1. You need to keep track of your net worth. Your net worth is the what is left after you calculate your assets and debt.
Trevor currently has in the bank $250,000. His debts total $10,000. Once he pays his debt, in full, he will have $240,000 left over, which will be his net worth.
You need to keep an eye on this figure because it gives you an inside look at where you stand financially. Your amount may differ slightly from Trevor, but you still need to keep an eye on it.
Is your net worth greater or less than your current debt? Those who are in the “greater” column are doing pretty good. Those who are in the “not so great” column, you are not doing so good.
2. You should start setting financial goals. How much do you want to pay off? When? You can say you want to make plans all you want, but, until you do it, you are living in a fantasy. Make a plan and create a chart.
Do you have a Paypal account? They have it set up to where you can create your goals with them. You can keep track of where your money is going, and whether or not you are on track.
How much do you want to have saved? Do you have a specific date in mind? Set the date. Anyone can do it, it does not matter how much money you make.
3. Do you love yourself? This may sound crazy, but it is true. You do need to value yourself. Those who value you themselves more, they will pay off their debts much faster. We have complete control over our lives. One thing I learned in recovery is you are responsible for the choices you make.
One woman started loving herself more once she paid her $20,00 debt. You can do it too. Paying off your debt is another way to be independent because you are dependent on the people you owe money to. Paying the debt off is a way to regain your independence.
4. Start small. Start saving a little bit of money each week from your paycheck. That is what I started to do. You may want to make a purchase this weekend. Do you have a bill that needs to be paid? Pay the bill, buy the item, and keep the rest in your account. You do not need a lot. $15 each week is still $15. The money will begin to add up over time.