As the new year - and tax season - gets underway, many of you are probably re-evaluating your finances. You may be assessing your debt, trying to boost savings, or planning for new expenses. But, we know that taking control of your money can seem daunting, even impossible, when you are trying to account for inflation, large loads of month-to-month debt, insufficient savings, and no established future funds (such as retirement funds or life insurance). How can you take control of your money and get back on track?

What You Can Do NOW

Here are five things you can do right now to take control of your money:

1. Pay Yourself First: Always prioritize you and your family when assessing your money.
2. Earn Additional Income: If you can, pick up some extra shifts at work or get a part-time job if you are able, have a yard sale, or maybe monetize a hobby of yours. Building a second income will speed up your success!
3. Adjust Your Lifestyle: This one is hard - but make sure you know the difference between "wants" and "needs" and make sure you stick to your budget for each!
4. Avoid The Credit Trap: Credit cards will rack up your debt and have you paying extra with high insurance rates. Try to make sure you are only buying what you can afford - and avoid using a credit card for it.
5. Change Your Thinking: Change your perspective on money. You will have to build a new relationship with money that allows you to build your finances, not feel defeated by them.

Six Steps To Financial Security

Taking the list above and putting it into action, here are six steps to building and protecting your money.

1. Increase Cash Flow: Earn additional income where you can, as well as stick to a strict budget. If you cannot increase your cash flow, you can use the money you DO have more wisely by keeping a budget and eliminating unnecessary expenses.
2. Debt Management: Consolidate your debt to get a lower interest rate and have all of your debts paid at one time for convenience! Keep the end in sight - your goal is to pay off all of your debt.
3. Emergency Fund: Aim to have 3-6 months income in savings and prepare for unexpected expenses.
4. Proper Protection: Protect your assets and your family by investing in a quality insurance plan. Contact us for a Financial Needs Analysis to determine the best way to plan for financial stability in the event of death, serious injury, or illness.
5. Build Wealth: Believe it or not, some life insurance plans can help you with this as well! You want to build equity, manage your money responsibly, and ensure your children and family will have financial stability in the future.
6. Preserve Wealth: Reduce amount paid in taxes on pay-outs and make sure the wealth you built for your family is properly distributed and protected.