Start Planning Your Finances
How to you deal with your money? Do you get a paycheck every week or every two weeks and then maybe pay some bills then use the rest on new clothes or electronics, or maybe spend it going out to eat? In other words, do you have absolutely no organized way of dealing with your money?
A disorganized financial lifestyle is a recipe for disaster. If you know nothing about your money, you are doomed. I can’t even imagine what could happen if you never get things under control. You probably don’t even know if you’re in debt. This is not where you or anyone should be right now.
Financial planning is a critical part of life. It doesn’t matter if you have tons of money and feel you could afford anything or if you make next to nothing and feel you don’t have enough money to plan. Planning for both extremes and in between are necessary to succeed financially in life.
Financial planning is not as hard as you may think. If you really think you can’t handle it, you could always hire a financial adviser. On the other hand, with a little research and thought, you could do it yourself and save some money.
First, you should figure out what your net worth is. Add up all your assets. Add up the value of your house, the cash in your checking and savings accounts, and the value of all investments you may have. Subtract what you owe and you will have your total net worth.
Now you are ready to make your goals. Use your net worth and current financial situation to help you come up with goals. If you owe debt, your first goal should be to pay it off.
Some things might sound impossible, but with a goal set, the right plan of action, and a little reasonable thought, many of these seemingly impossible goals are very possible. Do you think you could never save up a $15,000 emergency fund in 2 years on $50,000 salary? With a little hard work and perseverance, you can do it.
Finally, you need to plan how you are going to complete these goals. Get out your calculator and start punching the numbers to see if your goals are possible first without selling an organ, and then write out a plan on how you will achieve. Make a budget of your money so that you can complete your goals. The very last thing you need to do is to take action and follow your plans!
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