Step Three: Reset Your Financial Picture

In my last post I encouraged you to look at your options in a positive light, if you are currently struggling with financial issues – and who isn’t? I suggested some possible solutions and directions you could take to get back on track. I’d like to conclude this series with some common sense tips on how you can hit the reset button and look to the future with hope.

Recovery won’t happen overnight, but then neither did the situation you find yourself in now! Taking a long, hard look at what it will take to get you back on track, making those tough decisions, and sticking to the plan will ensure your financial success. Be patient!

· Continually assess your financial picture – your finances are not something you can use the principle of “set it and forget it” – you must continually evaluate your status.
· Set and stick to your budget – this is probably one of the most difficult things to do but once you set a realistic budget, sticking with it will make sense – you’ll have reasons to say “no” to yourself and others – “It’s not in the budget for this month”.
· Track daily expenses and cut spending – many of us don’t really know where our money goes, we just know that there is “more month at the end of the money”.
· Set goals – evaluate needs vs. wants – this is tough, I know, but for the most part we get accustomed to certain things that are not really essentials. Be honest with yourself.
· Pay bills online and on time – setting up bill pay or auto payments will help to keep you on track. Talk to your creditors and work out a doable payment schedule.
· Pay high interest loans first – these are the monkeys on your back – pay them off as soon as possible to avoid higher penalties.
· Set aside savings each month – you may think that you don’t have anything to save, but even a small amount over time grows! You’ll be glad you paid yourself!
· Know your Credit Score and correct errors – keep close tabs on your credit score so you can catch errors before they become detrimental.

I hope this short series of tips has been beneficial to you. Finances are a very personal matter and we don’t like to admit when we are having difficulty. If you or someone you know is struggling financially share the last several blogs with them or suggest they come in to see one of the staff at Rogue, they’re ready to listen and take a thorough look at each individual situation to help find solutions. Unfortunately, we are not always able to fix the problem or grant the desired outcome, but we will arm you with information needed to identify your options. Contact us so we can get you back on the road to financial stability.