Get A Financial Life

Get A Financial Life shows those that are new to managing money how to do it confidently by explaining everything from debt and savings to insurance and investing.

It’s easy to make excuses for not dealing with money well. Just look at the global economy with all of its ups and downs! And let’s not even get into how awful the government is at managing funds.

None of these intimidating facts means that you have to be financially inept like everyone around you. All you need to do is start small today by analyzing how much money you need to reach your dreams.

If you want a new car, for example, you’ve got to know the price and plan your efforts accordingly. Say you’re eyeing something that’s $20,000. Paying cash is best, but if you can’t do that you’ll need about 20% down, which, in this case, would be $4,000.

That might sound like a lot but if you make a solid plan to get there, and prepare to make payments if you go that route, you’ll have your new car in no time.

The first step is to examine how much you usually spend. Try writing down all expenses for a month, then review the numbers to see where you can save money.

Or even better, think of ways that you can start earning more like changing jobs or starting an online business.

When I began my financial life as an adult and got my first credit card, I promised myself I would never pay interest. That was a decade ago, and I’ve kept that pledge. I’ve also never missed a payment and my credit score is over 800. I don’t want to say this to brag but more to show you what’s possible if you start smart. Never getting into credit card debt in the first place is the best deterrent against expensive interest fees. It frees you from the mental burden of financial bondage. Imagine you’ve racked up $3,500 in credit card debt with an interest rate of 17% and were only making minimum payments. This awful situation keeps you stuck making payments until you’re 65! And the interest alone will cost you $7,662! If you’re already in that trap, that’s okay, there is hope. Start by talking with your lenders to see if they’ll give you a better interest rate or monthly payments. A credit counselor might help also but go for a non-profit one if possible. They can help you negotiate with lenders to get a better deal. It’s also a good idea to use savings to pay down debt because you can’t out-invest your credit card interest rates. I personally recommend Dave Ramsey’s method…