Here are some ways in which you can take back control of your finances and start living a more financially stable life.
Take an inventory of your spending habits. If you are living from paycheck to paycheck, something is wrong and you are most likely living WAY above your means. Stop the bleeding by thinking about whether what your buying is a need or a want. Get rid of the wants and only buy what you need.
You don’t have to do this forever, just until you have control of your finances again.
Invest In Something
I don’t know anyone who has become financially independent by saving themselves to financial independence. Especially today with the cost of living. The only way to really get ahead is to take a little risk and invest. Whether it’s in gold, silver, property (which right now I don’t suggest). Do something with your money that is going to provide a bigger return than what your measly interest rate in your savings account offers.
Compounded over the course of time, investing your money wisely is a smart move.
Get Rid Of Debt – ALL Of It
Debt is what is choking the life out of Americans today and most are drowning in it. Cut up your cards if you have to and start paying off the highest balances first. Then move on to the next one until it’s gone. I have not had a credit card for over 5 years and it’s made a huge difference in my lifestyle. If I need a card for travel, I fund one with my bank account with as much money as I need.
Spending money you don’t have is like lending money you don’t have. Just ask the credit card companies where they get the money from that they are loaning you on credit. That’s a whole other story which deserves it’s own blog post at a later time and place.
Pay With Cash
They don’t say “Cash is King” for nothing. Use your Visa Debit card for your purchases and adopt the habit of saying, “ If I can’t afford to pay cash for it, I can’t afford it”. I pay cash for everything. Cars, Vacations, all of it. Try it.
Cash will keep you out of trouble financially, if you respect it.
Make More Money
If your dreams are bigger than what you bring home on a monthly basis you have just a few choices. Either cash in your dreams for your current life or make a change. Always keep your options open for non-traditional ways of making money. Be innovative and keep your ears and eyes peeled for opportunity. My goal has always been to double my income about every 3 years and so far it’s worked out pretty good.
Changing the way you operate your finances is not always easy, but neither is being a slave to your finances. If you can’t make good financial decisions your finances will make those decisions for you and you might not like the choices they make.
For more information on how you can create more cashflow, put thousands in your pockets every month and live the life you were meant to live, visit Internet Wealth Pros .