Inject A Little Health Into Your Finances With A New Monthly Plan
Finance can be a touchy subject. Not everyone is comfortable dealing with money, let alone talking about it. But, being financial open can help you to be a lot healthier when it comes to your money. You may be struggling in the slightest, but being upfront with your finances can make you better equipped at dealing with them. So can having a plan. If you want to sure that your financial life is healthy, you’re going to want to work at it. By laying everything out on the table, seeing where you stand and planning your next move, your finances will be healthy in no time at all.
Assess The Situation
To start off on your new financial journey, you need to take a look at your finances, honestly and openly. It’s important to understand where you currently are, financially, to work out where you want to be. So, you need to look at what you have. Consider your earrings and the revenue streams that you have, your expenses and monthly bills, along with any savings or interest you get. Then, you can start to work on your plan.
Prioritize Your Money
Now that everything should be a little more transparent, you should know exactly what money you have, and what payments there are to be made. At this point, you can start to prioritize. You might find that you’ve made payments in the past out of habit, or spent on meaningless things, and now, you can work on stopping that. Work out what your financial priorities are, whether it’s saving more or cutting back on spending, and action what you can now.
Cut What You Can
While you’re thinking about your spending and monthly payments, you can start to drastically cut out the ones that don’t matter. If you make payments for subscriptions that you don’t use, cancel them. If you have monthly contracts, call your supplier and see if you can negotiate the cost. Think before you head into Starbucks or hit the ‘purchase’ button online. You can save a lot of money on your expenses when you try to cut them back.
Then, you’re going to want to start reading up on all things finance. You don’t even have to read heavy financial papers or journeys; you can find great websites and magazines that talk money in a way that will make sense to you. By reading more, you will learn. You’ll start to understand how to save more, spend less and have more money for the things you want in life (click here for an example).
Draw Up Your Plan
As you start to understand the difference you’re making, you can draw up your monthly plan. Now, the focus of this plan will depend on your own financial goals. It could be a plan for saving, spending, allowance or all three. You might even choose to add in ideas to make extra cash with your hobbies too. Either way, when you start to get into your financial life more, you can really work on improving its health.