subject: Think Positive With Your Balance Sheet [print this page] Think Positive With Your Balance Sheet Think Positive With Your Balance Sheet
Check your financial goals. Are they still realistic given what you now know? Adjust them if necessary. Depending on what they are, you may need to consult an expert. Banks, independent financial advisors, and brokers are all available to help you but remember that many are incentivised to "sell" specific products so you'll need to decide which advice is in your interest and which is in theirsBut although most of us are more affluent than previous generations, managing our money effectively seems more problematic than ever. So how can you use a 'think positive' attitude to get your finances in better shape?To start you need to be doing three main steps: 1. Decide on your key financial goals and then break them down into long term and short term goals2. Assess your current financial situation and yes this means an honest appraisal of the situation - it's only yourself you'd be lying to!3. Keep a money diary for a month and note down all expenditure (cash, cheques, direct debits, standing orders, and also note how much expense is wasted; e.g. food that you buy and then throw out; lights that you leave on in empty rooms, etc.)At the end of the month you may be surprised by some of your spending patterns, but don't worry, Think positive and remember that knowledge is power in terms of achieving any goal. Now check your financial goals. Are they still realistic given what you now know? Adjust them if necessary. Depending on what they are, you may need to consult an expert. Banks, independent financial advisors, and brokers are all available to help you but remember that many are incentivised to "sell" specific products so you'll need to decide which advice is in your interest and which is in theirs.Raising cash in hurry1. Ebay and car boot sales are a great way of clearing clutter and making money at the same time;2. Gold is valuable at the moment so gather up all those old, broken or unworn pieces of jewellery and get a valuation;3. Sell collectors items such as Vinyl LPs, DVDs, war memorabilia, vintage clothing, and antiques via specialist dealers to ensure you get the best rate for your goods.Stopping to use the Credit Card. 1. Your credit card is not your friend;2. It is not really a "credit" card, you do not end up in "credit" when you use it you end up in debt so rename it your "debt" card;3. Write yourself a short note about how using the card will delay you achieving your financial goals ;e.g. "If I unwrap and use this debt card I will be further away from my goal of X". Then wrap your card in the note. This makes it physically and psychologically difficult to use and will help you to 'think positive' and break your debt card habit.Keeping Track of your Finances1. Schedule in your calendar one day for each month at least, better one for each week, to chceck your bank balances, paying your bills and monitoring your steph toward achieving your goals;2. If you find the idea of doing this boring remind yourself how it feels when your finances are out of control? Reframe the situation and attach some pleasurable feelings to being in control of your finances and knowing that you are moving towards your financial goals. Think Positive and remember no one ever felt guilty, depressed or fearful from saving or managing their money proactively.
