5 Easy Ways to Take Control of Your Personal Finances

Don’t let your finances stress you out to the point of inaction. Instead, take back control by following the steps below:

• Start budgeting. But here’s the key: Don’t use your budget to set unrealistic goals about how much you are going to save and how much extra money you will earn. Instead, aim to make it an accurate description of how your finances work. See where you could be spending more or spending less.
• Create an emergency fund. Putting aside $50 a month can really add up. You should aim to have at least $1,000 in your fund until you are out of debt.
• Be honest with yourself. The financial gap resulting in your debt might be caused by a number of factors – you may not be earning enough, or you may be spending too much. You need to name the problem to figure out the right long term solution.
• Ask for help. There are plenty of services out there that can help you take back control — from financial planning services to debt management advisors to credit counseling services.