Some things work in all types of situations, so why not work on some of those areas to improve your financial life. Here is a list....now you can get to work!
1. GET OUT OF DEBT...or at least start getting out of debt!!!
It is time to get that debt level under control. First, make a list of everything you owe. Next come up with a plan to pay everything off. Think it is to difficult, or even impossible? It's not. You CAN do it. If you are paying all of your bills right now, you can probably get out of debt faster than you ever imagined. But before you get too far along here, check the next tip.
2. Establish an Emergency Fund
If your get out of debt plan gets started BEFORE you have a decent emergency fund, it will fail. Most of the debt we are talking about with clients is credit card debt. In order to get out of the clutches of that type of debt, you have to stop using the cards! I realize that sounds simplistic, but real life says that if you don't have an adequate emergency fund you WILL use the credit card for your next 'emergency'. How much should the fund be? It depends on your lifestyle. A fully funded emergency fund would include 6 months of your family expenses. Depending on your situation you may start with less.
3. Check your Credit Report
You should check your credit reports at the three major credit reporting agencies on a regular basis. It costs you nothing. Federal law entitles consumers to a free copy of their credit reports from each of the three credit bureaus once every 12 months. Head to AnnualCreditReport.com and simply rotate the agency every four months to get a new credit report.
4. Review ALL of your spending
Check everything. All of your insurance policies....auto, homeowners, life, health...you know the ones. Don't forget your telephone and cable bills, your utilities, and your recreation and dining habits. Recently I met with a client and we found about $1,000 per month she could save by simply changing the way she did some things--with no change to her lifestyle!
Maybe it's time for some professional help...
All the leading financial publications say that if you need professional help you should seek out an hourly, on demand financial planner. Maybe you don't need a full time financial planner, maybe you don't want to turn your money over to someone else, or maybe you just want a second opinion.
I am here to help. I am a Certified Financial Planner and have been helping people with their money for over 30 years. From 30 minutes to complete wealth management services using WealthCare, I have a financial solution for YOU. My rates start as low as $100 for 30 minutes and we can discuss any topic you would like.
