Overcoming Financial Challenges
Description: In this episode, Melissa and Maribeth (from ADD Professionals) give a general tips for overcoming financial challenges.
This strategy is about common “financial challenges” and simple money management skills.
It’s important to remember that money has no intrinsic value. It is neither good nor bad. It just is. Money is simply a tool for obtaining the things you need and want in life. When you take away the emotional value you have placed on money, it can be much easier to deal with it.
Some common challenges in our very busy culture are:
Disorganization and clutter (maybe we can’t even find our bills)
Little expenses (like my daily coffee stop!)
Late fees (leads to poor credit which then leads to high interest rates)
The good news is, is that money management skills can be learned and there are many effective strategies to manage your finances.
Here are some effective strategies to managing your finances. Note, these are skills and skills take conscious practice.
You do have the ability to be successful at money management. Continue to ask yourself what works and what doesn’t. Practice these simple skills and you will reach your financial potential!
- Most importantly, have a system!
- Open bills immediately when they come in.
- Store bills in a designated place – only bills are put there.
- Designate bill pay days – put this appointment into your calendar.
- Check your bank accounts before you pay your bills.
- Track your spending. (keep your receipts in an envelope) – then put expenses on Excel & shred receipts.
- Keep plastic cards to a minimum.
- Debit cards are easier to use and keep track of your spending.
- Use credit cards for urgent and big expenses.
- Some people like pre-paid cards so they don’t spend money they don’t have.
- Plan ahead before going to the store to avoid buying impulse items.
- Some people like an accountability buddy. For example; I have this expense & I need to do this by this date – buddy will check in.
- Get outside help – know when it is in your best interest. It could be a book keeper, a professional organizer, a coach or a virtual assistant-they could put your information into a quicken program.
- Taxes – Add a tax day – mark it on your calendar and set it up early.