Aren’t you sick of feeling like you have no control over your money? Of course, you are! The time to finally get a grip on your finances is right now. There’s no time like the present, and if there are things you can do instantly to take control of your money, why wouldn’t you?!
I’m sharing 7 easy ways to finally get a grip on your finances. Each of these activities will move you into the direction of financial success. Don’t feel the pressure to start with all of them at once (although, the more the merrier). If you need to, ease into each activity, one at a time. Regardless of how you approach this list, you’ll start feeling like you’re finally in control of your money!
7 Easy Ways to Finally Get a Grip on Your Finances
#1 Create a SIMPLE budget plan
I don’t think I’ll ever stop saying this: a budget is the NUMBER ONE tool for financial success. Without it, you don’t really know what is and should be happening with the money you make. Not only am I trying to break the stigma that comes with budgeting, I’m trying to help as many women as possible reach financial success with a budget.
If you want to get a grip on your finances, start by creating a budget plan. Keep it simple and eventually you can work up to more strategic budgets! Ready to get started with a simple budget?
First, list your take-home income for the month (consistent amounts only).
Then, list your regular bills for the month (amounts and due dates).
Then, list your other spending for the month (gas, groceries, fun, etc.). – People often skip this step and wonder why their budget doesn’t work.
Then, subtract your total spending and bill amounts from your total take-home income.
Finally, assess the number you get. Is it negative? Then you need to make more or spend less. Is it positive? How can you put it to good use?
#2 Invest in your financial knowledge
Have you noticed that when something is free, like a free book or a free class, there’s a lot less urgency behind it? If you received a free book, would you prioritize reading it? On the other hand, if you actually invested in (i.e. paid for) a book, you’re much more likely to read it.
The same goes for finance! The more you invest in your financial knowledge, the more skin in the game you have and the more work you’re likely to put in. I think that’s one of the main reasons why all of my coaching clients see success with their finances during and after working with me. They invested in themselves, which brings a totally different level of accountability.
You can invest in your financial knowledge a variety of ways. Take an online course (join the waitlist for my Money Management Mastery program now). Work with a coach. Sign up for a semester class related to personal finance. The options are endless, so find an option that works best for you.
#3 Let technology help
The more time goes by, the more automated and intuitive things become. Use this to your advantage as you work to get a grip on your finances!
Start taking advantage of automated technology! Once you have your budget set up, you know what you can afford to save. Get automated transfers set up directly to your savings account. With your budget in place, you also know that you can afford your bills. Set up automatic bill-pay! Make your life a tiny bit easier with technology. I’m not saying to just completely set it and forget it – make sure things are working as they should.
You can also take advantage of apps to help you get a grip on your finances. Digit makes saving money easy. There are easy ways to get started with investing. Also, there are plenty of apps out there to help make your life smoother.
#4 Don’t compare your situation to others
Unless you have some secret insight to another person’s bank account, you never truly know what they have. You can’t trust what people say on the internet. Do yourself a favor and constantly remember that. Comparing yourself to others is never a good idea. It’s an even worse idea when you’re comparing your real situation to someone’s not-so-real situation.
Because you can’t trust what people say on the internet, your comparisons are in vain! You could be making yourself feel so bad…for nothing! Instead, focus on the work you’re doing. Keep your goals front and center. Appreciate your progress and bounce back from any mistakes. Trust me, you’ll thank me for it later!
#5 Give each savings account a specific purpose
One of the best ways to get a grip your finances is by getting clear on what you’re saving for. A mosh pit of savings goals in one account makes for a very disorganized individual. To counter that, open one savings account for each goal you have.
There are certain things everyone should be saving for, so if you don’t know where to start with your savings goals, that list will help. It should matter how many accounts you have, as long as you’re clear on what you’re saving for. You can always repurpose your accounts as well, especially after reaching one-time savings goals.
#6 Start consuming financially empowering content
I’m a firm believer in the saying “you are what you think about.” If you want to be a financially empowered individual, you need to think about financial empowering things! Do this by consuming content that aligns with being financially empowered.
I started The City Girl Savings Podcast to help put out more financially empowering content. You can listen to podcasts, read books, follow financial influencers and more. The point is to start consuming content that helps you become better with your money! Anything that does the opposite should be removed for your common content consumption practices.
#7 Be intentional with each purchase
The final way to get a grip on your finances is to starting being intentional. Start thinking through every purchase. Whether you buy the item or not, think about what you’re doing. When you’re intentional with your money, you start thinking differently about what you have and what you don’t.
Eventually, you’ll get to a point where your intentions align with your goals. You’ll turn down spending when you shouldn’t, and you won’t even feel bad about it! That’s the ultimate goal for your money!
Related: 8 Ways to Get Your Finances in Check
That wasn’t so bad, right?! I’ve said it before, and I know I’ll say it again – only you are responsible for your financial situation. We can only blame outside factors for so long before we finally take control. These activities will help you get a grip on your money and start taking back that responsibility! Have you started incorporating any of the items on this list into your money routine? Drop a comment to share!