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How To Take Control Of Your Finances

This is the year to take control of your finances and make your money work for you!

Are you overwhelmed with your money management? Do you know where your paycheck is going every month? Do you need money desperately? Need to get a loan and not sure where to start?

Here are some ideas to make your money work for you and get your money management under control. Here are some ideas of money moves to make:

  1. Review your Budget– (assuming you have one!- and if you don’t, make one now. Or yesterday.) It is a perfect time to review how much money you can spend. As kids grow older, their needs change, and summer is an excellent time to map out what you think you may need for this year. Is anyone going to need braces? Teenage girl wanting lots of new clothes? Bike for your 5-year-old? Now is an excellent time to review where your money is going and what you need to save up and budget for.
  2. Set up Systems. The best way to save is to set up systems. How? Set up automatic deposits into your savings accounts. Even if you only have $5 a month to spare, ensure it is regularly deposited into savings accounts. We have hectic lives, and it is hard to remember to save every month (especially when dealing with small amounts- it doesn’t seem worth it!) But when you have the money regularly going into an account, it adds up. And if you set up automatic payments and withdrawals, you won’t even miss the money!
  3. Set a goal. Decide where you want to be financially next summer. Think about what your financial bliss is. Then take steps and step up systems to make that happen.
  4. Pay off debt (credit card & personal loans). Debt holds you back and costs you money. Paying off whatever debt you can free up your money to better serve and work for you.
  5. Work on yourself. Think about how you can level up and invest in yourself. Maybe go back to school? Maybe take a course or get some coaching. Challenge yourself to become better.
  6. Automate. I’m going to improve the automation in my finances. I want to eventually be in a position where I get maybe $300 per check in my account for groceries and fun money. In contrast, the rest of my paycheck gets diverted to a separate account where all the bills get paid and investments funded.
  7. Consolidate 401ks. I’m making sure to consolidate old 401k’s that I’ve left at employer administrators for way too long. If you have little amounts in lots of different 401ks, then you are losing out on valuable retirement money.
  8. Get More Money. Do you need more money? Don’t we all? Increasing your income by negotiating a raise or taking on overtime or part-time work is the best way to move the needle on outstanding debts and low account balances. If those don’t work for you, consider starting a side hustle, making some money, or getting some gift cards by doing surveys or playing games on apps.

Are you planning on making any of these best money moves today? Let me know!