I need to know how can I take control of my finances
First, as far as managing your home is concerned, a good idea would be to start saving now. Over the next year, you will have to pay for at least seven bills and you will have to pay each of them at least once a month. Most people are lucky to get by without a monthly bill or two because they do not have the money to be hit with fees and high-interest rates. So, start saving now.
You should start using your home for making payments on your bills
This includes mortgage, insurance, utilities, car payments, etc. On that note, take a look at what your home is worth and list down all the assets that are worth more than your home. Thirdly, here’s a thought. Instead of taking out a home equity loan, or a second mortgage on your home, why not consider converting the equity into cash. In this way, you can either liquidate some of your assets or borrow the cash for major purchases that you will need.
Fourthly, if you have the cash to spare, think about borrowing the cash to purchase something big and expensive like a new car or even your dream home. By investing the cash in some type of housing, you will know that you’ll be able to afford it when you buy it. In other words, you won’t have to worry about trying to juggle a mortgage payment each month and have enough money left over to make a down payment. (Obviously, if you’re not into cars and homes you probably want to avoid paying off a mortgage on a vehicle or a home)
Do not wait until you’ve lost your job to start living frugally
Start living frugally now by lowering your utility costs and consider cutting out the cable television and cellular phone. Also, instead of spending money on basic foods like coffee and lunch, spend money on beverages and meals that you can afford to cook. Sixthly, always remember that you need to save money to have money. It does not make sense to make monthly payments on a car when you only get to drive it once a year. Also, you have to realize that the more money you invest in yourself, the better the chances are that you will make more money. This means that you have to give yourself every opportunity to succeed in order to make more money.
Seventhly, try to live within your means. Do not invest too much in yourself. You should also think about what your time would be worth. If you would have rather spent time with your family than working, then take the time to use that money wisely. Lightly, work out a plan for your cash flow. Plan out your month by month spending. You should be able to see where you are going to be able to get money to pay for these expenses and how much you need to have in your savings account.
Why spend your life racking up debt?
Ninthly, live within your means, save and invest, and have a plan for your cash flow. Then, put this plan into action and live frugally and for the joy of it. Tenthly, take a look at your budget and make changes if you have to. There may be some items that are overdrawn and need to be brought down. Maybe you need to invest some of your cash flow to different types of investments. Make those changes now. I hope that these hints to help you with your new year’s resolution of how can I take control of my finances are of help.