One can always find rationalizations for continually engaging in certain behaviors. Further, there can be comfort in doing so, even when it is detrimental to your wellbeing. This is why people come up all sorts of reasons for not changing their ways, one of which is being too old.
This is particularly true when it comes to money matters. But we are here to tell you; it is never too late to take control over your finances.
The Past Does Not Have to Equal the Future
OK, so you made mistakes when you were younger, but that does not mean you should keep right on making them just because you are older. Those mistakes could be preventing you from experiencing all the enjoyment you can in your waning years. What difference does it make if you got started late, made some mistakes and aren’t as far along as you could be?
When you know better you can go better. So, let us go!
Education can make all the difference in the world, regardless of your age. Even better, living in the age of the internet you have sound advice literally at your fingertips. There are billions of gigabytes of good financial advice out there just waiting for your click. You will find a great list of blogs on the subject at MoneyBoss.com.
Assess Your Situation
Track your expenses for two months to get a baseline on your spending. Happily, though, you will not have to wait two months to get started. All you have to do is pull up your bank and credit card statements for the past two months and examine them to see where your money’s going. Once you have a handle on that, pull together all of your income statements for the same period and see how much you actually have coming in. If this number is bigger than the other number you’re in good shape.
If it is not, it is time to shift the paradigm!
Establish a Budget Within Which You Can Live
As you are reviewing your spending habits, look for frivolities you might be able to do without every now and then. For example, if you are in the habit of spending afternoons at a coffee house socializing and perusing the internet, you might be spending five or ten dollars a day on coffee and snacks. Change your venue to the public library. You will still have free Wi-Fi, but you will also have lots of finance books from which you can learn, and you will meet people with whom you can chat — all while saving that 10 bucks a day, 50 bucks a week, $2,600 a year.
See how minor things can add up?
The trick is to create a budget that allows you to still enjoy your life, while putting away cash for a rainy day. Things do not have to be painful to be beneficial. And do not worry about keeping up with the Joneses, they are probably broke.
If You Are Already Behind
Of course, that is great advice if you caught things in time to turn them around. But what if you are reading this because things have gotten out of hand and you are trying to come back.
There are many ways to a handle on debt. Some are relatively simple like debt consolidation, others costlier and more painful like bankruptcy for example. Still others, like debt settlement, involve less pain but leave you in a better position. If you think that is a good route, study up on any company with which you consider working. Information like these Freedom Debt Relief reviews could prevent costly mistakes.
It is never too late to take control over your finances. All you need is the will to do so and some good advice. Consider this your first piece of it!