Eight Financial Secrets that Could Change Your Life in 2013
With that in mind I offer a few financial secrets that really work and are worth forming new habits around.
First secret: Deal with this now. Why? You have to start sometime and now is a great time for establishing new habits that lead to financial security.
Second secret: Set up a budget. If you do not know what you are earning or spending you are in trouble. My website ifyourmoneytalked.com has a very simple outline to help you establish a budget.
Third secret: Follow your budget. If you spend more than you make than you are over the cliff. The only question is how far are you going to fall? Remember there are no soft landings in the real world.
Fourth secret: Pay with cash. This is a great way to get a real feel for where your money is going. Also, when you run out of cash, stop buying. Do not pull out the dreaded credit card that probably got you into trouble in the first place.
Fifth secret: Do not pay interest on your credit cards. Interest payments do nothing for you and earn the credit card companies a ton of money–your money. Is that really how you want your hard earned dollars to be spent?
Sixth secret: Pay your credit card bill on time. Being late with payments is a total waste of money. Also, try to make payments over the minimum and you will eventually pay it off. Making small payments against your principal is just another form of financial discipline and a good habit.
Seventh secret: Stop spending on stuff that is not important. I love my Starbucks mochas but if I was hurting financially, I would not go every day. Maybe I would go every other day or I would stop going until my debts were paid off.
Eighth secret: Get control of compulsive spending issues. Seek help; you are not alone. Some health care plans have counseling services built into the benefit package. Check out whether your plan offers a free consultation or can refer you to the proper place for assistance. It is a private call. Your employer would never know.
In summary, none of this is easy. I respect that. But ultimately you are responsible for where you are in your financial life and only you can change that, so my advice is to fix it now. A great start is to follow my eight secrets for 21 days and see what happens.
P.S. Don’t keep this blog a secret!