Eliminate Your Debt AND Find Financial Success
Posted at 11:40 AM
Looking For Financial Success - When it comes to success with money, you don't have to look very far. You already have everything you need to be financially successful. You just have to start using it.
It doesn't really matter how much money you make. What matters is how much money you spend. I've been broke at $40,000 a year and $250,000 a year. There are a lot of upper-class income families out there that are struggling to make ends meet. It is all in how you manage your money.
And really, that management just take a little time. You have to take the time to sit down and really analyze your financial situation.
Start with your budget. A budget is an essential part of your finances. Without it, you have no plan. No way of telling where you are going. No way to know how much you can spend on something. How many times have you spent all of your paycheck the day you got it? Between bills and a splurge here or there, it is all gone.
A budget can be as simple as a list of your bills and expenses for the month. You have to make that list equal less than your income amount. Otherwise, you don't have enough money to live. When you write down everything you are spending in a month, you can see where you can and can't cut back.
Now think about the things you really want. These are your goals. They can be as simple as getting out of debt and retiring comfortably. Set yourself some short-term goals that are purely for your enjoyment. They can include saving money for a new living room couch or a vacation next summer. These are the little things that can really help keep you motivated.
Or you may find that you need to pay off your credit cards. No matter what the goal is, the time to start working towards it is now. Once you have a working budget, take steps to start meeting your goals.
Start saving for an emergency fund. This is a vital part of your finances. It will cushion your budget from any emergencies, such as car repairs, illness or job loss. You should try to have at least three months of expenses in your emergency savings. But start with what you have and let it build up. Something is better than nothing.
Review your insurance policies. Make sure that you have enough coverage for what you own. You can take this time to shop around for cheaper coverage. You never know where you can save. It is a good idea to review your insurance needs and your will at least once a year. A lot can change in a year.
After you have spent the initial time setting up your financial management, all you have to do is maintain it. This can take a few minutes a day to keep your check book in balance and your budget in mind. Or take an hour a week, like every Saturday evening. Remember that your finances are constantly changing and adjustments must be made. But once you've taken the time to start to manage your finances, you will find that you spend less time thinking about them and less time stressing about your money situation. Take the time and take action.
Martin Lukac represents www.RateEmpire.com, an Internet consumer banking marketplace. RateEmpire.com is a destination site of personal finance, investing, taxes and mortgage rates. RateEmpire.com provides mortgage guides and financial rates and information. RateEmpire.com also operates a financial portal #1 American Financial, found at www.1AmericanFinancial.com and San Diego loan portal www.LendingSanDiego.com
It doesn't really matter how much money you make. What matters is how much money you spend. I've been broke at $40,000 a year and $250,000 a year. There are a lot of upper-class income families out there that are struggling to make ends meet. It is all in how you manage your money.
And really, that management just take a little time. You have to take the time to sit down and really analyze your financial situation.
Start with your budget. A budget is an essential part of your finances. Without it, you have no plan. No way of telling where you are going. No way to know how much you can spend on something. How many times have you spent all of your paycheck the day you got it? Between bills and a splurge here or there, it is all gone.
A budget can be as simple as a list of your bills and expenses for the month. You have to make that list equal less than your income amount. Otherwise, you don't have enough money to live. When you write down everything you are spending in a month, you can see where you can and can't cut back.
Now think about the things you really want. These are your goals. They can be as simple as getting out of debt and retiring comfortably. Set yourself some short-term goals that are purely for your enjoyment. They can include saving money for a new living room couch or a vacation next summer. These are the little things that can really help keep you motivated.
Or you may find that you need to pay off your credit cards. No matter what the goal is, the time to start working towards it is now. Once you have a working budget, take steps to start meeting your goals.
Start saving for an emergency fund. This is a vital part of your finances. It will cushion your budget from any emergencies, such as car repairs, illness or job loss. You should try to have at least three months of expenses in your emergency savings. But start with what you have and let it build up. Something is better than nothing.
Review your insurance policies. Make sure that you have enough coverage for what you own. You can take this time to shop around for cheaper coverage. You never know where you can save. It is a good idea to review your insurance needs and your will at least once a year. A lot can change in a year.
After you have spent the initial time setting up your financial management, all you have to do is maintain it. This can take a few minutes a day to keep your check book in balance and your budget in mind. Or take an hour a week, like every Saturday evening. Remember that your finances are constantly changing and adjustments must be made. But once you've taken the time to start to manage your finances, you will find that you spend less time thinking about them and less time stressing about your money situation. Take the time and take action.
Martin Lukac represents www.RateEmpire.com, an Internet consumer banking marketplace. RateEmpire.com is a destination site of personal finance, investing, taxes and mortgage rates. RateEmpire.com provides mortgage guides and financial rates and information. RateEmpire.com also operates a financial portal #1 American Financial, found at www.1AmericanFinancial.com and San Diego loan portal www.LendingSanDiego.com
