Aug 8, 2007

Six Reasons to Take Control of Your Finances NOW

  1. Your health - My dad always said that my health should be my number one priority in life because without it, I couldn't do anything else, like take care of my family or go to work. And if you have money worries, you know that the stress is negatively affecting your health - you're having trouble sleeping, you're eating too much or too little, you may even be depressed. Additionally, research has shown that prolonged exposure to cortisol, the stress hormone, makes you more likely to store abdominal fat, which in turn makes you more susceptible to heart problems.

  2. Your kids - If you have kids, you've probably realized by now that they cost a lot of money. Diapers, food, clothes, toys - all of that takes money. Taking control of your finances will help you insure that you always have money for those things. Additionally, you'll be better able to save for their education. You'll also be more likely to buy life insurance and create a will in the event of the unthinkable.

  3. Your parents - More and more adults are moving in with their parents because they can't or don't want to pay for their own housing. Taking control of your finances will enable you to decide whether this is a wise decision instead of an act of desperation. You may also find, as you get older, that you are able to help your parents out rather than the other way around.

  4. Your future - Taking control of your money means spending wisely and not buying what you don't need or aren't going to use. No more outfits that end up at Goodwill with the price tag still attached - instead, that money can go into a mutual fund, compound until you're ready to retire, and turn into thousands of dollars.

  5. Save the environment - Many money-saving strategies have the added benefit of saving the environment. Turning off lights, driving your car for more years, and repurposing items you already own means less money spent and less natural resources consumed.

  6. Feel good about yourself - Taking responsibility for your finances will free you from fear of debt collectors and worry about whether you'll be able to afford a house or to retire. Instead, the knowledge of how much money is coming in and where it's going will give you a sense of control, something that's probably been lacking in that area of your life. And that sense of control will make you feel a whole lot better about yourself.


Anonymous said...

Can't agree more. We can do a lot of things (or do nothing) if we have money. You can be who you truly want to be with money.

ChiefFamilyOfficer said...

>You can be who you truly want to be with money.

Abel - I love it!