The key to improving your finance is often in tackling the low-hanging fruit. Once you take control of your finances and start making implementing changes every day, you’ll start to see financial growth, not just financial stability. We’ve procured our top eight tips to help you start improving your finances straight away.
1.Start feeling good about money
If you have a “money shame,” or something that embarrasses you or makes you feel badly about how you’ve handled money in the past, then make this the year to move on. Financial therapist Bari Tessler Linde says many people have trouble thriving in their current financial lives because they’re still dwelling on past mistakes. “Most people need to understand their money story first,” she says, which includes assessing strengths along with relationships to spending, earning and giving.
Simply asking yourself what your goals are can help set you on the path to achieving them, says Bart Astor, author of “AARP Roadmap for the Rest of Your Life,” which is aimed at the 50-plus crowd. Setting clear financial goals is pivotal to your financial success. It is hard to know what to spend our money on, when we are unsure what we want. Think big and make both short-term and long-term goals to ensure you stay focused and motivated.
3. Create a well-planned budget and stick to it
“Rule No. 1 : Never lose money. Rule No. 2 : Never forget Rule No. 1.” ― Warren Buffett
Attention to detail is important when managing your finances and it can make all the difference when creating a budget. Be realistic – budget for the occasional splash out, and remember to incorporate all of your expenses, big and small.
4. Analyse your financial blueprint
T Harv Eker talks about the importance of recognizing your financial blueprint – your financial identity and your relationship with money. Instead of asking why life is the way it is, isn’t it better to ask HOW you can change your financial future and actually BE one of those people who ARE rich? It’s easy to point the finger at the economy. It’s even easier to cross your fingers and secretly hope things will miraculously get better. The honest truth is your financial success may have nothing to do with how good or bad the housing market is, how the stock market is doing or even how much money you earn.
Learn more about the primary influences that determine your financial blueprint, and how to manifest change to create more wealth: http://bit.ly/HE_SM
5. Resolve to earn more
There is an adage, ‘If you can dream it, you can be it’, and the same applies to financial dreams. We often create our own barriers to financial success and wealth, held back by doubt and fear. Dream of earning more, and introduce a daily money mantra into your life. The conditioning will solidify your dream and help you believe you deserve it.
6. Bring your lunch to work
Most people don’t think twice about getting an afternoon coffee or fetching an $8 sandwich on their lunch break. But what seems like a few dollars ends up accumulating to hundreds by the end of the year. Bring your own lunch (and coffee) to work, and make a positive change to your health and your wallet.
7. Avoid unnecessary spending
When Detroit newspaper columnist Brian J. O’Connor decided to cut his spending by $1,000 a month, he did it by focusing on recurring expenses. Starting with phone, cable and Internet expenses and continuing down to groceries and his mortgage, he managed to squeeze out continuing savings.
Meticulously analyse all of your surplus costs – electricity, credit cards, gas, mobile phone, haircuts, your car, food, and more – and see where there is an opportunity to save. Even a small decrease in bank fees or switching to a more competitive phone plan can add up to a significant amount of savings at the end of the year.
8. Build up your savings
“You must learn to save first and spend afterwards.” – John Poole
Do your research and find a low-fee, high-interest savings account with an established financial institution, and start saving – now! Most banks offer automatic savings transfers, making it easier to save than it ever has been.
Whilst making these changes may be difficult at first, what you give up is minimal compared to what you gain – financial security, an improved quality of life, and the ability to achieve the lifestyle that you’ve always wanted.
Sources: Yahoo
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