Fall into action with money $$$

Ready for financial freedom? Now is the time to start!!

Hopefully you have decided that your spending habits need to change. By this time, you should have a budget. You know the income that is coming in and your monthly expenses. You are already beginning to shed light on the areas you are over spending . You want to gain control of your money now.

Once you have a written budget, now is the time to follow it. Every dollar should be assigned a spot until your balance is $0. Now is the time to assign a spot to any extra dollars. Make sure to assign any extra dollars you receive in income from overtime pay, side hustles and gifts.

To begin, make sure you have $1000 in your emergency savings account. The emergency savings account is strictly reserved for health, household or car emergencies. If you are lacking money to put in emergency fund , sell a non essential .Cancel a massage, pedicure subscription to save money.

Begin paying your debt with money that is not allocated towards living expenses. Organize all your debts, not including mortgage. List every credit card debt, student, personal , family and car loan. Attack your small debts first. Once you pay off the small debts, throw the money towards next smallest debt. Destroy credit cards once they are paid off. If your car loan is excessive, assess the value , sell it and purchase a reliable , older car with cash.

Once you are debt free from everything except mortgage, save three to six months of expenses in a separate savings account. You are then covered if you lose income for several months. Some people find that they have extra cash to save for a car or home which can be put in another account. Make a commitment to yourself and your family that you will not purchase anything unless you have the cash.

Start thinking about your future . When you have no debt with cash in the bank, you can begin investing for your future to include retirement. As an Opportunity Money Coach, I help people become financially independent. If you desire financial freedom, schedule a session with me at www.peacefullifefinancial.com. I can help!!!