It's no surprise that money is the biggest source of stress for Americans. In fact, a survey by the American Institute of CPAs found that more than half of Americans with debt say that it's negatively impacted their lives. If you want to take control of your finances, here are five easy tasks that can help get you moving toward financial health and growth.
- Track all of your expenses and income. There are plenty of programs that are free and easy to use. The key is to update your information once a week. Pick a day each week and take 20 minutes to update expenses and to see where you are spending your money.
- Get real about your debt. Write down all of your debt on a tracking sheet. Update it each week with your expense tracker. List your debt from smallest to largest. You’re going start paying of the smallest amount first by doubling, at a minimum, the minimum payment. Once you have paid the first one off, take the amount you paid to the first debt will now go to the next debt and so on.
- Once you have paid down your debt, take the amount you were spending on debt and put the money away in a savings account until you have three months’ worth of income saved. Yes, it may take while, but just do it. The security you will feel from this will be worth the wait.
- When you have your three months’ worth of income saved, start educating yourself on investing. Seek out mentors, financial consultants that are unbiased and knowledgeable on investing.
- Never stop being aware of where you are at. This is a process. Once you have the process down and are repeating it, you will see repeated results.
There it is. This is your start to a path of stronger personal finances and building more personal wealth. Get on it…commit to it…DO IT!
If you want to talk more about how you can take control of your finances and build more wealth, reach out to me. You can reach me at firstname.lastname@example.org or you can click the image below to view my calendar and set an appointment.