Here are 5 easy ways to start taking control of your financial situation… remember, money is just a servant, you are the master!
Step 1: Review your financial situation The only person responsible for your financial situation is you. Work out where your finances are right now. Write down what as- sets and debts you have, take away your debts from your assets and see how you’re travelling.
Step 2. Take control of your debt. If you have debt, it’s important to ensure you’re getting a good deal on your interest rate, possibly look at consolidating loans to reduce interest, and pay well above the minimum repayments so that the debt is paid off ASAP. GOLDEN RULE: Pay off credit card debt every month.
Step 3. Build an emergency fund. It’s hard to get ahead financially if you’re not saving anything. Start saving some money from every pay cheque and build up an emergency savings account.
Step 4: Be your own super hero. Most people don’t understand superannuation because no one has explained it to them. Super is simply a way to save money for your retirement and pay less tax on the money. You have enormous control over it and once you understand the power of super, you’ll pay attention from that moment forward.
Step 5: Invest in financial education. Hopefully the ideas in this article are starting to give you a heads-up that managing money isn’t really that hard once you learn how. Spend a day at a Wealth Train workshop and let us share 15 years of experience with you to give you all the tools you need!
Cheers, Daniel