First and foremost, any and everyone can be financially secure. The issue that most of us face with achieving this goal is the lack of knowledge in the subject matter along with the lack of proper steps to take to get there. That’s exactly why I’m writing this article. I want to give you the simple steps we took to become financially secure. No, we aren’t rich. No, we weren’t born into money. However, we are financially secure and protected. We don’t have to worry about how we’re going to pay our bills, what’s going to happen if one of us lose our job, and the only debt we have are our student loans that are well under control.
Due to this success, I want to share the steps we continue to take with you in hopes of helping you improve your finances as well. As the saying goes, reach one teach one. Therefore I’m going to provide you with some simple steps to start the process toward becoming financially secure.
Create a Budget
Start this by writing down all your monthly bills and income. List the due dates of all your bills along with the amounts you owe. For your debt, list the total amount along with the interest rates for each debt. Once you have all of this information written down, organize your bills according to your pay period and there due dates.
After you’ve organized the bills by due dates and pay period, you need to set a living amount for yourself. We started out with $250 each per pay period for us to spend on shopping, food, and entertainment. When you subtract your bills and living expenses from you income then you should have a surplus which should be used to pay off debt and to built your savings.
If you don’t have a surplus, then you’re living well above your means and you need to make some lifestyle changes. I suggest looking at which bills you don’t need and eliminating those first then altering your living budget.
Oh and one more thing, pay your bills first. This will never work if you spend your rent money trying to look bad and boujee.
Slow progress is better than no progress. This process won’t make you into an overnight success. Yes, I purposely made that rhyme.
The fact is that this will take months, to years to get everything in order. You’re going to go through ups and downs while trying to achieve your financial goals, but you’ll also find yourself having to take out fewer loans and such as time goes on. Once you’re able to rely on your own income more and more to cover your lifestyle then you’re going down the right path.
So don’t beat yourself up so much. You’re not aiming high enough if you’re not failing from time to time. Take it as a life lesson and grow from it.
Celebrate The Small Victories With Small Rewards
Reward yourself from time to time once you pay off one of those credit cards or you hit the first $1k saved. It’s healthy to celebrate these achievements and to give yourself small rewards, it’ll keep you motivated and pushing forward during those hard times. Just don’t overdue it!
Stay motivated and stay positive. This can be a long hard road and you’re going to face multiple challenges along the way. The key is to continue to trust the process and know that you’re going to succeed.