It’s Time for a Financial Pause
One day you awaken from your financial stupor and ask, how did I get here? Why are my finances out of control? Well, that is when it is time to step back and re-evaluate your financial picture…thus a Financial Pause!
- First, stop and think about how you felt when you came to this realization that your finances are in shambles or on the way there.
- Then, conjure up the courage to begin the journey to financial freedom or just getting back on track may be good enough.
- Next, to prevent financial ruin, the three D’s are needed: Dedication, Determination and Discipline
Financial Correction
How will you begin the task of financial correction. You did not arrive here over night and will not escape unscathed. It took time for your finances to get out of control. So, start by writing it all down…Budgeting! Many people despise budgets but budgeting saved my financial life and can save yours too. Whenever you feel a little off course financially, pause and revisit your budget. The answers will lie in the numbers. Gather all of the characters for your budgeting party, a cup of coffee, tea or a glass of wine…whatever will ease you into the budget mindset!
Remember, no bill is off limits, including entertainment / dining out / Starbucks, etc! It will amaze you when you figure out how much you have been spending on these social luxuries. In the book, ‘The Automatic Millionaire’ David Bach called this the Latte Factor. If you reduce or stop the funds used for the latte factor enjoyable treats, you will save a surprising heap of cash over time.
Budget Assistance
All right, so you have determined that it is time to take that Financial Pause. The bills, including credit card bills are sorted and written down. Now organize them, preferably in a budget spreadsheet. Enter your Net Income and Expenses, unless you are a business owner, then use Gross Income because you will also need to budget for taxes.
Seeing things in written form can be exactly what you need to snap back in financial shape. The key is to maintain the budget monthly or more frequently, if needed. There are various personal budgeting programs / apps that will simplify this process. Here are a few recommendations:
In Conclusion
Now that you are over the shock of your finances being so out of control. You should be equipped with the following steps necessary to forge ahead and take your finances back:
- Identification of the need for a Financial Pause
- Preparation to add Budgeting to your Correction Journey
- Incorporating the use of Personal Finance Programs
Finally, congratulations and good luck! You took the first step to conquer your financial battle. If you adhere to the guidelines which were outlined in this article, you would have accomplished a great feat. You are now positioning yourself to conquer any financial goal that is on the horizon. Your F
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