Financial Literacy Month offers many tools and resources for financial education and tips for taking advantage of opportunities to increase your financial success. By taking control of your own financial decisions, you will not only impact your own financial well-being, your positive actions will also impact your community, your state, your nation and the world economies.
DO NOT DESPAIR
According to a Nielsen study, 25% of families making $150,000 a year or more are living paycheck-to-paycheck. One in three (33%) earning between $50,000 and $100,000 need their next paycheck to survive. For those earning less than $50,000, that percentage increases to half (50%).
The study above only provides data. It does not explain the underlying causes. Yes, its true many people are living beyond their means, but I also believe some of the findings can be attributed to certain life changing decisions like divorce, and not having a financial plan, as well as unplanned life events like death in the family, disability, or taking care of aging parents and children. Whatever your reasons may be, just know that you are not alone, and it is not too late to turn things around.
Start by focusing on what you can control – your thought process.
I know of no more encouraging fact than the unquestionable ability of man to elevate his life by conscious endeavor. – Henry David Thoreau
Your ability to take care of all your bills and have some left over for savings and achieving your purpose in life, is a function of the choices you make, and not what you are currently going through. If you feel paralyzed by your insurmountable debt or financial responsibilities, its because you have, by conscious decision or default chosen to empower whatever it is that got you into your current financial situation. Do not let your current situation hold you hostage. That thought process needs to change. You are in the drivers seat.
BE PROACTIVE AND NOT REACTIVE
You have the freedom to choose – the ability to choose your response. You have to choose not to empower any social conditioning from your past such as lifestyle inflation, looking the part, the ‘I deserve it trap’, high income optimism, or the high income savings potential. Taking the first step in anything is hard (like dieting and exercise), and it certainly holds true when it comes to financial health.
Checkout these 2 websites with great advice on budgeting and financial wellness: