Four Things You Can Do To Get Control of Your Money.
Organizing your spending, budget & bills can feel enormous, so it's best to tackle it in small ways. Here are 4 things you can do to help you feel more in control of your money. Start with whatever feels manageable & ease into the rest. The goal is to take baby steps and gain confidence.
Budget
Overhauling your whole budget at once is intimidating & unrealistic. Start with one or two areas that you think you can adjust with minimal pain, like eating out. Once you get used to that, move to more complicated areas. For help with strategies for reducing your spending (including negotiating bills), check out the link at linktr.ee/missoulabookkeeper.com
Emergency fund
The “rule of thumb” says we should have 3-6 months of living expenses saved. I don’t know about you, but that feels bananas. It feels more realistic to start with a smaller goal of $500, then gradually increase it. By taking small steps you are much less likely to feel like you are failing somehow. And don’t kick yourself if you have to USE that fund along the way. That’s what it’s FOR.
Work on debt
Here’s the hard pill to swallow: when it comes to debt, you’re going to have to acknowledge the scary total. There's lots of complicated advice out there about paying off your debt–splitting payments up, shifting it around to different cards, and what order to pay things–but the number one, simple, no bullshit piece of advice I have is know your due date, and DON’T MISS IT. If you do nothing else to speed up the process, keep that baby current! Keep an eye out next week when we will talk about in depth strategies for tackling credit card debt!
Room for fun
Keep yourself on track by adding an element of fun (you don’t even have to have it all together first). Save for something you WANT. Doesn’t matter if it’s a new TV or an inflatable T-Rex suit. Save for something that makes you happy.
Little steps towards taking control of your money feels GREAT and sets you up to tackle bigger, long-term financial challenges and goals.
