Do you have a desire to do more, but you don’t know the right step and you feel lost? If you have financial blockers, such as having too much debt, or are not sure you can trust your own instincts to make the right decision, below are some steps to remove budget blockers and become money savvy.
Start Small
Financial freedom takes time. Remember, Rome wasn’t built in a day. The most important first step to take in the money madness is to start small and implement the things you already know you should be doing. Beginning to budget in your 20s can give you the discipline needed to reach financial freedom for the rest of your life. A budget creates an outline of what to spend your money on and helps keep track of your spending. Additionally, if you aren’t already doing so, start saving for retirement by setting up automatic deductions from your paycheck every month that go straight into your 401(k). By starting early, you can contribute smaller amounts of money per month that will accumulate over time.
Invest in Yourself
Investing in yourself is one of the best returns on investments you can have. Taking the time to clear your mind, establish goals and learn is important in removing any financial blockers. By building your confidence and developing the ability to say yes, you take the leap of faith to develop your own understanding. Some easy ways to start investing in yourself are to set SMART personal and business goals that are Specific, Measurable, Attainable, Relevant and Timely. Goals give you a drive to accomplish them no matter what life throws your way and help build confidence when achieved.
Establish Money Mentors
Maybe talking about money isn’t at the top of your list of conversation starters with your friends and family or new people you meet, but it should be. Having a mentor opens opportunities to grow and learn. Talking about your own struggles and hesitations regarding money can relieve the feeling that you are in it alone. Thanks to the ever-connected digital space, finding people who have online blogs and videos about their money struggles is easy and even fun.
Consider following blogs such as Personal Finance Advice, a site that aims to bridge the gap between saving money and investing. Even if it is just one person in your life, finding someone to help translate the money talk and make sense of your struggles can open your world to financial freedom.
Become a Leader
If you find yourself pushing money decisions to friends, family, or aside to get to later, challenge yourself to get more involved. After taking the time to learn and grow with your money mentor, start asking questions to those in your life making your money decisions for you. Create your own ideas and plans and build from there. Becoming more comfortable in speaking about your money will likely push you to be able to make decisions on your own.