Take control of your finances and maybe make a mint

Posted by Paul Anderson Riley in Personal Finance on 23 December 2016 - Paul is a Credit Analyst at checkmyfile

Aiming high and being ambitious takes energy, determination and persistence. Thinking about where we are with our money situation can often be a negative and ominous experience, but it’s time we think more positively about how we can be in control of our finances. Chances are that if you have found your way to our website you care about your credit report or your current financial position, and this is taking a step in the right direction.

A consideration to take when saving is whether you are saving for something specifically or whether you are saving for the sake of saving. Having an investment idea or long term goal can help us to save by allowing us to focus on this particular pot of money. It may be advisable if possible to make this account ‘untouchable’, meaning the money goes in but can’t come out until a certain event or time-frame has passed. Although at times it seems interest rates are low, many banks and financial institutions offer other incentives that can be found when shopping around for the best investment or saving options.

Making decisions on whether to invest, spend or save can be difficult and should not be rushed, but at the same time it’s best to avoid indecision. Offers and interest rates are always changing, so if you see a good deal for your financial situation use your gut feeling along with some rationality and be decisive.

When spending, be reasonable with what you are consuming, taking consideration with your money situation is the first step, showing self-constraint is the second. Sometimes wanting to appear wealthy is desirable but this can deter from the long term goals. Checking credit reports, bank and credit cards statements regularly can help to keep on top of our current financial position. When applying for credit knowing what is already on your credit report can help to give you an idea of what you can apply for and what will impact that application.

All in all, when setting financial goals it is important to work out how to we are going to get to where we want to be. Setting unachievable goals is a bad idea as we can quickly lose sight of what we are attempting to achieve, so it is best to set challenging but achievable targets. Millionaire T. Harv Eker says "The number one reason most people don't get what they want is that they don't know what they want. Rich people are totally clear that they want wealth."

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