Asking for help is difficult when it comes to financial issues. People often try to conceal their financial situations from friends and family members. Realistically speaking, there is nothing to be ashamed of. Digging the debt hole is easier than you think. According to Debt.com, only 32% of Americans establish a household budget. We all can assume that those that do not keep track of income and expenses will incur problems with debt. Likewise, a report issued in April 2017 announced that a shocking 50% of Americans live from paycheck to paycheck. Basically 50% of the people you know have little or no emergency money on hand. If you are having financial troubles, here are some tips on how to regain control of your finances. Create a budget. Your monthly budget can be elaborate or simple. Start with making a list of what you have to pay and the due dates for a given month. Also, list your income and pay dates. Subtract the expenses from the income to make a simple budget. There are a ton of budgeting apps you can download for free. Just keep in mind that you should never enter your account numbers or personal information on anything that may not be secure. Use general info like "electric bill due on 2/28". If you want to keep track of your usernames and passwords for your bills or other accounts, please use an offline spreadsheet program and password protect it or use a handwritten notebook. Get financial advice. Most banks offer a review of your finances for free. Check with them first. They may end up trying to offer you products like CD's or Money Marketing Accounts, but the free help with making financial decisions is worth the up-sell conversation. If your financial institution does not offer free advice, try calling an agency for help. See the link on the left. Make saving a priority. Many people get a second job or create a side hustle to increase their income so they can start saving money. Be creative in how you can earn extra money. Having a yard sale or selling items on social media market sites can also generate some extra money. Once that extra money comes to you, save it. Deposit it into a savings account or stash it away for a rainy day.
Remember it all starts with a budget. Take control of your finances and have a goal to have at least $500 more in savings than you have right now over the next six months. You can do it!
Hello There! I'm Carla - mother, educator, and business owner. I have a blast exploring new ideas, products, and services. I love to share and hope to inspire you to do the same. Remember to enjoy life every day and always strive to be a BETTER YOU!