5 Steps to taking back Control of your Finances

26 April 2018

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A Firstline Securities Limited Blog by: Maria K. Lewis

How often do you find yourself uttering these five words: Where does my money go?  How often do you find yourself wishing that the end of the month would just hurry up and get here?  How often do you find yourself praying that you would finally…once and for all… no longer have to live paycheque to paycheque?

If you identify with the questions above, then it’s time to seriously consider (re)gaining some much-needed power – much needed financial power.

You may feel overwhelmed, and as though you’re drowning in the mire of your situation, without any window for rescue.  However, just like getting a healthier body, or living a happier life, turning your financial circumstances on its head can be possible with first and foremost – a change of mindset, because after all – anything can be possible with the right mental approach…and well, some of the helpful tips below:

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1. Get Smart – Financially-Smart. What’s the difference between someone who can speak a foreign language and someone who can’t?  Knowledge and Skill.  What’s the difference between someone who can write pages and pages of elaborate code and create a mind-blowing website? Knowledge and Skill.  What’s the difference between someone who’s financially savvy…and…say…well…someone who isn’t?  You guessed it!  Knowledge and Skill.

Knowledge truly is power.  The key to mastering any craft is gaining as much education on the subject as you possibly can.  Therefore, in order to have a stronger handle on your money, your first ‘To Do’ action ought to be learning as much as you can about money.  So, do yourself a favour, and carve out time in your day to day life – and read and learn about finance.  Learn about money and how it works (and how it can work for you).

For further information on the importance of financial literacy, check out this Firstline Securities Limited Blog!

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2. Get Rid of your Bad Spending Habits. This takes a bit of discipline, but if you’re someone who’s struggling to live within your means, then you ought to not have many occasions when you live beyond your means.  Be real with yourself.  Examine your past months’ statements and circle the purchases which can be deemed ‘unnecessary’ or ‘extravagant’.  Going forward, before you pull out your card to swipe, ask yourself – do I really need this product or service?  Would the money that I’m about to spend serve me better if I put it toward an investment instead?  It is prudent to have that degree of discipline and self-control in order to become wiser with your hard-earned funds.

Can’t stick to your Budget?  Read this Firstline Securities Limited Blog to find out possible reasons why…and discover some helpful tips to fix this!

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3. Know How Much You Spend. How much do you make each month?  Chances are that everyone can answer this without a moment’s pause.  Now, if I ask: how much do you spend each month…would you stop to think?  Are you still thinking?  Would it be easier for you to just tell me what funds you have left in your bank account right now?  Thought so.  You need to know how much you spend.  This point ties in with the one above as it’s essential to know where your money going.  Belinda Rosenblum, owner of OwnYourMoney.com advocates the need for people to:

  • Make a list of their expenses and debt
  • Organise this list in terms of priority
  • Make, and then execute, a plan to pay these off, based on priority.

For instance, your priority ‘Debt Payoff List’ can be arranged by placing those monthly payments which give you the greatest anxiety in order from ‘high’ to ‘low’.   Make a plan (and stick to it) to pay a bit extra each month to eliminate these ‘anxiety-payments’ altogether.   Rosenblum adds that you can make this ‘pay-off’ process both exciting and empowering by, for example, giving it a name.  Possible names include: “Project Debt-Free!”; or “Financial-Freedom 2018!”

What are some common financial pitfalls, and how can you avoid them?  Check out this Firstline Securities Limited Blog to learn more!

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4. Find Your Passion – and Monetise it! Everyone is blessed with a gift.  From cooking to teaching to writing…we all have special talents to share with the world.  Now, why don’t you find a way to earn a supplemental income from your passion!  Several people, including that lady who sits behind you at work, are discovering ways to bolster their monthly earnings through this means.  If you only have one source of income and you’re barely able to survive each month, you may need to think seriously about your talent – and the ways you can earn an income from it.  Again, this requires dedication and discipline on your path.  And…don’t hold yourself back!  Be creative and think as broadly as you can.  For instance, are you someone who’s great at drama?  Why not create a programme where you teach children, or the elderly, the ways and means to express their artistic side through this medium?

Another key point to keep in mind, (as we’re chatting about monetising passions) is knowing your value.  Find a way to competitively price your product/service, provided of course, that you’re offering something of quality.  Oftentimes we tend to undervalue ourselves (and what we offer by extension) which leads to people devaluing us and our worth.  Know your value.  Produce something of worth.  Research smart pricing (so that you’re competitive).  And…smile as you watch your money grow as you wisely augment your income streams.

Why are some people wealthy…when you aren’t?  Check out this Firstline Securities Limited Blog about the Habits of the Wealthy!

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5. Save & Invest. From a young age we may have all been taught about the importance of saving…in case, you know…there’s a rainy day.  Well as adults this advice couldn’t be more integral.  We need to practise saving; and more so – investing.  It’s advisable to discover areas in which you can place your money so that it grows for you.  Yes, there is risk in investing, which is why many financial advisors would encourage persons to consider a diversified portfolio.  Whatever your preference, this point should be taken quite seriously as life is consistently unpredictable.

Learning about investing can be a bit daunting, but thankfully there are organisations like Firstline Securities Limited which provide wealth management and advisory services to customers.

For more information about Firstline Securities Limited, and to speak to a member of our knowledgeable team, feel free to message us at info@nullfirstlinesecurities.com; or call us at 1 868 628 1175.

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