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Take Control Of Your Financial Future (Easy To Follow Steps!!)

Everyone wants the opportunity to increase their wealth and build their assets. But many people forget to start with the basics and keep it simple. While making more money can be beneficial, there are many more ways to take control of your financial future.

Take Control of Your Financial Future – Common Questions and Tips!

Here are some tips to help you get started on your journey getting control over your finances and take control of your financial future. 

Related: Why More Money Doesn’t Equate to a Great Financial Future

Take Control of your Financial FutureWhat Does Taking Control of Your Finances Mean?

Basically, you need to know where your money is coming from, and where it’s going out. By using this information, you can then create a plan that makes your money work for you.

In short, take charge of your financial future!

If you aren’t telling your money where to go, then it actually owns you. Want to own your own life? Then take control of your finances and direct every dollar to a task. THAT is what it means to take control of your money, and I highly recommend it!

Why Is It Important to Take Control of Your Finances?

As we just mentioned, if you don’t have control of your finances, your finances will control you.

And let’s be honest, life happens.

If you’re not in control of your finances, you may find yourself…

  • in massive amounts of debt,
  • not reaching goals,
  • and not being able to save and pay for necessities — let alone wants.

Should I Hire Someone to Manage My Money?

Your finances are a mess. So naturally, you’re wondering if you need some help. You’re wondering if you should hire someone to manage your money.

I’m going to put this bluntly…

You DO NOT need to pay someone to manage your money for you.

In fact, you should learn how to manage your money yourself before looking to other people to do it for you.

However, once you’re ready to make significant investments or take risks, you may want to hire a financial planner that can help you make investments that fit your needs. Again, this isn’t mandatory, but it can be helpful.

Related: When Should You Get a Financial Advisor? A Question We’re Asking Ourselves…

How Do I Stop Letting Money Control My Life?

It’s certainly a great question that’s worth asking…. How do you stop letting money control you, and how do you focus on taking control of it?

Here are some simple and helpful steps to follow.

stop impulse spending1) Examine Your Spending

How much money leaves your checking account each month?

Unless you know exactly how much you are spending, you won’t be able to manage your money.

First, start with what your average spending is each month.

Add up all of your fixed expenses like rent, car payments, your phone bill, etc.

Then, add up your flexible expenses as well.

This includes groceries, extra debt payments, and other spending categories.

Do this for a few months and see what your average monthly spending is, and give yourself a grade.

Are you doing really well with reaching your goals, saving, and investing?

    • If so, give yourself an A and keep it up.
    • If not, make a plan to cut back slowly over the next few months and focus on doing better. 

Often, examining your checking account in detail can throw up a few surprises.

You may not be aware of how much you have been spending on particular items each month. Your new awareness can help you make some meaningful changes to your spending habits.

Related: How to Stop Impulse Spending: You Can Do This!!

2) Get Rid Of Extras

When you have random payments coming out of your account every single month, this can easily drain your cash reserve.

  • Maybe you’re still paying for a gym membership that you never use
  • Or you have subscriptions you forgot to cancel.

It’s easy to subscribe to things and forget all about them. So take a quick minute to check your account and cancel these types of payments.

take control of your finances by paying off debt3) Pay Off Your Debts

Reducing your regular expenses can help you reach your goals faster than usual. But substantial financial commitments like debt can also consume a lot of your cash. So you need to focus on eliminating these costs too.

  • Maybe you’re making payments on a car that is costing you too much
  • Or maybe you bought a timeshare and now want to get rid of it.

Whatever your situation, there is almost certainly a way to resolve it and ease the financial burden. From finding ways to get out of westgate timeshare to switching your vehicle for a cheaper model, working on a solution to these issues will ease a lot of your financial pressure and will be a significant weight off your mind.

Whatever problem you’ve got, there is a fix.

Working on a solution to these problems will ease a lot of your financial pressure and help you work towards other goals. So get on it! Lay out your debts, figure out a plan, and start paying them off! 

Not sure where to start? Take a look at the link below (and it’s free!)!

Related: What is the Snowball Debt Plan? (FREE Debt Snowball Excel Download!)

4) Create a Budget

Okay, you’ve paid off your debt (or are actively paying it off), you’ve cut out unnecessary spending, and you’re ready to take the next step.

What’s next?

Create an ongoing and long-term budget! 

We all start with good intentions. But over time people can slip back into old habits, and their spending starts to escalate again.

The best way to stay fully in control of your finances is to calculate a budget and then stick to it.

Your budget should also be realistic.

If your budget isn’t realistic, you’re likely to overspend and lose motivation.

Look back on your previous months’ spending and make a budget that is achievable. You can always make changes and tweak your budget when needed. 

Quick note — even if your income increases, try to stick with your current budget. This ensures that your extra money isn’t being used for lifestyle inflation. Instead, set the additional money aside in savings or investments and watch it grow. 

How can i be wise in using my money to have enough savings?

This is a fantastic question that comes up fairly often. People want to be wise with their money, but it certainly isn’t easy! 

As we’ve been saying again and again in this bullet #4, budgeting is the answer.

If you want to be wise with your money to have enough savings, then you simply have to earn more than you spend.

One of the best ways to do this is by setting up an automatic withdrawal on your paycheck and have the money go straight to savings. Instead of waiting till the end of the month to allocate your savings, take control of your finances and tell that money to go into your savings immediately!

Think you won’t have enough money at the end of the month? I bet you still will. Maybe just try it once and see if you even miss that money! I give it 90% odds that you won’t. 😉

Related: How to Become an Automatic Millionaire

setting goals for your financial future5) Set Future Goals

Once you’ve gotten control of your current finances, it’s time to take control of your financial future.

Setting goals is an excellent way to plan for your financial future and keep yourself on track.

Think carefully about what you want to achieve with your financial goals.

  • How will achieving them enhance your life?
  • Maybe your goal is to save enough cash to take a year off work and travel the world.
  • Or perhaps you want to pay off your mortgage before you hit 50.

No matter what, setting goals is the best way to ensure that you keep control of your finances, no matter how much time has passed. 

6) Learn To Invest

Of course, your financial future depends on you and how well you prepare for it. And one of the key ways to plan for the future is to start investing as soon as you can.

Of course, having a budget and paying off debt is important. But when those goals are accomplished, it’s time to dip your toe into investing.

It doesn’t have to be difficult either!

You don’t have to invest in crypto or learn how to be a day trader. You just need to keep it simple and focus on investments that make sense for you and will help your money grow.

Related: Keep Investing Simple: The Secret to Wealth

Are You Ready To Take Control Of Your Financial Future?

So, are you ready to take control of your financial future? If yes, these easy steps are a great way to get started! Now go achieve those goals!


AUTHOR Kimberly Studdard

Kim Studdard is a project manager for online entrepreneurs and small businesses. When she isn't spending time with her daughter and husband, or reading her growing pile of horror books, you'll find her working on her HR degree and working towards FIRE.

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