Finances: Be Your Own Superhero!

In today’s world, money is king! No one really likes to talk about their finances, because quite frankly, it can be confusing and overwhelming! Some people think “Well, I can pay my bills and that’s good enough for me!” and to be honest, I used to be one of those people. I woke up one day and decided that I was sick and tired of living paycheck to paycheck and I wanted more out of my life. I wanted to actually LIVE my life through experiences and making unforgettable memories with my friends and family. I know what you’re thinking, easier said than done right? WRONG! All you need is information and resources! You will be amazed how easy it is for you to manage your finances once you have a goal and you’re properly educated! Here are a couple of things to help you Be Your Own Superhero.

Set a Goal.

By setting a goal, you now have a specific objective to work towards. So ask yourself, what are you trying to accomplish? Do you want to start saving and putting money into your retirement fund? Are you trying to save for a family vacation? Or, are you just trying to buy those amazing pair of shoes you saw at the store last week? Whatever your goal might be, big or small, short or long term, this step will allow you to keep your eye on the prize and accomplish whatever your heart desires!

Know your budget.

One thing is for sure, whatever your goal might be, you’re going to need to know your budget. It’s always a good idea to consult with a professional such as a bookkeeper or a financial planner to assist with this step! They will be able to assist in organizing your finances in such a way that it will make it clear for you. I personally created a spreadsheet of my finances (NOTE: you don’t have to be a pro to do this, you can find templates online to easily assist you!). You’ll need to know how much money you’re bringing in each month and how much your expenses are (i.e. mortgage/rent, car payments, credits cards, etc.) It’s important when you’re calculating your expenses that you include things you might not normally consider expenses like gas, groceries, and pet food. Once this step is complete you’ll be able to save accordingly.

Stash that cash!

Start small! Just the thought of saving money can sometimes be overwhelming, but if you start small it won’t seem so cumbersome. Instead of eating takeout 5 times a week, cut it back to 2 times. Stop using your credit cards but don’t cancel them! When paying your credit card payment, you’re not only paying your balance off, you’re also paying interest. Paying interest is like throwing money directly into the trash! You do not want to cancel your card however, because that can negatively impact your credit score. Avoid stress-spending! Find alternative options, spend time with friends, read a book, or watch a movie at home. Don’t be afraid to take advantage of free consultations with professionals for more ways to save money!

You know the saying “knowledge is power”? Nothing is more true when it comes to your finances. The more you know the more control you can have over your own life.  Don’t let something like money hold you back from living the life you’ve always dreamed of!