Money — everyone wants more of it and few people know what to do with it once they get it. The subject of money is often taboo, and there are many misconceptions about how to manage it well. No matter what, you should be the one to control your money, not the other way around. If you are not sure where it all goes each month or consistently find yourself unsure of how you will pay certain bills, it’s time to take back the financial reins and start telling your money what to do.
The first step in taking back financial control is to do a complete analysis of your situation. Make a list of monthly bills, expenses and expected costs. Make a list of all of your sources of income. Sit down and see exactly where you are spending money — you may be surprised where your income is going. Online subscriptions, expensive coffee drinks each day and too many meals out can quickly drain your bank account, leaving you short when it’s time to pay for things that matter.
Next, you will need to take your lists and create a budget that does not leave you short of money each month. This may mean you will have to cut back on some things, and that’s okay. Have the discipline to say no to things in order to find a better financial standing and save for the future. A budget is worthless unless you stick to it, so you will have to make the commitment to yourself that you will stay on track.
Once you are operating on a reasonable budget, you will need to start setting aside money to pay off debt and save for the future. Your financial goals should extend beyond your immediate wants — think about what you will need for the future and how beneficial it can be to have an emergency savings fund. Your long-term financial interests are worth protecting, and now is a good time to take back control of your money.
By Meagan Kerlin for Vertu Marketing LLC