A Quick & Easy Fix For Creating Your Money Plan

Something to consider before reading this post:

How are you feeling about your finances these days?

It's easy to ignore your finances and tell yourself you'll get to creating a plan "someday" but how many of us actually get around to creating that plan? If we are to believe any statistics that are published about Americans and their savings habits, the number is pretty low. GoBankingRates estimates 69% of Americans have less than $1,000 in savings . So I think it's safe to say that for most people, telling themselves they will get around to creating a plan for their finances, is a lie and never happens.

So what can you do? Be true to yourself and actually follow through and create a plan for your money! I know it can seem overwhelming to get started but your fear about creating your financial plan is probably actually worse than taking the steps and following through with creating the plan!

Here are some thoughts to consider when creating a plan for your money:

1. Short-Term Savings - Do you have money saved up to protect yourself if something happens? If not, this is a good place to start. The advice used to be that you should have this in cash saved in a savings account at the bank. Times are changing and I think it's OK to think out of the box here. I personally believe it's a good idea to keep some cash on hand (in a safe in your home if possible), some money in a crypto wallet that only you hold the keys to, some silver and/or gold on hand (in a safe at your home) and also keep some cash in the bank (preferably in your local credit union). Having different types of assets and spreading your money around is always a good idea, no matter how big or small the amount.

2. Long-Term Savings - If you have money in savings, do you feel like it's enough? This is a question only you can answer. Some people like to have 3 months savings, others 6 months and some a year. This is something worth exploring to decide how much is enough for you. If you don't feel like it's enough, make one of your first financial goals to build this up.

3. Let's Talk About Debt - Do you have debt? It's OK if you do. I'm not going to scold you for it. You already know that debt will eat away at your ability to save money, causes lots of stress and can hold you hostage for many years. No one ever wishes they have more debt. But have you ever thought how debt effectively reduces your income..... which is like accepting a long-term pay cut? Yes there is the trade-off for the item you receive in exchange for the debt. But is it worth it? Only you can decide this. In some cases it may be but in others it may not. It's important to know how much you owe and the interest rates you're paying so you can make a plan for paying off your debt in the shortest amount of time that's feasible for you. There are lots of ways to hustle and make extra cash to pay debt down quickly and lessen the impact debt has over you.

4.  Longer Long-Term - Are you saving for retirement? If not, make that another goal in your financial plan. Depending on how much money you have, you can do this simultaneously while building your savings and/or paying off debt. It may not seem possible but I promise you it is and it's worth looking into. The thing about saving for retirement, like creating a financial plan, is most people don't end up doing it. People will tell themselves they will save for retirement when they pay off their debts, get a better job, or make more money. But that doesn't usually happen. According to Yahoo, 25% of Americans don't have any money saved for retirement, and those who do, don't have enough. Are you one of those people? A lot of companies match what you contribute so if you are not taking advantage of that, you are missing out on free money. Contributing to a 401k will help you pay less taxes. Who doesn't want to pay less taxes? If you are not currently contributing to a 401k, IRA or other method, do some research about it and stop telling yourself it's something you can't do. You might be surprised at what you find when you look into it!

We tell ourselves we can't handle our finances, we are always going to be in debt or that creating a plan for our money is hard. But these are all lies. It's time we put these lies to bed and step up and take control of our own situations. A quick and easy fix to creating your money plan is to JUST DO SOMETHING. It really doesn't matter where you start, just start! It doesn't have to be complicated and you don't have to have it all figured out on day one. Just pick one thing and go with it! Stressing and thinking about it require as much energy as making and executing a plan. Instead of trying to talk yourself out of it, take one small step and just do something. Even a little financial planning and some minimal, but consistent, action make a big difference over time!

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