October 25, 2023
Taking Control of Your Finances
As the financial world continues on, so does the uncertainty of what is coming in the future. Will interest rates remain high? What is the market going to do over the next twelve months? Are we in or going to be in a recession? What will happen to the job market? These are all great questions to be asking, but many of these questions depend on outcomes out of our control. That’s why we should channel our focus on the areas of our finances that we can control and prepare for the unexpected.
Here are three things you can do right now to take greater control of your finances in times of economic uncertainty:
- Access: When was the last time you reviewed where your money is going? Start by looking at the past three months of spending and calculate a monthly average for each spending category. Anything surprise you? If so, consider using cash or debit card for that category and see if you can spend less month over month.
- Automate: Set up automatic transfers from your checking account to a savings account and time it with a regular paycheck or at the best time of the month. By taking yourself out of the equation, you’ll be more likely to succeed in saving because you won’t have to remember to do it!
- Get Support: Remember, you’re not alone! See if you have a family member who you can start a money conversation with or work with a financial coach who is certified and ready to help you reach your goals. Accountability partners are great to have in diet, exercise, and financial habits, too.
And there you have it! Even in times of uncertainty there are steps you can take to be in greater control of your financial life. And no matter what happens, taking control of what do have power over can help to reduce stress and make living life that much more enjoyable. You got this!
If you need financial support during this time, you’re not alone! Subscribe to the Life. Money. You.® Financial Well-Being Program (visit LifeMoneyYou.com) to get your own financial coach and prescriptive money tools to help you make better money moves on the go.