Step 1
Successful money management is a process. Take the first step.
Step 2
This quick quiz will help you find your starting point.
Step 3
Sorting out your paperwork will make record keeping a whole lot easier and set yourself up for success.
Step 4
Knowing where you are today can help you determine the best path towards helping you meet your financial priorities.
Step 5
Good credit is essential. Know how to check this.
Step 6
Determining your net worth sounds harder than it really is.
Step 7
It is time to ask yourself, is your debt too much debt?
Step 8
Identifying needs and wants keeps you focused on what matters most!
Step 9
Don’t just set goals, set SMART goals
Step 10
Develop time frames around your SMART goals and map them out.
Step 11
Paying off debt is a short term financial goal that will free up cashflow.
Step 12
Emergency savings make the difference between a financial setback and a financial disaster.
Step 13
Saving for retirement is a non negotiable financial goal.
Step 14
Make a commitment to stay on track.
Step 15
: Now you know what you need to do, here is how to start
Step 16
Find out where all your money is going!
Step 17
Identify your fixed expenses.
Step 18
Plan for your periodic expenses.
Step 19
Create your spending plan.
Step 20
Small changes can make big savings.
Step 21
Saving money on your groceries, is one of the fastest and easiest ways to improve your bottom line.
Step 22
Know where you want to be and how you will get there
Step 23
Give yourself some peace of mind by making sure your family is on some firm financial footing
Step 24
Commit to making informed borrowing decisions, and understand the costs.
Step 25
To stay motivated, acknowledge the benefits you will experience as a result of your efforts.
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Step 15:
Save for your goals
Most likely, reaching your financial goals will require you to commit to saving. That is one reason saving is an essential part of any money management plan. Set money aside each month to save for your short-, mid-, and long-term goals. If you are having trouble establishing a nest-egg, don’t despair. Following are some simple ways to boost your savings:
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Make it automatic. Having money automatically deducted from your checking account into a savings account helps to ensure that you meet your savings’ goal. Even better, if your employer has the capability to automatically deposit your paycheck, have some of the funds directed into a savings account.
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Turn a hobby into income. Many people have untapped talents. Whether you enjoy photography, painting, knitting, or metal work, consider possible ways to earn money by doing what you love best. Babysitting and lawn work are also good ways to earn additional money.
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Downsize. Most people have garages, basements, and attics full of items they no longer want or need. Holding a garage sale or advertising some of your things online could result in a boost to your savings account.
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Use gifts wisely. If you receive unexpected funds, do not be tempted to spend them frivolously. Instead, put all money received from tax refunds, inheritances and gifts into an interest-bearing savings account.
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There are many ways we can find surplus money to achieve what we want in life. By reducing expenses or increasing income.
Below are some more quick ideas to increasing your income.
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Take in a boarder. |
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Have a garage sale. |
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Take up a part time job |
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Ask your Boss for a pay rise (providing you have earnt it !!!) |
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Process your tax refund to see if you get a refund
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Tip A great book to read is "the Richest Man in Babylon” Some very simple easy to understand concepts and if you take these on board will significantly change your long term outcome
Now you know what you need to do, here is how to start
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