With the start of a New Year freshly behind us, taking stock of your life, goals and career is probably in the forefront of your mind. It’s the season for resolutions – and that means taking a good hard look at what you need to do to get on track. For many, this is time of year to set financial goals and have a better understanding of where you stand financially. From a savings plan to a monthly budget, gaining perspective is the first step in how to take control of your finances. Not sure what you should do first? Keep reading for a look at how to be sure you’re both informed and proactive.
Reach out to people in your life who have experience. Know anyone who’s been super successful with their own money? Reach out for mentorship – you just may learn a thing or two. When it comes to planning your retirement (it’s actually never too early to start), there’s probably a few people out there who can offer some personal experience and insight to making the best possible choices. Bottom line: don’t be afraid to ask questions!
Educate yourself. Knowing about managing money is half the battle when it comes to taking control of your own personal finances. While it may seem boring or a bit more in-depth than what you need to know, learning about the world of money can help give you insight and ideas for how to best manage your own hard earned cash.
Work with a financial planner. You don’t have to have piles of cash for this – in fact, your local bank or community school most likely offers some financial planning services that can help you get a handle on how to set a budget and stick to it. A financial planner will help you set both short and long-term goals, creating an easy-to-follow path to financial stability.
Set aside time each week to focus on your finances. An hour a week is really all you need to get a good look at where you stand. Knowing exactly what you have in the bank – and what’s going out – makes you hyper aware of what you’re spending and when. Use this time to reassess your weekly budget – is it working for you? Are there aspects that need to be adjusted? Look carefully at your upcoming expenses and determine if there are opportunities to allocate just a little bit more to your savings account.
Have you been working on your financial goals this year? What steps have you taken to ensure a more proactive role in your finances?
