Sometimes we feel that we are not in control of our money or perhaps money makes us feel powerless. However, we learned via LifeDaily that "In order to change your relationship with money you need to be fully aware of your finances, and your current financial situation, and you need to make a choice to take control of it." You have the choice about how money makes you feel, so here are 4 ways you can become financially empowered.
1. Study your past financial failures.
First, study your past financial mistakes to get an overview. The article stated to, "Print out a copy of your bank statements for the prior year to see where you went wrong. Make a chart, e.g. clothing, bills- utility, phone, food, transportation, and see where you spent the most." Do this every month and you will see how much you spent.
2. What were your financial goals of the past year?
Reflect and think about your financial goals. Was it to move into a new home? Buy a new car? Or save a certain amount of money? If you did not met your goal, try to learn why. Maybe you spent extra money on other things, or maybe you didn't save enough. Perhaps you were not thinking about your goals often. Either way, it is important to see the bigger picture and write down your financial goals. The article stated to look at your goals every day, including when you plan on making a purchase.
3. Make a decision.
Although you may have felt powerless about money in the past, you have the choice to make a change and learn new habits. The article stated that, "It’s not about dwelling on the past or getting mad at yourself for your mistakes, it’s about acknowledging that right now you are going to make a change, and you are committing yourself to this change."
4. You must have a plan.
After deciding that you want to feel financially empowered and have control over your life and money, you need a plan. The article stated, " You need to plan in all areas of your life how much you allotting yourself to spend. Or how much money is dedicated to clothing purchases, food, vacations, etc." You also need to plan how much money you want saved by a certain date. Whatever your goals are, you must plan for it, write it down and remind yourself everyday of them.
If you'd like to learn more about how to become financially empowered, drop in to our weekly Financial Empowerment classes. This class shares vital financial concepts with the community. Basic money principles around saving, taxes, risk, debt, & inflation will be shared. How wealth can be created by using banking, stocks, insurance, & real estate vehicles will also be included. You work every day to make money, now the bigger question this class asks is, “Do you know how to build and secure your future with your current income?”
This Financial Empowerment Class is a must take for anyone who wants to have a better understanding of how their money works, resulting in a better money choices and a secure financial future.