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Category: Financial
Basic money management skills are a key
ingredient to maintaining a positive, happy life. If you are a slave to bad or counterproductive financial habits, you create
more negative energy and complications in your life.
Adopt this simple, "three-step" approach:
1. Balance your
checkbook every month.
2. Always pay your bills on time.
3. Live debt free, or make a plan to eliminate debt.
By
balancing your checkbook every month, you focus on how much money you have to manage and exactly where your money goes. You
also eliminate the opportunity for errors that can be detrimental to your budget, while keeping accurate records of your finances
for future reference.
By paying your bills on time, you establish a routine that has positive impact in your life.
When you pay your bills on time, you eliminate costly late fees, which rob you of your own money. You also establish a good
credit history by keeping your accounts free of delinquencies and in good standing. Most banks and other lenders do not approve
of delinquencies and consider them as negative references about your financial responsibility. You also save your time and
energy because you stay ahead of the game and do not have to spend time having such things as utility services restored when
they are cut off.
Living debt free, or making a plan to eliminate debt, helps you live within your means and work toward
getting a step ahead in your own personal wealth. For the purposes of this "three-step" approach to financial organization,
living debt free means paying credit card bills in full because, after all, most people have to finance some expenses in their
lives, such as their home, automobile, and education. By paying your credit cards in full each month, you save yourself finance
charges and interest that increase your debt. This creates a foundation for your own personal wealth. By keeping the money
as your own, rather than paying high interest, you don't ravage and reduce your own income. You also eliminate the anxiety
created by worrying about debt, putting a stop to this overwhelming flow of negative energy into your life.
If you
need to eliminate debt, begin by simplifying how you spend money. Pay more than just simply the balance due on your credit
card bills. Perhaps it's as simple as cutting costs in order to accumulate the extra cash for these payments. For example,
pack your lunch, rather than eat out every day. If your situation is more complicated than that, seek the services of a professional.
This
"three-step" approach will help you create financial organization in your life, which will make you feel good about yourself
and help you control your anxiety and frustration about money.
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