Top Tips to Master Your Money and Make Way for Financial Success

So, it’s not the start of 2018. While most people sit down and plan out their finances at the beginning of the year, or resolve to make better decisions and choices, you can really start at any time. In fact, some people find success when they don’t have “New Year’s Resolution” tied to their new financial plans.

Here are some great ways you can create a successful process and find financial success through the rest of 2018 and beyond.

Top Tips for Financial Success to End the Year

If you are looking to gain financial independence and increase your success, these tips can help you on your way.

  1. Turn Your Focus to Your Goals. One of the biggest stressors of fixing financial situations is the stress that comes with focusing on money. Instead, forget about money and focus on your goals. Set specific ambitions for the year. Without goals, what good is money? When you are saving money for something you really want to do or something fun for the whole family, it’s a lot easier to reach your goals.

  2. Get Organized! When it comes to your financial accounts, it’s important to be organized. Keep all your paperwork, bills, and accounts in order. Simplify your accounts so you have one main checking and one main savings account. Rid yourself of anything that makes your financial situation complicated. And get rid of clutter. Many people become overwhelmed with their finances because of all the paper that is involved. It piles up in their office or on their kitchen counter and causes anxiety. Switch to paperless billing or simply tackle each bill and document as it comes in.

  3. Consolidate Your Debt. It may seem like you will be paying debt until you die. While consolidating debt isn’t the best option for every person or every type of debt, there are areas where reducing the amount of payments you have each month can be a great help to your financial future. Talk to a financial advisor about whether this is a good option for you. You may be able to reduce the amount of interest you pay.

  4. There are many ways to reduce the amount of money you spend each month. Negotiate the services you signed up for. The business world is extremely competitive. This leaves a great opportunity for you to negotiate your regular bills. Always look to get a better deal.

  5. Talk About It! One of the major downfalls of relationship is that couples don’t talk about their financial status. You should keep an open line of communication with your partner when it comes to money. The more you talk about it, the easier it is to navigate your financial situation together. Set up a regularly scheduled time where you sit down and go over your bills or discuss your finances. This can help you stay on track and avoid potential arguments when it comes to finances.

  6. Create a Routine. Money management is a learned skill. It takes time to perfect the art of money management. And just with anything we learn, we need to practice to keep on top of our skills and remain relevant in time. Create a financial routine. Just as you brush your teeth or get ready for bed, a good financial routine can help ensure you are on time with your bills and nothing comes as a surprise. Once your financial routine becomes a habit, your money management success comes as second nature.

  7. Manage Your Success Humbly. There are some cases where we are lucky enough to fall upon unexpected financial success. Even if it is something small like finding a $20 bill on the side of the road, be sure you manage these moments carefully. Have a discussion with your partner about how you will handle a windfall if it comes your way. Will you save for a long-term goal? Will you pay down debt? When you create a what-if scenario when it comes to windfalls, you can be sure that your money isn’t wasted.

  8. Get Back Up When You Fall. We all face financial hardships at some point in our lives. The most important thing to do financially if this happens is to get back on the wagon and move forward.

  9. Have an Allowance. Most people go “swipe happy” with their credit or debit cards, finding themselves in a bind when they realize how much they really spent during that hour lunch break. You should budget yourself an allowance each week or month. This way you won’t feel restricted and you will have a little extra spending money so you aren’t taking out of your household budget.

  10. Know Your Credit Score. There are so many ways to find out your credit score. There are even free credit monitoring services you can sign up for. Even if you aren’t signed up for a credit monitoring service, you should know your FICO score each month. This will help you know where you stand. If you need to find ways to improve, you can develop a plan of attack. If something unexpected happens, you will be alerted through your credit score. Regardless of whether your credit is good or bad, you should know about it!

When you have great control and knowledge of your financial situation, you are better equipped to stay on top of your finances and pave the road to financial success. Create a system that works for you. When you manage your money right, you will see how much better life becomes for your entire family. For more information on how to create a plan and properly manage your financial situation, give us a call to talk about how we can help you navigate your finances and set yourself on the path to great financial success.

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