5 Steps to Getting A Handle on Your Finances

Are you looking at your bank statements at the end of each month and wondering where all your money went? Are you struggling with how to save money? Do you feel anxious or nervous overtime you check your account balance?

If you answered, yes to any of these questions you need to start budgeting, or give your current budgeting system an overhaul.

Here are 5 simple steps that will help you regain control of your finances

  1. Spending Breakdown: Go back in your bank account and look back at your spending history for the last 2-3 months. Put all your spending into categories like eating out, groceries, gas, personal, entertainment, clothing, etc. Once you know how much of your money is being spent in certain categories you will be more able to cut your spending.
  2. Debt Tally: Add up the amount of money you owe. This includes student loans, car loans, medical bills, credit cards, etc. Finding out exactly how much money you owe people can be terrifying, but once you know, you can create a plan to dig yourself out of the hole.(If you do not have any debt, you are AMAZING and can just skip this step)
  3. Make A 5 Year Plan: Creating a plan for what you want the next five years of your life to look like can be HUGE in helping you become comfortable talking about money and planning your saving and spending.
  4. Do Your Research: Search on Google and on Pinterest to look into different ways of budgeting and try to create your own way of budgeting that you think would work for you and your family.
  5. Budget Meeting: Sit down with your spouse/partner or by yourself if you are single and come up with a plan for how you want to move forward with money in your life. The only way to have a healthy relationship with money is to talk about it and come up with a plan.

 

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