that works for you, you need to find something that does.
The best advise I have ever gotten on money management is to put away the money you are going to save first. What that means is before you do any spending, before you try and calculate how much you are going to spend on gas is put money into saving first. When you do that you are less likely to spend that money.
Once you have started on your budget and have added up how much money to save, put it into saving right then! Don’t think about what you could spend that money on or what you wish you could be doing with that money. Channel your autopilot mode and put your money into your savings.
There are a lot of ways to save! I have a few listed out for you.
You can find those super cute money trackers that can help you save $1000 dollars in 12 weeks (or whatever your goal is). You can find those all over the internet. They are awesome if you are the type of person who loves to be a micromanager. They show you how much you need to save that week and the total amount you have saved up. It’s all right in front of you!
If you are the type of person who likes to save without thinking about it I would suggest trying something like acorns. Acorns will round up the purchases you make to the whole dollar. Say you pay 3.47 for a coffee, acorns will take the .53 left over and put it into your account with them. Now you will be saving money without really noticing it. Acorns will take that money your saving up and invest it for you so you are saving money and making more money off that initial money you saved. Acorns is definitely something to look into.
Check with your bank, they might have a program that can help you save more money. I know if you go into your bank and let them know what your goal is to save they will have options for you. And who doesn’t love options!
But if none of these options are for you that’s totally fine! As long as you have found a way that works for you and are saving money each month you are doing okay!
Be smart with your spending
Another way to have financial success this year is to be smart with your spending.
That means you can’t just go on a shopping spree because you feel like (I know, it’s just another reason being an adult sucks!). If you need to buy a new dress for a special occasion or if you want to have extra spending money on a vacation, you need to know how much money you can spend.
This is where your budget can help. If you have to save up money to be able to afford something or change up your budget so you don’t go over, then you need to do it! Don’t put something on credit that is a want and not a need. You don’t want to have to pay interest on a pair of pants that you thought you could afford. Remember if it’s something you can’t pay cash for it you can’t afford it.
Live below your means
That means if you make $2500 a month then you only spend $2300-2400 a month (this includes putting $100 away for a month). If you aren’t living below your means then you need to cut out the extra fluff.
For starters, you probably have a lot of subscriptions to things that you don’t need. Things like Spotify Premium, a gym membership you never use or a monthly subscription box. You really don’t need those things. If you have room in your budget for them then cool pick and choose what to get rid of. If you don’t then adios amigo!
I know it can be hard to get rid of things like that but there was a time where you didn’t have those things and you were fine. After the first week or two, you’ll find you really won’t miss those things.
Find ways to cut your spending to live below your means so you can have the financial success you have always wanted.
Having your finances under control will really help you have the best year yet. If you choose to do anything this year make sure you get your finances figured out first.
If you missed any of the other days for the 7 days to the best year yet make sure you check them out. Because 2019 is your year and you now have to the tools to make it that!
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