Spring is just around the corner which means vacations, a new pair of flip-flops and trips to the local ice cream shop! Maybe you are feeling a little stressed by approaching the season, especially if you are saving up for a big life purchase like a home. Talking finance can be overwhelming but there is a key to making it easier. It’s called being financially stable. Once you can say you are safely there, you can save up for just about anything!
How Do You Become Financially Stable?
- Set realistic quarterly goals, both personal and financial. Look at your savings and other accounts and decide what you want them to look like three months from now and follow up with comparisons or changes to your plans.
- Meet with a Financial Counselor so you can find out your financial health. The financial counseling (HINT: you receive FREE financial counseling when you take our Homebuyer Education class!) helps you by looking at your assets, income, liabilities, investments, and helps you come up with a plan. We also have worksheets such as a “spending detective worksheet” to help you get smarter about your money.
- Use cash. Using plastic is just too easy. Use the old “envelope method” where you take out a certain amount of cash and keep track your expenses right on the front. When you have to take out cash to make purchases and write those down, you are far more likely to stay within your spending means.
- Utilize your smartphone! There are lots of mobile apps available to track what you spend. Some apps we suggest are things like Wally or Mint which are both easy and fun to use.
Following some of these tips can help you stay on track and build a financially sound future. If you want to dive deeper into your financial status, consider working with our financial coach at NeighborWorks. To see what else we have to offer be sure to check out www.nwwvt.org or call 802-438-2303.