7 Signs that you may need to take control of your finances

photo courtesy of veteransunited.com

The other day I gave my son $5 to put on his lunch account. Before I left for work I searched my wallet again to see if I had a few dollars to stop for a coffee. I checked the zippered coin section, then the checkbook section behind the photo sleeves. Nothing. Where did my money go this week?

As I thought about it, there were warning signs that I was nearing the end of my allotted money for the week. I also asked friends about their spending habits. Below is the list I compiled of signs that you may need to take control of your finances.

1.       You write a check to your church and include a note that reads, “Can you hold this check until Friday?”

2.      You order a shirt for your child with his team’s logo, but it costs extra to have his name put on the back of it. You ask, “How much is it if I just put four letters of his name on it?”

3.      You try to get money from the ATM machine, but you forgot your pin number. You keep trying until finally the machine keeps your card.

4.      The fuel light in your car has just come on and you only have $10 in your pocket.

5.      The money you had set aside for groceries had to be gas because the money you had for gas had to be used for something the kids needed for school.

6.      You have to decide which bill you will pay late this month.

7.      You dread going into your bank because you know they’re going to tell you your credit card payment or your loan is due.

If you get stuck in a financial rut what can you do?

1.       Set a budget and stick to it. Distinguish the must haves (needs) from the wants.

2.      Make small changes first. Find ways to make minor adjustments. If you buy a cup of coffee everyday, cut back to a couple times a week.

3.      Purchase snacks for the kids lunches in bulk and make it stretch over a longer period of time.

4.      Plan ahead. Be aware of impulse purchases, spending money on fast food, and shopping when you’re hungry.

While this may not be new information, it can be comforting to know you are not alone. Nor do you have to go through it alone. For resources on financial planning check out the following websites. I am not endorsing either of the websites, but they are a point of reference:

www.financialplan.about.com/library/weekly/mpreviss.html

www.ameriprise.com/budgeting-investing/financial-planning-articles/

 What have been your challenges in keeping your finances in order? What has worked for you?