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5 Tips To Keep You In Control of Your Finances When You Feel Out of Control
Why were we taught to not discuss money? Unless you have someone teaching you about them from the get-go you are probably lost and feel like your spending is sometimes out of control. Most of us feel the same way - you're not alone! Check out these five tips to improve your financial mindset. NOTE: I am NOT a financial advisor - all the information offered is based on our opinion
#1. Identify A Clear Map of Your Spending Habits and Income
The best way to understand your finances is to lay them out as if they were a map. Track your spending habits through your bank statements as well as your monthly bills.
Laying these out each month in advance can help you put your money towards where you really want to put it. The Ambition Planner has one way to stay on top of your bills each month with our Financial Planner, for sale now.
#2. Implement Saving and Investing Habits
What are you working towards - a vacation, retirement, dinner date?
We don’t want to be randomly purchasing and taking money out of funds that we are saving for. Pick a specific goal to strive towards and start putting money away for that specific goal. This will reward yourself as well as keep you in control of where your money is going.
#3. Understanding Your Credit Report
As women, we want to take ownership of our credit reports. If you have a great credit score or a bad one, it is essential to understand how credit works.
Your credit score can be affected by debt, monthly bills, and your general payment history. Once you turn 18, your credit score is very important.
Keep track of your credit score yearly and keep tabs on your debt. Paying bills on time is critical to your credit score! Therefore, affecting how you can purchase a car, a house or rentability status in your future.
#4. Educate yourself instead of being fearful of ownership
Lastly, we aren't taught early on how to keep track of our finances. Keep yourself accountable and read and listen on how to keep improving. This affects your life, well-being and relationships! Prioritize being financially fit and you will live a more well-balanced lifestyle.
#5. How The Ambition Planner Can Help
Layout your finances with our Financial Planner each month. Keep track of your bills through the month in The Ambition Planner to hold yourself accountable.
Stay organized and in control of your finances and channel The Ambitious Women you can be!