Identify Your Financial Priorities – What is most important right now? Is it to pay down a credit card or personal loan, fast track your mortgage payments, save for a holiday or special event like a wedding?
Track Your Spending – You may be surprised where you spend your money and how cutting back on some expenses could make a massive difference to your savings. The key to moving forward is to spend less than you earn!
Set Up A Budget And Stick To It – This is fundamental to reducing your debt, building your savings. It may seem a bit challenging at first but well worth it for the results.
Plan For Periodic And Emergency Expenses – These include getting your car serviced, birthdays, Christmas, replacing appliances, home repairs and other things that unexpectedly pop up that require instant payment. Having a fund for emergencies will prevent you from dipping into your savings or using your credit card going into debt.
Stick To Your Plan And Review It – is great to set up a financial plan but the only way you will see real results is if you stick to it. Having a vision board or some other reminder of you end goal may be a great motivator. Also, once you get into the habit of budgeting review it periodically, you may find more money to invest in savings or pay down debt.