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[wafastudies-blog]

How to get control of your financial 

Steps : 

Write your financial goals Setting financial goals gives you a roadmap of what you want to achieve. They will give you direction and help you make decisions about where your money should be going.

Calculate your Net Worth Net worth is assets (cash, savings, cars, houses, 401k) minus liabilities (debt). Calculating this will force you to write down your full financial picture and give you perspective on what needs to change based on your goals.

Create a budget A budget tells your money where to go instead of you wondering where it went. Use a budget to send your money to places it will benefit you the most.

Save an Emergency Fund Start a savings account that is for EMERGENCIES ONLY. Not a new iPad or couch. When an emergency happens you'll be able to cover it without using the credit card. $1,000 is a good place to start Track your spending Download an app or grab a notebook to keep track of every dollar you spend. This will help you understand what you're really spending your money on and what you can change!

Cut your expenses Once you know WHAT you're spending your money on, you can cut down on expenses that don't fit into your financial goals. Stop Using Credit Cards Quit using money you don't have! Stop using your credit cards and use your debit card or cash instead. It will be easier to track your spending and keep you from adding more debt.

Start Paying Off Debt Start paying off your debt using the snowball or avalanche method. Not having debt will open up your budget for doing the things that put you closer to financial freedom!

 Pull Your Credit Score Pulling your credit score helps you understand how you interact with debt. Also make sure there's nothing on there that really isn't yours. You can pull a one report a year from each of the 3 companies for free at AnnualCreditReport.com.

Automate Your Finances Set up automatic transactions for all of your savings and bills. This will prevent you from missing any payments and keep you from spending your savings! Monitor your account to make sure things