We tell ourselves we want to have money for retirement, our kid’s college tuition, buy a house, etc. However there are all those other things more important than future purchases, like paying this month’s rent and putting food on the table. So, what is the lie that we tell ourselves that stop us from getting more out of our money? Get started on a new path with these simple goals!
- Goal: Set up a budget and stick with it for the next week, analyze your results
There is no truth to the saying that you can only spend what you make. Everyone knows that there is a myriad ways to spend way more than you make and get away with it – well at least for a little while. This one is for those of us who secretly use credit cards to pay our other credit cards off – not a bad choice if the APR is lower, or if you can get a 0% APR for long enough to pay off your debt. That still does not keep you from spending more than your means allows.
Time to come up with a plan to spend less than you make or if you are in to deep come up with a plan to pay off your debt with one larger loan, such as an installment loan and spread the payments out as far as you can. Yes this means that you pay more for the loan in the long run, but the goal here is to get into the good habit of planning a budget that allows you to live within your means. Choking yourself financially with a big loan payment will only have you plunging back into the debt pool. Keep your monthly debts as low as you can and do not create anymore.
- Goal: start putting 10% of your income in your work’s 401k or start an IRA
Retirement is future self’s problem. When you start planning early, retirement will truly be a golden age, plus if you put some money away and you have an emergency you just might have that money to use, instead of borrowing from a lender, you can borrow from yourself. It’s not quite the same burden to pay yourself back as it is to pay back an institution
- Goal: Learn a new skill in the next 30 days that makes you more valuable in your profession
I’m not getting paid enough to (insert financial goal here). Why aren’t you running the company by now? Whatever the reason, work on your personal brand, make yourself indispensable. Think you can’t be indispensable in a low pay job, your wrong! There are always people that, no matter what level of work they are doing that have taken the time, care and pride to make themselves a standout in their position. You can be the unique person you are and the best person at what you do!
Improving your finances when there is too much month, too much bad luck and just plain ole’ too much but not enough money is not easy, in fact it’s hard work, but it can be done.