Do You Want Money?
Here is the true, clear, descriptive, specific and proven way to take control of your money!
If you want to make a crapload of money, save a lot, become financially free, or need to figure out which way to go, read on!
Here is the actual, clear, descriptive, specific, and proven way to take control of your money!
Create a Budget
Gaining control of your finances requires a budget. This is a plan that helps you 1)track your income and expenses and 2)ensure that you are spending less than you earn.
SPENDING LESS THAN YOU EARN!
For a budget, you need to list all your sources of income and your monthly expenses.
Thats it. Two columns.
One for Income. One for expenses.
Once you figure this out you can figure out what random spending money you leave around. For example, the little things you don’t plan on, like that trip to Starbucks four days a week. This will let you know where your money is going, and where you need to adjust so you spend less. YUP, SPEND LESS! If you control over-spending, you’re on your way to reaching your financial goals.
Reduce Debt
Debt is an obstacle! A BIG OBSTACLE!
Our relationship with debt is deeply rooted in our psychology as a reflection of what we experienced and didn’t experience during our upbringing! High-interest credit card debt, student loans, and even car loans can stop you on your path to financial stability.
To reduce debt prioritize your payments and pay more than the minimum amounts on your cards and loans. Rack and stack them, pick the smallest one, and send every penny you get your hands on.
Does this month after month and you’re on your way! This is card the snowball effect. Get on Google and check out tons of videos on youtube that explain it all in detail.
Stack Your Emergency Fund
Unexpected expenses quickly derail your finances. An emergency fund is a savings account that you use to cover unexpected expenses like car repairs, medical bills, or home repairs.
To build an emergency fund, set aside money each month until you have enough to cover three to six months' worth of expenses. WOW! That’s a lot! Sure it might seem like a lot at first but the goal is to get here so that you can have freedom knowing your expenses are covered!
There are tons of topics and explainer videos on youtube that talk about this! Go there!
Once you have the emergency fund ready to go…you can focus and the next few steps of your financial journey, but we’ll cover those next time.
Until then, revert back to step one, AND CREATE THAT BUDGET!