Are you struggling with your finances? Wondering why some people seem to have it all together and you can barely pay your bills on time? What do they have, that you do not? What makes these financial wizards tick?
Here are 5 actions you can take today to start yourself on a path towards financial excellence:
1. Be Organized-Know when your bills are due. Know your income versus your expenses. Keep detailed records of payments and contracts and set up a filing system (either electronic or paper) that suits your lifestyle. An unorganized budget is not an effective budget.
2. Be Diligent-Look at your bank account daily. Make sure there aren’t any unknown fees or charges occurring. Check your credit report on a regular basis. Discrepancies can end up costing you big if you don’t catch them until it’s too late.
3. Be Assertive-Fight for your finances. Argue for a better rate. Negotiate for lower payments. Don’t be afraid to stand up for your money.
4. Be Cheap-Forget about being extravagant. Buy what you need when you need it and plan for your wants.
5. Be Discerning-Don’t let being cheap stand in the way of discerning good quality from bad quality. Remember that being cheap is different from buying cheap products. A $1 product isn’t cheap if you have to replace it once a month. Spend more for more longevity. Make investments not purchases.
To be financially excellent you have to have the right attitude and mindset. You have to commit to change and follow through. It is possible to be financially excellent on any income, but you will only reap the benefits if you are following the steps above consistently.