Today, tomorrow, a new week, a new month, or a new year. The opportunity to start over presents itself every single day. In reality, NOW is the time for a fresh start. Now is the time to do a financial health check-up.
When it comes to better habits, whether it be for health or wealth, now is the best time to begin. The results are not likely to be immediate; no, the current situation didn’t happen overnight. For many, their current state of health or finances happened slow and steadily, typically over several years. Often, health and wealth walk together. It can be described as a path of destruction when one is not diligent and has been irresponsible in either area. Many may find themselves unhealthy, discouraged and overspent.
No Two Journey’s are the Same
For someone trying to improve their health, it may take months to see even the slightest of results in the mirror, the scale, or even in how they feel. Someone with high blood pressure, cholesterol, or blood sugar may have to work on eating healthier and exercising for several months before they see a significant change.
There are no two people who will have the same experience, and no two will lose weight at the same pace or regulate their lab numbers at the same rate. However, with consistency and determination, an otherwise healthy person can obtain better health goals by making better choices.
A Healthy Financial Journey
In the matter of finances, it is much the same as health. Too many calories equal too much weight; too much spending equals the dreaded – too many bills!
We have to make smart choices with how and where we spend our money. It is evident again that the amount of money a person has available to spend is individual, but the choices are the same in reality.
Millionaires have gone broke by making poor decisions with how they manage their money. This could have easily been avoided with a financial health check-up. Someone broke but willing to work, be wise in spending, and saving can have success with money.
Using an online budget app or keeping a notebook to track every dollar you spend or creating your own budget will help you see where your money is going. Tracking categories of where you spend your money will help you know if you are spending too much in one area or another.
Biggest Financial Struggles to Decrease
Commonly for families, housing expenses are often the hardest to find ways to decrease. Sometimes it may mean drastic measures such as downsizing your home. It may not be your plan or desire to move your family, but if your home is costing you more than you can afford, you have only two choices. You will need to either downsize and move to another house or find a way to increase your income to accommodate the expenses.
Some increasing income methods may be selling off items in and around your home that you no longer need. Social media, local sale sites, eBay, garage sales, even friends and family are good options to clean out extra items.
Another option for “finding” extra cash is to pick up as many extra hours as possible in your current position or to find an additional job. Another job or income may mean doing what you do in your full-time job or possibly turning a hobby into cash. It is best that you use extra money to pay down debt, put it in savings, or use it to pay towards the principal on your mortgage.
Re-Evaluate Your Food Choices
You may also need to evaluate your food choices and cut back on your grocery expenses and suspend dining out until your finances are healthier. We often hear beans and rice; and rice beans when we discuss the food category.
In truth, it may be as simple as cutting junk food so that it brings your food budget down to where it needs to be. Things such as soda, bottled water, water flavor packets, chips, snack bars, and baked goods can add an unnecessary amount to your grocery bill. The truth is, it does cost more to eat healthy! Have you ever gotten a coupon for salad or fruit? But how much do you honestly eat in a week?
Grocery Spending & Meal Planning
Your weekly grocery needs are another place to be mindful of your spending. If you eat fresh whole foods, even your attempt to eat healthy may be damaging your budget if you are throwing out food. It may help you to keep a food diary or create a menu. There are also many options online to join the menu and recipe services. That may or may not help you initially; if you don’t use it, then it’s just another expense.
Sometimes, it can be as simple as sitting down with your family and discussing everyone’s favorite meals. Once you have some ideas, make a list, then plan your menu and grocery shopping needs. Being intentional about your purchases can make a significant impact on how much money you spend on food.
Once you have targeted your most expensive items in your monthly spending and worked on reducing expenditures, it will be time to look at what you owe. Begin to find ways to reduce your overall financial debt by making a list of everything you owe. The most important thing is to take the first step towards making changes and deciding to have a more secure financial future for your family. The journey to better health and better wealth starts one step at a time until you are making smart choices daily. You Can Do This!
Get Help When You Need It
Once you have completed your financial health check-up it’s time to start really making shifts to impact your life and the future of your family.
If you aren’t sure where to get started then consider scheduling a consultation call with me. I can help you to create your own unique path toward your personal financial success.