Top 5 Tips For Gaining Financial Control

Manisha Thakor — Thu, 08 Nov 2007 07:10:28 -0500

No matter what stage of divorce you're in, you need to get the upper hand on your economic situation. If you're in financial crisis, you need to gain control of the situation and learn how to budget effectively. There's no reason why you can't start now.

Here are my top 5 tips to get started:

TIP #1: Don't be scared: Don't waste a minute feeling scared or insecure about not knowing how to handle your finances. In the U.S., personal finance truly is the pink elephant in the room. If everyone got "financially naked" you'd be stunned by how many of your friends and neighbors (male and female) feel the exactly the same way!

TIP #2: Rethink your attitude toward savings: Many people think saving money is about deprivation. The truth is that saving is actually all about spending — spending that you'll do in the future instead of today. You save for three reasons: An emergency fund, retirement and big ticket items. Ideally, you'd be saving around 15% of any new money coming into your life from this point forward for spending you'll do down the road.

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Top 5 Tips For Gaining Financial Control