I wish I hadn't...

"I wish I hadn't used my credit cards or had so many of them" & "I wish I could keep money in my savings account."

I hear both of these or a variation of them during every single new conversation I have. I could go over the statistics but I won't. You probably already know them and besides what good would that do. Statistics don't help.

Here are 10 steps you can take to change these situations.

1. Make a plan. Everything comes back to planning when it relates to your money. This is also called a budget. Not having a plan is how you get into these situations in the first place.

2. Write down what your Peace of Mind Fund (savings or emergency) is for. What is it's purpose. Set the parameters for that account. Don't use it unless the circumstances fall within those parameters.

3. Automate money into your Peace of Mind Fund. Have a percentage or a specific amount transferred into the account every pay period. The amount is determined by your money plan. 

4. Quit opening new credit card accounts. Opening more isn't helping your situation

5. Focus on making the minimum payments on each CC account each month.

6. Quit using the CC for the time being. You will be able to do so by working from your money plan (budget). 

7. Track your spending. You wrote your money plan but that is only part of the process. You need to track to make sure what you planned is actually happening.

8. Make adjustment each pay period. This process is ever flowing and needs attention.

9. Track your emotions and feeling with the process. What comes up for you? Are you feeling better about the situation? Are you feeling restricted? Is communication better between your spouse and you?

10. Give yourself time. It doesn't all change overnight. This is a process...

For a personalized money plan that fits your unique situation, reach out! We can go through your situation and create something that works!