Mastering Your Finances in 2023-2024: Part 3

Setting goals for your finances is a must. Do you make resolutions or set specific goals for your money regularly? If not, why not? Without goals, you won’t know what to do next to improve your finances. Without goals, money could be slipping through your fingers at an alarming rate. Here’s how to get good at financial goals:

1) Think of the smallest possible goal and get it handled immediately. Put $5 in a savings account (or open a savings account), pay off that payday advance, or read a book about investing. Doing just one positive thing to improve your finances gets you on the right track.

2) Make plans. Consider where you want to be. What kind of life do you want to live? How much do you want your net worth to be? Do you want a house or a car? When do you want to retire? Write it all down – these are your long-term goals.

3) Evaluate. You need to determine where you are to decide where you are going. Take a look at your credit report, tally up all that you owe, gather your financial papers into one big box to go over, and determine your total net income.

3) Once you know where you are and where you are headed, make a list of all the areas of your financial life on a page. You should have categories like these – long term-goals, short-term goals (one to three years), savings, income, credit score, debts, investments. Under each category, brainstorm everything you could do to help improve that area of your financial life. For example, you might open a savings account and start saving for a short-term goal. You might pay $50 towards your signature loans each month until they are paid off. Post your list where you will see it. Aim to cross off as many action steps as you can.…

Mastering Your Finances in 2023-2024: Part 2

Mastering your finances can be confusing if you don’t know where to start, which steps to take first. For example, you may wonder whether you should pay off debts first or save first, or whether you should make investing a priority or whether you should focus on improving your savings. It can seem confusing and overwhelming and it can be hard to know what to do first.

The truth is that the more you do, the more your finances will improve overall. By focusing on savings, improving your earnings, and paying down your unsecured loans at the same time, for example, you can improve your credit score and your overall financial health. Where possible, take action on as things as you can in your financial life. You could short-change yourself. If you put off investing, for example, to pay off your unsecured loans or payday loans, for example, you could end up losing thousands in possible retirement savings.

Posted by : Daniel C. Allan…

Mastering Your Finances in 2023-2024: Part 1

Mastering your finances means looking at all the little things that make up your finances – your unsecured debt, your credit score, your secured loans, your income, your investments, your savings – but it also means taking a look at the big picture. If you want to improve your finances this year, consider taking a holistic approach to money.

You can start by going over your psychology when it comes to money. Think long and hard about your attitude towards money. Many of us grow up with some very mixed messages about money. On the one hand, it’s great to have it. It may make us feel good and we may be taught that people with money should be respected. On the other hand, we may be told that money is “dirty” or that having lots of money means that you are stepping on someone to get it (think of how the wealthy are depicted in cartoons and movies).

It may seem New Age-y, but how you think about money can affect what’s in your pocketbook. If you don’t have a healthy respect for money, how can you expect to have a healthy bank account? If you are timid with money, you might not be investing and if you are uncomfortable with money you could be spending it all just to get some relief. Consider all the ways that you think about money. What are your attitudes and how have these attitudes shaped your money decisions? What are your attitudes about saving and earning? What do you need to change in your thinking to make 2023 more prosperous?…