Dr. Slava Shut

Are you feeling a little lost on your road to financial stability? You’re not the only one – according to a recent survey, about 40% of skilled workers say that they’re unable to meet basic financial needs. With inflation at an all-time high and a reported 80% of adults in debt, becoming financially free can feel unattainable.

But I promise you it’s possible – you just need to create a financial map that works for you.

Not sure how to do it? Here are just a few tips to get you started:

1. Take Inventory

You wouldn’t start a trip without packing, right? Or worse, pack your suitcase with things you couldn’t use – imagine packing a winter parka for a trip to Mexico, or a bathing suit for an Alaskan expedition. Sitting down and taking a look at your current financial situation is like looking in your closet to decide what to pack. Now this isn’t always easy – people can experience shame or anxiety around finances, especially if they were raised in a financially unstable home. But taking a good, honest look at your bank account, necessary expenses, and knowing what your goals are is the first step towards security.

2. Make a Budget

So you’re all packed and ready to take off towards your financial goal – what now? Well, when you’re taking off on a trip, you put the address, or your goal into your GPS. Your GPS will offer you a few routes – one might be quicker but will take you on a toll road; one might be slower, but will give you some amazing views, or more places to rest along the way. Think of building your budget the same way. You need to account for the essentials (rent, groceries, any insurance you may have), but the route from there is up to you. Where will your money go – to a 401K? A new investment for your business? Will it go straight into savings? No matter what you choose, knowing how much you have to work with will help you tailor your needs accordingly.

3. Remove Your Roadblocks

Just like you try to avoid bad weather, closed roads, or accidents, you should avoid the roadblocks that stand in the way of your financial security. Whether this means paying off debt, starting an emergency savings account, or choosing a new insurance plan, identifying and avoiding potential pitfalls is crucial to keeping the road on your journey as smooth as possible.

Though these are a good start, they’re just the tip of the iceberg. If you want to know more, or still have questions about how to make it to your financial goals, schedule a one-on-one session with me today!