Believe it or not, the overwhelming majority of people today would have an almost impossible time trying to come up with an emergency $500 – they just don’t have it kicking around.
A lot of people are living day to day, paycheck to paycheck, without any real savings socked away, and most people have little to no idea of how they are going to move through retirement – if they ever get there. Personal finances are all over the place, and it really doesn’t seem to be that much of a focus in the traditional schooling realm.
Thankfully though, you don’t have to worry about your money being flushed down the toilet any longer, if you take advantage of the three tips and tricks we are going to provide you with in this quick guide.
No, we aren’t going to be able to cover everything you need to know about how to take control of your finances here, but we are going to give you three fundamental basics that will help improve your ability to control your money rather than have your money control you.
Shall we jump right in?
1. Make a date every week with your money
According to information published by Thomas Stanley (a leading business theorist in the United States), people with a net worth of more than $1 million spend – on average – almost 9 hours a month managing their money.
The odds are pretty good that you spend a lot less time than that even thinking about your money! Change all of that by setting aside a single day every week and spending an hour looking at your finances, balancing your books, and planning how you’re going to use the money that you have coming in.
2. Read up on personal finance management every day
Even if you only read 20 minutes or so about personal finance every single day, by the time your month is over you’re going to know a lot more about how to best manage your money – and you’re going to have a lot more of it kicking around as well!
It’s a small commitment, but it’s one that’s going to dramatically improve your knowledge on the subject. That’s only going to help you better handle your money later down the line.
3. Hire a professional
If you are having a really difficult time managing your money, it might be a good idea to hire a professional certified financial planner to at least get you started. They’ll be able to give you some basic information, outline a basic plan of attack, and point you in the right direction for moving forward.