Making The Most Of Your Money Making The Most Of Your Money Thinking Ahead To Your Family's Financial Future? Start With These Helpful Tips 24 June 2021 by Glen Robinson While its effects on health were sobering for far too many Americans, the pandemic also resulted in crippling amounts of economic stress for families, businesses, and entire communities. Businesses of all sizes found themselves forced to deal with mandatory shutdowns, supply chain interruptions, and other related issues that caused financial disruptions for both their family and the families of their employees. Though painful, the disrupted incomes and other financial issues caused by the pandemic did serve to make many of the affected families more aware of their finances and increased their desire to improve them. Whether your family endured financial stress due to the pandemic or any other reason, having a good financial plan is your best option for ensuring that your family never again faces this type of financial stress. Start by setting goals to help provide motivation and direction A good financial plan begins with setting goals, both short- and long-term. Long-term goals could include plans for a comfortable retirement, paying off the house, or sending the kids to college. Short-term goals, like building a fat emergency fund or paying off credit card debt, help build a structure that will make it easier to achieve the long-term goals. Use your current financial situation to learn better money management Another important part of creating a positive financial plan is to study your current financial situation. To do this, families will need to: develop a list of assets and debts to determine current net worth create a budget to help take more control of your income prioritize debt repayment and savings, even if it means missing out on entertainment or dining out While making this type of financial change will likely be uncomfortable at first, watching your total debts decrease as assets and savings increase will foster more motivation and help keep your family working toward making better financial decisions. Use tools like financial planning podcasts to educate and motivate The hard work begins once families make a decision to improve their finances and develop a plan for the future. Families will need to learn proactive strategies for reducing debt as well as learn about necessary types of insurance and how to develop a sound investment strategy. Financial planning podcasts hosted by reputable experts are a great way for families to get useful information in an easy to consume format. Listening to and learning from a financial planning podcast takes just minutes a day, even while walking the dog or driving to work. Share About Me When it comes down to it, most of us could manage our money a little bit better. I found myself in this boat a few years ago, when I realized that I was almost broke because of my poor spending habits. I was tired of being constantly out of money, and it felt like I was drowning in debt. I knew that I wanted something to change, so I started focusing on making the most out of my money. I spent a lot of time completely overhauling my budget, and it really made a great difference in my personal life. I realized that I had a lot more money, and that I wasn't as stressed about finances all of the time. Check out my blog! Archive 2016 2018 2019 2020 2021 SEARCH Latest Posts 5 Tips For Starting Work With A Virtual CFO 17 September 2021 Thinking Ahead To Your Family's Financial Future? Start With These Helpful Tips 24 June 2021 3 Benefits Of Outsourcing Your Practice's Medical Billing Needs 24 March 2021 Credit Card Processing Tips For Companies Today 5 October 2020 Sell Your Gold and Silver Jewelry to Cover Some Medical Debts 22 July 2020 2021 Making The Most Of Your Money