5 Strategies for Getting Control of Your Money
Overcoming Bad Money Habits
Getting on the road to financial success is within your reach. If you are like many women today, you are probably feeling stuck or perhaps overwhelmed with your life – like you can’t get ahead fast enough, save more money or even know where your money is going. There might be some unconscious thoughts that are holding you back and keeping you from moving forward, building wealth and saving more.
Don’t feel bad. You are not alone. All of us have some bad money habits. Recognizing them and doing something about them will change your life.
Think about your life and your money and ask yourself, what is holding me back? If you had to define the number one mistake you are making with your money, what would it be?
The Number One Money Mistake
In my opinion, the number one mistake women make is not taking control of their money. It doesn’t matter why – there could be a thousand reasons or excuses. Every woman and every situation is different. But mark my words – it is a lack of control that is holding you back from financial success.
So how do you “get control” of your money? You make it a priority. You empower yourself by really looking at how you earn, save, spend and give away your money. Many of us are doing something with our money we don’t like. And we have all done things with our money that we regret. Old habits and feeling overwhelmed by life’s pressures may be holding you back. By gaining personal insight, I guarantee you will get better control of your money.
Living More Comfortably
Here’s something else to consider: Women are living longer. The average life expectancy for women in North America is 83.4 years. The average age of a widow is 56. Taking control over your money has never been more important, especially if you want to ensure your family’s financial future, and that you’ll have enough money to lead a long and comfortable life. So how do you get control over your money?
5 Easy Steps to Get Control
Step 1 - Get Informed
The more you know about your money, the better the decisions you will make. There’s no need to become a financial expert, but you do need to understand the basics about how you earn, spend, share and save your money. Becoming more aware of your habits will help you reach your goals.
Step 2 - Stop Living Day-to-Day and Set Goals
If you want to achieve more, setting goals is the way to do it. It doesn’t matter how much money you have or make, whether you are just starting out or have a successful career, setting goals will give you clarity. It will help you to stop squandering money and save more. It will inspire you to open yourself up to new possibilities. It will help you deal with debt and feel better!
Step 3 - Get Organized
Organize every aspect of your life, from your mind and money, to your home, office, and kids. It’s important to engage your family in your quest for organization, and to learn how to stay organized even when the unexpected throws you off your routine.
Step 4 - Ask for Help
Seek expert advice. If you don’t understand something, have doubts or are unclear about your money matters or investments, talk to a financial professional. Make an appointment and prepare a list of questions. Being informed will help you make better decisions.
Step 5 - Create a Spending Plan
Get a plan in place to manage your spending. Making a budget and sticking to it is a challenge for many women. That’s why it is so important to create a budget that matches your spending patterns and helps you avoid impulse spending. It will help you to set and achieve your financial goals. It will keep you motivated – and motivation is key to success.
Taking control of your money means investing in you. It means you have to start doing things a little differently. I know you want to do it. I know you can do it. And there’s no better time to start than right now!
Follow these 5 steps – outline your spending habits, set goals, get organized, seek expert advice, and create a budget that works for you. You’ll have a fresh start and get on the road to financial success.
Thank you, Anita, for contributing a guest post. Anita Saulite, MBA is founder of Savvy Money Gal, and Ways To Save, offering a fresh perspective on personal finance and holistic strategies to manage money. Visit her websites for more information.