During this time of global hardship, the topic of finance is a real concern for many. It is important to be reminded that we aren’t alone in financial awareness and struggle. Participating in conversations that provide information sharing is of huge benefit. Thank goodness for wonderful friends that have no problem speaking to money matters that can inform us all. With friends like Imagining Beyond, Legacy Covenant Services and Turnipseed Law, balance and comfort comes with this conversation that many shy away from. There is so much information to share that this post is the first in a series with a high dose of financial wisdom. To start, lets begin this series on financial consciousness with tips to diminish debt and increase financial freedom from Imagining Beyond, Business Development Specialist.

Business Development Specialist, Imagining Beyond, shares 10 Financial Health Tips:

1. Get Organized- Print out your last three bank statements, highlight everything that wasn’t a necessity to see where you are spending your money.

2. Pay Off Deft- Pay down your credit card debt by starting with the credit card with the highest interest rate. To start the process, you must look at your monthly expenses, then you will see how much disposal income you have available to start paying down your credit card debt.

3. Expand Wallet- Start looking to build out multiple streams of income with a side hustle or part time job.

4. Discipline- Learning to have self-control was a skill that many of us learned early on from our parents. Go back to basics and tap into your understanding of your needs versus your wants. This skill is key to financial independence. Lets face it, we all have a weakness that we like to spend our money on (some of our favorite indulgences). For example, think about how much you may spend on a Latte daily? If you multiply $5.85 x 7, you’re looking at $40.95 a week. Consider making your coffee at home and then you may save that money for something substantial like a vacation or an emergency account.

5. Be Vigiliant- In order to pay off your debt, you must know how much your monthly expenses are. This will determine how much disposable income you have left to start paying down on your debt. Then make a list of all your debts so that you can start budgeting to pay them off.

6. Track- Create a financial calendar to track progress, setbacks and if any extra disposal income becomes available, start paying towards other debt.

7. Cut Corners- Look at cutting additional household expenses such as cable, pack your lunch instead of eating out, look at refinancing your vehicle to get a lower interest rate, payoff the loan earlier and also possibly shorten the term.

8. Enjoy- Start appreciating the things you have instead of acquiring more things.

9. Consolidation- Look at consolidating your debt by receiving a loan with a 0% interest rate in which you can make one monthly payment and it will increase your credit score.

10. Awareness of Credit Use- When pulling out your credit card, make sure to keep your credit use below 30% of the total available credit.

NEXT UP IN THE FINANCIAL CONSCIOUSNESS SERIES: