CHART YOUR OWN COURSE TO FINANCIAL SECURITY
ARE YOU FINANCIALLY SAFE
It is never too soon to start thinking about your financial security. If you are a young person on an entry job or a middle aged mother or father of three, having financial security is a necessity. You never know when you will be needing that extra money or what kind of emergency will happen in the future.
IT’S TIME TO GET REAL ABOUT YOUR FINANCES
Finances are an intimidating topic, there are plenty of factors that you must keep in mind before making any decision. This is the reason why people tend to put off any kind of financial planning. Achieving financial security should not be a burden on you and your family.
Following some easy steps will put you on the right path towards financial security.
• TAKE AN HONEST LOOK AT YOUR SITUATION
Evaluate your income, your monthly expenses and the state of your debt. The most important thing is to be honest about it, ignoring your debt will not make it disappear and it will make your plan fail if you do not pay attention to it.
• CREATE A BUDGET
Constant improvisation will kill any effort to achieve financial security, plan ahead and soon you will have results. Make a budget for food, house expenses and entertainment. Every factor in your live that involves money must have a budget.
• KNOW WHERE EVERY CENT GOES
Take a detailed look into your expenses, evaluate what you are paying for, this way you will have enough information to make smart decisions and cuts. Use a notebook, write down daily everything you spend your money on. Yes, including that packet of gum.
• COMMIT TO TAKING ON NO MORE NEW DEBT
The debt you have at the moment is more than enough, even if you do not have any debt, commit to not take any new debt. You do not need a credit card and if your car is working perfectly, there is no reason to change it.
• GET CURRENT ON YOUR BILLS
Do not let your bills get piled up, get current as soon as possible. You will take a weight off your shoulders and you will start reducing your debt.
• TALK WITH YOUR SPOUSE OR PARTNER ABOUT MONEY AND FINANCIAL GOALS
Financial security will benefit you but also your partner. Work as a team to set some individuals and shared goals. They will also become your support in those moment when you consider going off of the plan.
REMEMBER WHAT’S IMPORTANT
Nowadays the world offers plenty of distraction that can keep you off the right path. Luxurious clothing and a car may seem like a good decision, but this is far from the truth. It is better to be ready for an emergency and plan for your future than having a full closet.
A few words of financial wisdom:
• MONEY DOESN’T BUY CONTENTMENT
Money will not buy you happiness and it will not fill any empty space inside of you. Money comes and goes.
• ENOUGH IS NEVER ENOUGH
When it comes to your financial security, it will never be enough. Even if you feel like you have enough money saved, saving a little more will not hurt.
• STUFF DOESN’T MAKE YOU HAPPY
No matter how many objects you accumulate in your lifetime, it will not make you happier, no matter if it feels like it at the moment. You future is the priority, keep that in mind. Remember, one day the pay checks will stop coming.