Getting a Grip on Your Financial Life
Sometimes things just get out of hand financially. “Out of hand” can mean something extreme like drowning in debt, or it can mean a vague feeling that you’ll never get ahead.
When things like that happen, it’s time to get a grip on your financial life.
Start by evaluating where you are. This can sometimes be an unpleasant task, but it’s worth it. (Sometimes it can also be a pleasant surprise.)
It’s important because if you don’t know where you are, you can’t figure out how to get to where you want to be.
If you’re in debt, list out all of your debts, along with their interest rates, minimum payment amounts, and due dates. Get a handle on the current market value of your assets too, and figure out your net worth.
Don’t forget the income & expenses side of things either. List out your monthly income and expenses. Do you have more coming in than going out? Or is the reverse the case? Either way, you’ll know where you stand, and from there you can start to make changes.
And what about how you are earning your income? Are you happy with what you do for work and with your work environment?
Once you’ve figured out where you stand right now, think about where you’d like to be. What’s one thing you could change right now that would help you to feel more in control of your financial life?
Focus on that one thing, and you’ll begin seeing visible changes.