(GivenUs.com) – Does it seem like your finances are leaping out of control? Are you living paycheck to paycheck, overburdened with debt? These issues leave behind a path of frustration and despair, triggering sleepless nights and stress. The ultimate goal is to be debt-free and have enough cash flow to pay the bills and accomplish items on your bucket list. Here are some easy, proven ways to reach the money goals you’ve set for yourself.
Create a Workable Budget
No matter what your income is, you can still set up a budget that will help keep your finances on track. This is one way to reach your financial goals in a simple and attainable manner. Use a budget app like Dave Ramsey’s EveryDollar Budget Tool. Find one where you can:
- Track all of your expenses and transactions.
- Connect to your income source and bank.
- View account balances.
- Add and transfer funds to and from accounts.
- View tips and suggestions for saving money.
The faster you can knock out debt, the quicker you can build your income and live a worry-free life.
Build Up Your Savings
To achieve financial freedom, you need to save every penny possible. It’s good to set up a goal for how much you’ll need for retirement. This graph offers a baseline for your age, years to retirement and how much your annual expenses are.
As a rule of thumb, expect to save 15% of your annual income moving forward, adding to that for additional expenses. Do this with your IRA, high-yield savings accounts and other investment tools.
Have an Emergency Fund in Place
Be sure to have an emergency fund in place at all times. This is something to set aside for not just the future, but right now. Your savings account should not be used as a method to pay for car repairs or emergency expenses that you don’t have the cash for. This will keep your retirement account intact and remove the worry of having to replace it in the future.
Pay Off Your Debt
To slash your goals, you need to get rid of everything in the way. This includes those pesky bills and high balances you carry on your credit cards and revolving accounts.
Now is the time to pay down your debt, and better yet, eliminate it all together. Being debt-free at retirement will bring you security and peace of mind.
The best way to reach your financial goals is to take things one step at a time. Watch your spending. If you’re not making enough to start saving or pay off debt, rework your budget and take on a side gig for extra cash. You have a bright future ahead of you. It’s time to prepare for it.
~Here’s to Your Success!
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