7 TIPS FOR A FINANCIAL FRESH START

October 14, 2014

 

Here are a few tips I give my clients to help them understand how to have a healthily financial situation no matter how much money they make.  Having a healthy financial situation is not just about having large amounts of money in your bank account.   It's really about your mindset towards money and quality principles to apply to your circumstance. Remember, Healthy finance is a life style!   When you decide to get control of your income and apply a Godly mindset; you are on your way to a FINANCIAL FRESH START.


1.    FACE UP TO WHAT YOU OWE
Financial solvency starts with fearless honesty. So sit down and tally every last dime. Organize your bills and set forth a plan to pay off EVERY debt!!

2.    SET UP AN EMERGENCY FUND

Having a liquid savings will help keep you from going further into debt. A good rule of thumb is "Alway have at least 8 months worth of out go in your liquid savings account!"
Example: if your monthly outgo is $2000, then you should have $16,000 in your liquid savings account.

3.    TRACK YOUR MONEY

Keep a spending diary for at least two weeks, be honest! By doing this you will be able to physically see what your money is being spent on and areas you can cut back on.

5.    INSPIRE YOURSELF

Visualize your life after you have paid off all your debt.

    1.    Set a deadline to when you want to be out of debt.

    2.    Write it down and post it somewhere, where you can see it on a daily basis.

It will help you to want to make better financial decisions.

6.    GO ON A CASH ONLY DIET
It’s a known fact that plastic attracts debt. So cut up all your credit cards except maybe one, and when you are out getting gas, grocery, food, etc. spend actual dollar bills.

7.     “NO EXCUSES”
Getting another job may not be what you want to do, but maybe something you need to do.  Do whatever it takes to succeed, even if that means selling things that have minor sentimental value. You’ll thank yourself when your debt load shrinks.

I know better than anyone that renewing your mind about your finances can be a hard task, but if you are committed and trust that God will help you through, it is one of the most rewarding things a person can do.

And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.

(Romans 12:2 NKJV)

 

 

by Zeke Acker

Acker Budgeting Services

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