3 SIMPLE TIPS TO START YOUR FINANCIAL JOURNEY

The turn of a new year seems to mark the turn of a new beginning. And if you are like many folks, your main resolution is to get your finances in order and get out of debt.

But where do you start?

First, take a moment to reflect and ask yourself:

• Why is it important for me to get out of debt?
• What are my goals?
• In what areas of my life is my debt negatively impacting me?

Answering these questions will help you to establish your “why”. When you are tempted to overspend or become discouraged during your financial journey, reflecting on your why will help you stay on track.

Next, identify habits or behaviors that contribute to your unhealthy spending habits:

• Is disorganization causing you to pay bills late?
• Does a lack of cooking skills or lack of planning contribute to you spending too much eating out?
• Are you an emotional shopper who often makes unnecessary purchases for a temporary pick me up?
• Do you find yourself regularly overdrafting your bank account because you are not tracking your spending?

Once you’ve identified the behaviors and habits that do not serve you, find ways to replace them with beneficial habits. Depending on the complexity of your situation, you may consider seeking guidance from a professional.

And lastly, utilize resources that provide tips on how to manage money:

• Books/audiobooks
• Knowledgeable friend/advisor
• Podcasts
• Seminars and webinars
• Social media groups
• YouTube videos

There are many, many free resources available that provide information to help you better understand how money works. Now everything you hear or read may not apply to your individual circumstances, but you can sift through and use what works for you.

And regularly review your financial plan to ensure that it is still accomplishing your intended goal. Life and obligations are ever-changing, so be sure to update your plan accordingly.

“Formal education will make you a living; self-education will make you a fortune.” ~Jim Rohn