If you’re trying to get better finances, consider the following action steps.
Step 1: Try something simple that can help you boost your finances, and turn it into a daily or weekly habit. For example, putting your change in a jar to save up for something special.
Step 2: Track how you spend your money for 30 days. Organize expenditures by how you pay for things. For instance, use these labels: cash, credit card, debit card, online payment, or check.
Step 3: Formalize a monthly spending plan (budget). Anticipate how you will spend your money so you can plan how to meet those expenses.
Step 4: Schedule an hour at home when you are by yourself (or with your spouse) and without distractions. Use this hour to develop 30-day goals for reducing your financial stress. Have the same meeting every couple weeks so you can evaluate your progress and establish new goals.
For example, say you’re one of the 44% of Americans who believe that saving for retirement is a significant contributor to financial stress.¹ One of your goals could be putting 5% of your monthly income towards retirement savings; you could then put that in the budget and make it a monthly practice.
Through financial consultations, your Money Coach will provide accountability, so you can accomplish these steps. Set up a financial consultation today by calling 888-724-2326.
¹Stress in America: Paying With Our Health. APA, 4 Feb. 2015. Web. 16 Feb. 2015. PDF.
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