3 Easy Steps to Take Control of Your Personal Finances

If you are looking to lower debt and take control of your finances, there may be no more intimidating process. If you are struggling to pay your bills back, you may not even know where to begin or what can help. If this is the case for you, you are not alone! Many individuals struggle to begin their financial journey on good footing and that is why looking for advice can be so vital. To help you on the path toward financial independence, consider the following nuggets of wisdom as important to remember as you start your journey to financial freedom.

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1. Make an Appointment

When it comes to financial matters, scheduling is key. Yes, due dates are known and usually adhered to—to the best of your abilities. But, getting a larger picture by creating a calendar can really help in keeping you on track. Sit down with a tangible or electronic calendar and schedule out anything that you want to pay and when you want to pay it. Schedule out your minor known purchases as well. From your grocery and shopping trips to others, having a visible idea of what you are doing and when you are planning on doing it. This can help you to stay on track with your financial goals and even your debt payoff.

2. Look at the Rates

If you are interested in reducing debt and paying off your credit cards, it is important to look at the rates that you are paying on every debt that you owe. A large percentage rate can drastically increase the amount of time it will take you to pay off a loan and it can damage your financial picture. If your rates are extremely high, it may be time to talk to the credit card companies and ask them for more information on how to lower your rates. You can also do a balance transfer as well to help you start paying more on the principle and less on the interest when you switch to a lower-rated card. It is vital that those who want to lower their debt know more than just the amount of debt that they have but this number as well. It will help to make more clear how long and how much it will take to pay off that debt.

3. Delay Gratification

One of the hardest and yet most important parts of becoming fiscally responsible is to delay gratification. It can be tempting when you are in debt or even when you are in a good financial position to splurge on those items that are convenient rather than fiscally savvy. It can be difficult to, essentially, tell yourself “no.” Rather than struggling to pay back your bills on time and making just the minimum payments, delay these temporarily gratifying moments by paying into your savings or paying your debts. A few dollars here and there can really add up and build your financial future which is one of the most gratifying experiences of all.

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