5 steps for coming to terms with your financial situation

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5 steps for coming to terms with your financial situation

Published by sam - 24/10/07 - 08:10:13 am

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So I am an active listener of the Dave Ramsey show and I listen to it religiously everyday via iTunes. After hearing caller after caller come to Dave for their financial advice I have come to the conclusion that many of these people which most likely represent all of us really need to come to grips with our financial situations. Many of times you know the answers to these problems, whether it be debt, changing careers, retirement concerns, etc.. We know our situation better than anyone else and many times we know what needs to be done. However, we need a kick in the butt to start thinking about it.

So lets begin. Lets start thinking about.

1. Put it on paper

First thing you need to do is put your situation on paper. Find out where you really are at. Sure you have an idea floating around in your head somewhere but you really need to see it all laid out to begin building a foundation.

2. Come clean with others you may be affecting

If you are keeping financial hardships from your spouse or significant other (only if they are directly involved) you need to come clean. Now. You need to create a plan together and work through it. You will feel better and they will feel better (maybe not at first).

3. Create action items

Find the items that you need to do first. Debt reduction would be an action item. Write it down. Be specific. You need to create some priority items and get those taken care of as quickly as possible.

4. Live within your means

Its time to get serious about getting your situation under control. It won’t be the most fun thing you’ve ever done but you will thank yourself immensely for the rest of your life if you do it and stick to it. Get your budget under control. You need to be spending only on the necessities and use the rest to get out of the hole.

5. Pat yourself on the back

Once you have done these 4 items its time to give yourself a pat on the back. Look at where you were and look at how far you’ve come already. The hard parts are mostly over and now you just have to see it through. Enjoy the moment and congratulate yourself for doing this.

Of course there are many other ways to approach these situations and each was has its own unique twist. The absolutely hardest and most painful part is admitting that you have a problem and its time to take a look at what needs to be done to fix it.

Agree? Disagree? Let me know.

Source: http://www.savingexplained.com/2007/09/22/5-steps-for-coming-to-terms-with-your-financial-situation/

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