If you ask yourself the question, “how much of the quality of my life is affected by my control over my finances?”, you’ll quickly come to the realization that it’s a large percentage. Money controls your resources, which in turn controls how balanced your work and play ratio is. Which is a slightly more complicated way of saying that getting a handle on your financial situation directly correlates to getting a handle on your standard of living.
And that – you can control! And some tips for doing this include repairing your credit, setting a realistic budget, creating a master plan for your finances, minimizing and selling your stuff, and talking to experts about broad financial considerations. Even without making more money, you can feel much better about yourself after following those steps.
Your absolute first step when it comes to taking control of your finances is to come up with a plan to start fixing your credit. Because let’s face it, pretty much everyone has some credit issues to deal with. You may have gotten off to a rocky start with credit when you were younger, or maybe in your college days you had to accrue some debt. But the point is, now as an adult, it’s time to buckle down and take the necessary steps to repair it.
Setting a Realistic Budget
After you put your credit-fixing plan into effect, the next thing you need to do is set a realistic budget. Once you have all of the numbers in one place, you’ll be both fascinated and disturbed by how money can come and go so quickly. It’s up to you to tighten the edges around things like entertainment or other wasted money, so that cash can go toward erasing debt rather than creating more.
Create a Master Plan
A master plan with respect to finances is going to be a combination of credit repair, budgeting, and long-term planning. You’ll include things like the value of your home, any debts you have accrued, your salary, major purchases in your future – the more things you include, the better overall idea you’ll have about your money.
Minimize and Sell
Learning to minimize is a big part of saving money, and thus controlling your life better as well. People drown under a pile of their stuff without needing it, but yet still feeling attached to it. So get rid of those attachments, and get rid of that stuff, and watch how it positively affects your financial situation!
Talk To the Experts
And finally, there are people out there who know a whole lot more about money than you do. Listen to them! Learn from them! Talk to them! Find some financial experts either online or who live locally, and start some conversations. These can be accountants, or financial advisers, or any one of another number of financial-based professionals. Even in a 20 minute conversation, you can learn life-changing tips.