The fact that you have lost control of your finances means you have a lot going on or you just simply don’t have the knowledge to keep it in check.
You can iron out the kinks if it is the former – however, there isn't anybody on the planet that will be able to help you to control your finances if you simply don’t care to take the time and learn some basic wealth creation steps. But I am guessing that isn't the case.
It can be frustrating looking down on an empty wallet – you wonder if there is somebody hiding in your closet, stealing your cash. You perhaps haven’t balanced your checkbook for the fear of finding out you may have to hit the streets.
On top of that, you have bills to pay. It can seem harrowing at first, but it isn't.
Fortunately for you, Ben Fragar, Gold Coast Mortgage Broker has some pretty cool ways to regain control of your financial situation in 2017.
But these entail determination, commitment and willpower.
So, without further ado…
1. Make a Decision
This is perhaps the most important point. You have to make a decision right here and right now. Do you want to take back control of your money or not? A lot of people might just say ‘oh well, that enough of that’ after reading this article and go back to buying a heap of worthless junk. Don’t be amongst these people.
2. The Commitment
This may be a bit tough for some people. Your ability to commit to this sacred oath wholly and entirely is the only thing that can help you regain control of your finances. Simple saying that you would, dreaming about it, hoping you would – nah, this won’t work. You have to COMMIT to doing this – which in turn mean taking action right now – as soon as you are done reading this post!
3. Make a List of Everything you Spend on
I am not talking your expenses, I am talking your spending habits – and that is everything that you spend on, which includes food, pending mortgage payment, money spent on your car, insurance, magazine subscriptions, etc. You have all the time in the world to make this list – and I suggest you take because you will miss out on a couple of things.
4. Zero-in on Everything that the Money Goes to
No, this has nothing to do with your list; the most adequate way of identifying where your money goes is easy. Beginning from today and till the end of this month, put everything in writing – this include every payment you make, every check you cross, every credit card payment incurred, etc. This is the only way you will be able to realize what you are actually spending most of your money on.
5. Make a Separate List of WANTS and NEEDS
This can take a bit of time, but let me break it down to you so that you don’t take TOO much time. Food is obviously a NEED whereas Cheetos, Oreos, cheap wine are all NEEDS. No need to spend $50 on a single shirt when you can buy a 4 to 5 of them in the same price. If you master this ability, consider yourself saved!
6. Calculate a Precise Budget
You have to be realistic about things. And no, you don’t have to starve yourself. You just have to manage your finances.
7. Save Money
This is where you will be paying yourself. That is right. This is what is known as saving. The money you pay yourself is to only be used in the future, uncertainties and for emergencies. A couple of thousand dollars in the bank can go a long way.
8. Look for Ways You can Save Money on your Needs
The only way to truly control your finances and manage them accordingly is to eliminate all problems associated with shopping at your local discount store. There is no shame in that. Who cares what people think? Money trumps everything when it really comes down to it. Use grocery coupons, check online for discounts. Do anything and everything to save as much money on your shopping as you can.
9. Get Rid of your Debts
To minimize the blow of clearing your debts on credit card payments it is important to gradually clear your balances. Make small payments at first or you could start clearing debt on the credit card that has the highest interest rate. To be honest, there are several points of view of how you can approach this, but it really boils down to what is more feasible for you.
10. Set Your Goals – Meet Them and then Treat Yourself
This does not mean that you go out and an expensive ride or a new phone or a 100 inch television set.
Scroll up to point number 6, this is where I said you should starve yourself or in other words completely deprive yourself of everything good in this world.
If you implement these compelling proven methodologies or successful money management, then it would mean that you are gradually regaining control of your finances, which in turn means you have a bit of room to spend on something as a reward for all your hard work and determination.
This will motivate you to set other goals.
Surround yourself with successful people
There are so many successful people in the world that began with nothing in their pockets.
But through proper financial management and personal comprises they have reached the peak of success.
Similarly, there are people who came close to losing everything, but through hard work and determination, they were able to control their finances.
You can too become one of those people.
It may seem tough and unrelenting at first, but as you accomplish one personal milestone after the next, you will soon be able to triumph.
Never give up and always stay optimistic about every aspect of your life. Learn from your mistakes and march onwards.