Mastering Personal Finances

Mastering Personal Finances

So you have sat down and made a promise to yourself that enough is enough. It is time to take your finances head on. We all know unless you have already mastered your personal finances and you are not worried about getting a car title loan in Compton that managing money is difficult. It doesn’t have to be. Simply take a moment to see what needs to be done in order for you to reach your goal. Don’t feel obligated to fix your financial status overnight. That simply will not happen. Just breathe and ease yourself into the power of positive thinking that you can and will tackle your debt.

Where to Start

Not that you are mentally prepared to get your finances together you need to know where to start. It may seem difficult at first but really can be easily done. Simply look at all of you income and all of your expenses. Do the simple math (that’s why they made calculators) and add everything up. Check all your accounts like checking, savings, or any joint accounts you may have. Then see how much each month that you are paying out and for what. Know how much to put aside for bills to be paid each month. What is left afterward is for spending and saving. If you are not one to write everything down and keep it handy just simply get on your smart device and download a free budget app. It will do all the organizing for you.

Make Plan

Now that you know where you are financially you can take your income and expenses and do what I call the 50/30/20 plan. This plan will take fifty percent of your income to pay your bill, thirty to spend, and twenty percent to save. Easy right well it may take some time to calculate you spending but keep in mind smart spending. Things that you need versus things that you want. If it goes over the thirty percent you do not need it. You have already paid your bills and if you don’t need anything then leave your spending money alone. At some point you will want to spend and since you have already put money into your savings account you will want to leave that there and avoid making it a habit to take money out unless it is an absolute must. Giving yourself no spending money will push you to tap into your savings and bill money which is never a good thing. For those impulse buys keep your thirty on hand.


There is no time like now to become a financial strategist. Enjoy the freedom to spend, save, and get ahead in life. If however the percents have to be adjusted so be it as long as your bills and needs are met you should do just fine and eventually will be able to reach your full savings potential. The percents can be adjusted back to the 50/30/20 plan once you have reached to that point. You have nothing to lose except more money. So stop wasting your time and make a plan.