Quick Budgeting Tip No. 1

Posted on May 8, 2013 4 Comments

It’s Wednesday! People used to call it “hump day” when I was younger, which was hilarious. Because anything involving the word hump is pretty funny when you’re 11. Then I found  out the real reason had to do with Wednesday being the middle of the week, thus the ‘hump’ to get over, and that seemed far less funny. So to you I say, “Happy hump day!” where the hump is about the humping and not about the middle of the week.

On to budgeting. Here’s a little tip to get you through the week: If you feel like your financial future is one big mess, focus on things you can control now vs. those you can’t.

For instance, in 2009 I was spending a lot of time freaking out over how my parents would afford health care during retirement and what the future might (or might not) hold for me. But those are things I can’t control, and worrying about what might or might not happen in the future is no way to enjoy all the wonderful things that are happening around me right now — or to ensure my stability. Thinking about a million different possibilities that may happen 10 years from now is enough to leave anyone dizzy with doubt about the “right” investments, paralyzed and overwhelmed by all the options.  

Without the benefit of hindsight, I’m too young to tell anyone what the best investment choices might be to secure your future. But my hump day tip is to focus on the easy choices you can make today to put you in control of your financial future when those tough decisions come due. For instance, set up an automatic payment system that sounds reasonable (say, $25 a month) for your savings account instead of haphazardly setting aside money when you feel like you can. Commit to paying your credit card bills on time and pay down that debt. Increase the percentage you invest in your retirement account. Set up a meeting with a financial planner. Start writing down your personal goals and set up a plan to make them happen.

You’ll never have control of the future. But making smart choices today can give you peace of mind and alleviate some of the anxiety associated with the unknown. Focus on decisions you can make today, then put future doubts out of your mind with a long walk or some other physical activity. Live in the present, not in distant future!

Category: Money
   Tags: tips

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