Today I’d like to share 3 steps that all of us can take to better our financial situations. These are things that you might not have thought of, and when you hear them you may initially struggle to see a connection between them and your finances. Don’t worry I will explain. I ask that you remember that change is difficult and nothing worthwhile was ever easily achieved. Some of these suggested steps may be uncomfortable for you to take and they will require you to change your habits and establish better ones. I make no claim that these steps are “easy,” but I promise you they will be worth it and overtime will help you get out of debt and have a brighter future as far as money is concerned.
#1. Wake Up Earlier
I know. Everyone needs their sleep, but trust me the body is very capable of adapting its sleep schedule if you want it to. You can use these methods to make this transition of waking up early much easier (and potentially even pleasant). There was a time when I would sleep in until noon if I could. In fact, I often did on weekends. It was during this time that I was also very unwise with my money and my budget. I can directly correlate my rise into financial freedom to when I started waking up earlier. Why would that be? Waking up earlier in the morning, and not letting yourself sleep in, signifies to your mind that you are going to take your life more seriously. It also signifies a desire to be more productive with your days. Your increased productivity will eventually lead you to increased income. This will not come immediately, but overtime you will have opportunities for income that would have never come to you if you would have stuck to your old lazy “sleep-indulging” self.
#2. Look at Your Budget Daily
Waking up earlier will also give you more time in the day to follow my 2nd step of looking at your budget daily. Why will this help you? Looking at your budget daily will cause you to have your financial situation in the back your mind at all times. It will help you make wiser decision on a daily basis. You will be more motivated to look for ways to increase your income. Perhaps looking for other jobs, if your current financial situation is not sustainable. You will be less inclined to be a compulsive shopper, and you will look for ways to take action towards my 3rd step.
#3. Save Money And Invest
All of us have stupid little indulgences that we take money out of our budget for each month. It could be smoking, eating out, drinking, video games, or purchasing pay-per-view. Now I’m not going to go a rant about health (although increasing your health will do miracles for your efficiency), but the point here is that most people say they don’t have any money to save, but if push came to shove they could live without these unnecessary indulgences. Find something, anything, that you can cut out of your monthly expenses. Even if it’s only 20 bucks worth, and put that money towards something that will bring in more income overtime. Invest it. You can invest it in your education and save up to take some cheap online courses to further your skill set, or start saving up to go back to school. You could invest it in the stock market or mutual funds. You can use that money to pay of your debt more quickly. You might want to start saving up for a laptop or a tablet so you can be more efficient when commuting or at work. I don’t want to say it doesn’t matter what you invest it in, because it does. There are things that will be more productive for you to invest this money in, no matter how small. You’ll know better than I. The bottom line is that anything you choose will be more worthwhile than what you were previously spending that money on.