Thursday, October 6, 2016

5 Tips To Get Your Financial House In Order

Hi there and thanks for stopping by my blog! We could all benefit from a little direction when it comes to getting our financial house in order. Here's a short list of ideas that I hope will help you get the ball rolling, enjoy!

#1  Meet with a planner: Most planners will provide a free initial consultation to introduce themselves and if you like what they have to offer you can meet with them again for an information gathering meeting. Planners tend to give more holistic advice and look at your total financial picture as opposed to an investment-only advisor.
#2  Pay yourself first: This is one of, if not the most overlooked rule in personal finance. Always set a little money aside into an investment account or at least into a bank account and pay yourself a little bit each pay period. Some will say, “I don’t make enough to do that” but what they’re really saying is they don’t care enough about their financial health to stop making excess purchases that they don’t really need. We all have expenses we could trim down on to pay ourselves, it’s a matter of priority.
#3  Set SPECIFIC short & long term financial goals: Tell yourself that you want to have X dollars saved in your pay myself account by the end of 2016. Or, I want to contribute the maximum amount to my IRA this year. Setting specific goals and writing them down or saying them to yourself daily, subconsciously makes you accountable for achieving them. 
#4  Create a personal cash flow chart: Seeing where your money is being allocated each week/month can be very powerful in helping you redirect that money to better use. You’ll begin to recognize spending habits that may have gone unnoticed prior to creating this flow chart. This task can be made much easier through the use of various mobile apps that will help you track your expenses.

#5 Check your credit report: There are a plethora of websites now (and even credit card companies) that will provide you with your credit score and information related to it, free of charge. Begin by fixing any major issues you see in your credit and if your credit score isn't where you'd like it to be then pick a target number and set that as one of your financial goals.  

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