One of the most asked questions I get is: Do I Pay down credit or save? I say do both at the same time!
If a lower income is the cause and you hate your job, find your passion and work in that field. If you don’t have skills, take classes. While the classes may have a cost, the benefits often generate higher income. Just like a game of Monopoly, when you circle around the block each month, you can pick up that extra money!
If you hate being broke, start saving. If you are unhappy with your debt, make a plan to pay it down while curbing spending. What is working for you and what isn’t? Start creating your financial freedom now, even if it’s scary or feels too big. Making proactive choices is the way to begin heading in a new direction.
Financial security may feel like it is unattainable, but you may need to change your perspective. The cure for being financially overwhelmed is persistence and knowledge. Want to know the best way to a robust savings account? It is one step at a time! Pay down credit on your lowest balance and then start saving ten dollars per paycheck knowing that, over time the account balance will add up to a significant sum. In that way, you can create a new habit that is not painful and creates more wealth.
Surround yourself with books and people that provide financial advice or go online to reputable sites. If you are more comfortable with personal interaction, try to find a personal friend or colleague who excels in your area of weakness, then schedule a time to have coffee with them, and seek their advice.
Financial stability may not happen overnight. Setting goals starts the journey, and you may find the distance to realign your life is closer than you thought. Just put one foot in front of the other and get moving! Pay down your credit AND Save.
Step by Step!
(image available as a screen saver at https://www.hasbro.com/en-us/media/monopoly-money-screen-saver:D4496164-19B9-F369-10B8-4A25863AC342)
