Thursday, February 23, 2012

3 Steps to Take Control of Your Money in 2011

January 21, 2011 by admin  
Filed under Personal

Take Control of Your Money in 2011 | Image by frederick-lewisSo the new year is upon us as are our new fiscal balance sheets. Have you begun to create what your 2011 will look like financially?

Make this year better than all the others by taking more control of your money. Understand that every little step you take towards a more stable financial future can grow exponentially over time. No effort is too small in this area.

Follow these three steps to get you started off on the right foot:

1. Go back to a manual transmission. No, not with your car but with your finances. Automated services such as direct-deposits and automatic monthly payments can be useful time-savers, but they can also cause you to lose touch with your financial situation. Take a hands-on approach in 2011 and un-automate your finances.

2. Set clearly defined financial goals. “Having more money this year.” is NOT a clearly defined financial goal and will only get you more of the same. “Increasing my income by 20%.” IS a clearly defined goal. Create as many of these as you can reasonably expect to achieve.

3. Take stock of what you have right now. It’s tough to know where you are headed if you don’t know where you are today. So take some time to carefully inventory exactly what you have. The key to being in control of your financial future is understanding your financial present.

Don’t forget to live it up too! You won’t look back on 2011 as being the best year yet if you don’t take the time to enjoy life. Loosen up the wallet from time to time and treat yourself to a nice dinner or day at the spa. Celebrate your achievements with others and always reward yourself as well.

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