Here's the thing, any kind of debt sucks but student loans suck a heck of a lot more.
Savings account - yup.
Loans - nope.
More than 50% of the U.S. Population lives paycheck to paycheck and over 62% don't have enough savings to cover an emergency. Sometimes we think “gosh, how did this happen?” but the truth is, we know how.
Education is a business. Banks are a business. Marketing is a business. And it’s so easy to get caught up in keeping up with the Joneses, right?
So let’s talk about how to get yourself out of this rut. I'm going to show you how to solve it in three easy steps.
Step one, unsubscribe.
Raise your hand if you have Netflix. Now raise another hand if you have Hulu. And another...oh wait...no more hands! But how about Disney plus? Amazon Prime? HBO?
I know, I know one show is on Netflix and the other show you watch is on Amazon and so how could you possibly pick just ONE to keep?
Well, when you're in financial stress, you're going to have to differentiate need versus want. So pick one and put the others to rest. We can sit here all day and say “but Netflix is only this amount of money, or Disney plus us only this much.” Ok yeah but how does it feel every month to squeeze by on paying your bills? The ones that keep you driving, or keep a roof over your head or food on the table? Let’s prioritize.
Step two, create a budget.
This is where most people say “I’m out!” and it’s because we already know our situation, we’re just scared to see it on paper. But this is where you get clarity on your income versus your expenses. Because when we tell our money where to go, we are in control, rather than our finances having control over us.
Trust me - this works.
Step three, stop spending.
Yup, I said it. Have you ever looked at your bank account and wondered where all of your money goes? When you start to look at the nitty-gritty details of your expenses. We have coffees out here, we have dinners out there, online subscriptions yadda yadda.
If you have money leftover at the end of the month, that's where you can take 10% of that and put it towards a “fun” account. Forty-five percent of it and put it towards your debts, and another 45% towards your savings or investments.
This is being in control of your money, not your money controlling you. This is opening your bank accounts and knowing, BELIEVING that you are abundant and will always have enough.
If you want more tips on creating your best life, which includes your financial wellness, click the link below and join our free community where women just like you, are working on designing a life that they are truly in love with.
http://www.inspiredandready.com ← I’ll see you in there!