First Steps in Financial Responsibility

What state are your finances in?
Do you know?

In Richard Paul Evans' book The Five Lessons a Millionaire Taught Me, he states that if we will simply follow five basic rules, we will be aware of our finances and make wiser choices, thus improving our financial situation continually.

One of his five lessons is to take responsibility for your money. To do so, we have to know what money we have; where our money is coming from and where it is going.

If you are like me, that is a tall order! So, I am going to give you some baby steps you can take toward having that information at your fingertips.

Today, take a step toward financial responsibility by gathering all your financial papers to one area. Set up a place where they always will be put. Use a simple filing system to group like items together, such as Bills to Pay; Monthly folders (for receipts, paid bills and like items) Insurance;etc. Determine a day each week to update your finances (or choose a time, if you want to do it daily for now.)
Once you have done this,pat yourself on the back, and know that you are ahead of a great number of people who have no idea where their finances really are!

Try for one week to keep your financial papers in order, and to take care of each item when necessary. As you do, you will begin to see patterns in your spending, and you will become much more aware of where your money is going.

You are starting a new habit, so be patient with yourself! You can do this! 

Come back soon for the next assignment!

Buy my Book now