April is officially Financial Literacy Month! This is a great time to get your financial house in order. Take by following our 9 steps to financial success!
- Commit To Change The first step in developing and following a financial plan is to think about your attitude toward money. Ask yourself, what benefits do you hope to gain by changing your approach to money management.
- Assess Your Finances Take an honest look at your relationship with money. How are you really doing financially and where can you make improvements?
- Clear out the Clutter! Get motivated to make change by tidying up those piles of paperwork. File what you need to and toss what you don’t need to keep. Check with your financial advisor about what you’re legally required to hang on to.
- Check your Credit Your credit reports provide valuable information about your financial situation. A higher credit score gives you an advantage when applying for business and personal loans. Check your credit reports for accuracy or fraudulent activity.
- Calculate your Worth Figure out your financial worth by comparing what you earn (assets) with what you owe (liabilities). And take an honest look at your debt obligations.
- Set Goals Figure out what your financial goals are and how long and the assets it will take to achieve them.
- Commit to Saving Most likely, reaching your financial goals will require you to commit to saving. Set money aside each month to save for your goals, whether they are short- or long-term.
- Follow the Money! For many people, financial health doesn’t depend on how much they earn, but how much they spend. Record all of your expenses to see where your income and expenses meet (or possibly fail to meet).
- Credit Check Credit can be costly so carefully weigh your options before making a credit decision. When you sign or cosign an application for credit, you are agreeing to all its terms so make sure you understand what you’re signing.
The financial experts at West Center can help you devise the best financial plan for your small business. Call us today at 707.964.7571 or make an appointment on our website to speak with an advisor. All our services are free so don’t delay!