Understanding Money

Understanding Money

Understanding money is a must, either you gain control over your money or the lack of money will gain control over you. Here are 5 steps to help you to help yourself.

1. Keep your financial goals simple and specific 

Your target maybe to better manage your finances as a whole but how are you going to do it.? A good starting point is to take an inventory of where you are right here right now. Don’t bury your head in the sand and hope and pray all will be well. We’ve all been there at one point in our lives and we know it doesn’t work. Be honest with yourself and if you’re finding it hard to get out of the starting blocks enlist the help of a friend.  Are you going to pay off your debts, build up some savings for something specific like a deposit for a house, car or business? Whatever it is, keep it simple, as you build consistency the magic will happen.

 2.  Set a plan and monitor your progress
 The key here is to write down your goals with a list of steps you need to take to complete them.  If you’re paying off debt, this could start by focusing on the card or the finance agreement with the highest interest rate, pooling your resources to pay it off and then utilising the savings to eliminate the next debt and so on so forth. A key to remember is to always celebrate your successes on your journey to financial freedom. 

3.  Don’t let a bad day ruin your plan 

Life happens, you’ve set a budget and everything is going well, then out of the blue the boiler breaks down and you have to use that credit card you swore you would never use again.  Don’t be too hard on yourself, look at it for what it is, an essential genuine need. Think about it, if you’re in the middle of winter it's -3 degrees outside I’m sure you’d function better with some heat and hot water. Adjust your plans to accommodate this intrusion and remember it was never set in stone. A set back is a set up for a comeback.

4.  Remember the rewards 
Saving money, having a financial plan doesn’t mean that you have to live a completely frugal lifestyle, cutting out all of life’s pleasures from day one. Changing your habits gradually are more likely to see you sticking to your long-term goals than setting unrealistic mammoth goals from day one.

If you’re trying to save and you think you spend too much money on going out, don’t change it by staying in for the rest of your life!  Perhaps cut it down slightly and prioritise the times that you do go out, or just try to do it on a lower budget and save the extra.

One of the main reasons why people fail is because they’ve deprived themselves of any fun. So, make sure you occasionally reward yourself for all the hard work you’re putting in.

5. Ask for help 
Goals can be so much easier to achieve if you’ve got the support of someone who’s got your back.  Someone who has walked the walk and can talk the talk. Someone who has been there, worn the t-shirt, made the video and is living life. With so much going on in the financial world today, it’s imperative that you seek out some sound financial advice to navigate the unchartered waters.

Do today what others don’t, to have tomorrow what others won’t.

Just in case you need a reminder why you should not bury your head in the sand and instead ask for help. Use this video as a timely reminder.

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