The idea of money, my finances…simply overwhelms me

Finances are one of those things that keep us all awake at night. Are we going to have enough money to cover our mortgage this month? How are we going to afford a birthday party at the end of the week? The idea of money and not having enough of it can drive the average person mad, but it doesn’t always have to be that way. If you’re in the same position as nearly everyone else in the world, take control of your life by using these tips to stop finances from overwhelming you.

That kind of feeling comes in a variety of flavors. Some of us associate the words “money” and “someday” – it just never seems to be the right time to think about it. Some of us shudder at the thought of creating a budget. Some of us have made mistakes along the way that we are afraid to admit. And some of us simply feel lost and overwhelmed about where to begin.

If this describes you, here’s something good to counteract the bad. Those are valid emotions. They don’t even have to be permanent. You’re not by yourself. And, no matter where you begin, there are always things you can do to progress.

Tip 1: Track Your Spending

The first thing that you’ll want to do is start taking a look at what you spend money on throughout the month. It can be easy to swipe cards and hand out cash when you’re in the mood for shopping, but at the end of the day you’re not going to remember where all of your money went. You’ll likely find a few surprises when you start tracking your funds, especially in terms of how quickly small spending adds up. Keep all of your receipts, write transactions down on paper, or even download budgeting software.

Tip 2: Create a Spending Plan

In order to make sure that you get ahead of the curve, you’ll have to learn to spend less than what you’re bringing in every month. This is when you’ll want to record your sources of income and when they are set to be deposited in your bank account. You’ll then want to figure out how much will be spent on necessities and monthly bills and determine what you’ll do with your remaining funds.

Tip 3: Cut Your Spending

After you’ve taken the time to track where you spend for at least 2 months, you’ll have a good idea of where all of your money is going. If you start to notice that there’s a trend with spending a lot of money in a particular area that isn’t that important, it’s time to cut it out. There’s no point in spending $100 on the movies every weekend when you can find a $5 movie that you’ve never seen before at your local department store along with all of the concessions that you could possibly need.

Tip 4: Start Saving

The best way to make sure that you’re putting yourself in a comfortable financial position is to start saving everything that you’re not spending. You’ll also want to consider having a portion of your checks deposited into a 401k account. Aim to save at least 10% of your monthly income.

Sticking to the plan

The simpler you keep things, the easier it is to stick to your budget. And the added bonus? You’ll also feel a lot less stressed out about money. This is due to the fact that a simple, easy-to-follow financial plan addresses your financial issues while giving you complete control over your money.

Of course, sometimes we begin our financial journey with the best of intentions only to fall flat on our faces. We can help you set up a simple budget that maximizes cash flow and make smart financial decisions, whether you’re overwhelmed by debt or don’t know how to allocate your retirement savings fund. Your money is exactly that: your money. There’s no reason to let it consume you any longer. Contact me today for a free consultation to learn how you can reclaim control.

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