Obstacles to financial success!

Do you have enough money in your bank account? Is it enough to pay all your bills and still leave enough to live off? If your answers to those questions are negative you might be facing a financial hurdle.

How can you overcome those obstacles and achieve financial success? Well here are a few tips I found that you might find useful.

Make a Budget

I know that this sounds overly simplistic but it actually works, you must create a budget. In order to get control of your finances you must know where your money goes.

A budget will help you to visualize exactly where the money that you earn goes and that will provide a powerful insight in how to improve your finances.

Additionally if you ever lose a job or get a pay cut then you can successfully navigate these difficult times because you had a budget and could easily pinpoint the areas where you could cut back.

Pay off your credit card bill

Credit cards are very convenient. They allow you a little breathing room while you wait for your next pay cheque. They can also be a burden especially if the bills start piling up and you only pay the minimum fees.

It’s so easy to forget that it’s real money we’re dealing with when we whip them out to pay for a purchase, large or small. However it is real money and it should be viewed as such with deliberate thought behind each purchase.

If you don’t pay off the bill on time, then you will  end up paying far more for things than if you had paid for it with cash.

Have a savings plan!

Everyone knows that they should put aside something for a rainy day but we don’t always do it.  The best thing to do is to put aside some money after  you’ve met all your other financial obligations.

Why not resolve to set aside a minimum of 5% to 10% of your salary for savings?

Even better have the money automatically deducted from your paycheck and deposited into a separate account so that it becomes money that you haven’t even seen so you won’t spend it.

Avoid impulse shopping

The ‘silly season’ is approaching and all the stores will be advertising great sales. Don’t be fooled and give in to the impulse to buy items that you really don’t need.  If you buy them now you will pay for them later!

What’s your take? How do you overcome obstacles to financial success? Let me hear from you.

Teri Ann Renee Paisley

Gleaner online writer

Tags: budget, financial goals