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10 Steps to Strengthen Your Finances

Updated: Oct 24, 2022

Eight years ago I made a decision that ultimately turned my entire life around. I found myself in mounds of debt to the tune of over $100,000. I remember thinking, okay girl, you have got to get it together. I realized I needed to stop doing stupid things with money. At that time, I had daughter in elementary school, a son in middle school, and a son in college. This was NOT going to be my legacy! I was able to pay off that debt in 2 years and have never looked back. Now I make it my business to help other single parents pull themselves out of debt step by step.

By following these steps, you’ll put yourself in a stronger position to live within your means, save money, make money with investments, and enjoy a secure financial future.

#1 - Pay off consumer debts.

Paying interest on credit card debt or other loans limits your available cash flow for savings and investments.

#2 - Call your credit card companies.

If you're like most people, you probably have a credit card or two and are paying monthly interest. Call your companies to negotiate lower interest rates.

Rachel Cruze says it perfectly: “When you use a credit card, it’s like you’re living your life through a rearview mirror! You’re living in the past and paying for things you’ve already done, movies you’ve already seen, and food you’ve already eaten.” And that stinks!

#3 - Start an emergency savings fund.

Putting aside anywhere between 3 and 6 month's income will help ensure you always have funds to hold you over during trying financial circumstances.

#4 - Ask your employer to match your 401k contributions.

If you're employer offers a 401k plan, then paying into it and having them match your contributions is an easy way to put more money to work for you.

#5 - Sell items you can do without.

If you have items taking up space on your shelves or in your basement that you never use, selling them at a yard sale or online is a great way to make some quick cash.

#6 - Create a budget sheet.

This snapshot of your income and expenditures will provide you with a clear perspective on how to spend and save your money.

#7 - Cut your expenses.

Taking steps to curb or eliminate unnecessary spending will help you spend your money wisely.

#8 - Opt for automated recurring billing when possible.

Keeping track of your monthly bills can become a headache. Enrolling in autopay systems when possible will help make your life a whole lot easier.

#9 - Figure out your career path and goals.

If you're happy with your current job, start planning what you can do to obtain the career of your dreams.

#10 - Donate to charity.

Donating 5% to 10% of your monthly income to a charity of your choice can help make a difference to those in need and provide benefits to you as well.

Need Help?

Some of us need guidance and assistance staying on track. It can be difficult to create new, healthy habits and that's okay. Allow me the opportunity to coach you through it. Click Here and let's get started.

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