Spring Cleaning Your Finances

Carolyn Owens
Carolyn R. Owens is the Chairwoman and CEO of Infinity Coaching, Inc.
Personal Finance

May 15,2017

Many studies have reported Spring is the favorite season for most people. It’s a time were nature is waking up from it’s long winters nap. We too are awakening ourselves and saying we are ready for something new. During this season many people take time to do some spring cleaning. They focus on getting their home in order, cleaning and dusting, going through closets and putting winter clothes away. In my last article, Clean Up To Move Up, I shared how you can take spring cleaning a few steps further and experience some shifts that will allow you to spring forward in your professional and personal life. There is one area I didn’t include that everyone should to take time to spring clean but it’s often overlooked. See, we think we have it in order until something comes up and we really have to think about it. What is it? Your finances.

Many people don’t take time to really take a good look at how their financial situation aligns with their dreams and goals. Not knowing about and understanding your finances can impact your career, business and your relationships. You can end up spending so much time worried about money you stop having fun and enjoying life. But if you take just a little time to spring clean your finances you can get on the right road to make your dreams come true. Here are a few tips to get you started.

1. Financial Goals. Have you ever set financial goals? You may have heard of Gary Vaynerchuk an American serial entrepreneur, four-time New York Times bestselling author, speaker and well known throughout social media. He set a major financial goal to some day purchase the New York Jets

If you haven’t set financial goals, now is a good time to do so. It could be to get out of debt, go on a vacation to Europe, own a private or to be able to donate money to a charity of your choice. Don’t be afraid to dream big. Set a goal that you will be motivated to achieve.

2. Track your finances. Have you ever taken time to track your finances to see where your money really goes? Are you really using money in a wise manner or are you buying things you don’t need? Spring is a great time for you to track your money and find out just exactly where it goes.

For thirty days write down everything, and I mean everything, you spend money on. The Women of Wealth, Money Coach, Chella Diaz uses this strategy with many of her clients. At the end of the 30 days you will find out a lot about not only your spending habits but yourself as well.

3. Know what you have. Most people do not know how much savings or debt they really have. They don’t know the amount of interest they pay each month or what interest rates they are paying on loans and credit card debt. They also do not know how much money they bring in each month. We assume the paycheck we receive is the always the correct amount.

When working with one of my career coaching clients, when they actually looked at their pay slips after being with a company for several years, they realized they were never compensated for a pay raise they had received almost a year ago.

Take time to write down your debt, your savings and your monthly salary. Check your credit card statement and pay slips every month.

4. Ask your self a question. After determining your financial goals, tracking your finances, and seeing where you really are financially you now have a much better understanding of what your financial situation really looks like. So let me offer a little different advice.

At this point most people will say what can you cut back on, what can you give up. You have to give up as much as possible. Instead, I want you to ask yourself one question. What kind of life do you want to have? Really give some thought to it. Then ask – How do I get there?

Instead of focusing on giving everything up, focus on how you can increase your income to achieve the lifestyle you want. Then think of the things you’ll give up or need to start doing in order to get there. Keep the mental image you have in your mind as motivation to work towards the life you truly desire.

 5. Communicate. I saved the best one for last. I believe there are three things most people argue over in relationships. Those three things are sex, communication and yes, money.

You have all of this information from doing the first four steps now talk about it and come up with a plan. Talk to your spouse or partner about money. Do you have the same financial goals? Do you support each other in the “how” of reducing debt or increasing income?

Talk to your children about money. If they begin to understand more then the basics of money at a young age, before they step out on their own, it will make a major difference in their lives.

After following these steps develop a clear plan to reach your financial goals and take action. To stay focused and on track, consider who you are following and studying to learn how to grow financially. One book I highly recommend that is well worth the investment is “The Millionaire Booklet” by Grant Cardone. It is a small pockets size book I keep with me all the time. You can a get your copy at http://www.infinitycoaching.net/GrantCardone.

Many people do not really take a good look at their finances. By taking time to spring clean your money, you will reduce some of the stress associated with managing finances and be well on your way to achieving financial success.

If you find yourself in need of help, please email me at cowens@http://infinitycoaching.net or visit my website at http://www.infinitycoaching.net to see how we can work together. I can help you outline your goals and achieve success on your own terms! 

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