Are You in Control of Your Money?

lift_dollar_fundraiser_400_clrMany people feel they do not have control of their money; thus, they end up in a financial rut. Being out of control financially means you buy things you do not need with your credit card, incur a debt which you will not be able to pay, dismiss unpaid bills, not paying your insurance because of your debts and so on. Later on, you buy something expensive that you do not need and the cycle goes on, but you spend more money and earn more debts this time. You become scared and you avoid responsibilities which make you step into the wrong path. Before you know it, everything is just out of control.

For you to control your money, decide once and for all to pick yourself up regardless of the financial crisis you are in. Do this even if you do not have money. Check your assets and liabilities though this may be a scary thing to do. When you acknowledge your real financial condition, the fear will slowly evaporate and will no longer control you.

Have a budget plan and know what you buy. Always keep track of your daily expenses. After a month of doing this, you will know what are your unnecessary expenses and the things that contribute to your loss of control. When you are aware of these, you will have more choices coming your way.

Ask yourself why you have such spending habits and the explanation you have for purchasing the 5 items you last bought. Know the reasons for taking out your last loan and making such an investment. Try to recall why you bought a car and a house and if these reasons were because they were a necessity or if you just wanted to please someone and be admired. If you find out from all these questions that outside factors dictate your decision-making, you will all the more be unable to control your finances.

Do not discard your unpaid bills and check them out one by one. Be aware of where you financially stand and acknowledge that you are the lawful owner of the things you possess.

In the following quarter, do something different. You can start saving an additional $100 from your earnings, pay extra money to your debts or take a course in business or financial management. Do anything that would help you control your money.

Once you have personal integrity and are responsible enough, you will be more confident in handling and controlling your money.

 

 

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