Inaction – the Enemy of Success in Finances

It is experienced everyday – procrastination by those who need to take action on any given topic or subject.  This malady is on display readily when it comes to personal finances.  What is it about not doing the things that we know we should with our money?  We avoid it like the plague and then pay the price because of it.

Here are some things that can help motivate you to take action and realize some successes in handling your finances.  These are not big things, but then, that is not where you need to begin.  Start with the small and work your way up to the larger tasks.

Pay off small bills now.  The best thing to do in order to begin a road to success is to do something small.  Pay off a small bill right now that you can get out of the way – even if it is under $100.  By doing this, you take a step in the right direction of doing something good for your finances.  Revel in that feeling that the bill you just paid off is gone.  Now, imagine what you could do if your other bills were gone, too.  Use that as motivation to pay off the next larger and then the next.  You will be amazed at how much you can accomplish using this method.

Begin to save now.  Being in despair because you do not have enough money in the bank is no place to be.  You have to move past that by saving right now – $10 per week is a good place to begin.  Pull out that ten dollar bill and put it into your savings account before you spend it on something.

Put finances on auto-pilot.   If you have a regular paycheck and can direct your paycheck into bank accounts via direct deposit, then use that to your advantage by allocating your savings to your account automatically.  Each week, set aside an amount that comes out of your check.  You will never see the money and therefore will never miss it.  But you will be surprised at how easy it is to forget that it is there, and then when your monthly statement arrives see that you have several hundred dollars in your account over several months.

Communicate with creditors.  Be sure to talk to your creditors about your account balances.  Close your least used accounts and those that you are trying to pay off.  Make sure that if you are in dire straits and need help further, find a good financial consultant who can help you begin to dig your way out via a good debt settlement, consolidation loan, or a credit counseling situation that fits you and your situation.

Put credit on hold.  Refuse to use credit card and other unsecured loans that can mount up quickly and keep you in debt for months and months.  Learn to pay cash for only the largest of purchases and budget amounts for the things that you will need.  Have an emergency fund on hand in order to pay for life’s little surprises.

Using the above steps you can begin to take small, baby-steps towards financial success that can turn into a lifetime of good habits.  Go for it!