Control of My Finances

Imagine riding in the backseat of a car, cruising down the freeway.

Suddenly, you notice the driver is unconscious. The car is drifting off the road and heading for the ditch. From where you’re sitting, how much can you really do to save your life?

In all honesty– not much.

Granted, you can scream and brace yourself for the crash. But the reality is, your options offer little hope for getting out alive.

If you’re lucky (and that’s a big IF), you might come out with minor cuts and bruises, but most likely, the end result will be catastrophic.

You want to know a secret?

This is the financial state of most people.

Many of us have taken the backseat in our financial journey and have placed money (the unconscious driver) in control, to manage itself. Can you really get to your desired destination with this approach?

I don’t believe so. This might be why financial experts preach CONTROL.

With that being said, if you want to transform your financial condition and reach your target, YOU are going to have to guide it. You’ll have to start managing your money.

Are you in control of your finances? 

SIGNS YOU MIGHT NOT BE IN CONTROL OF YOUR FINANCES

A recent study done by Prosper Market Place, operators of a leading online marketplace that connects borrowers and investors, shows that 60% of Americans do not have the needed financial freedom to enjoy life.

Only 29% feel confident about being in control of their finances. But the most alarming finding, to me, is that, “a full 22% do not even think about their long term stability.”

I’m still trying to figure that one out. You can read all of their findings here.

The point is….

Some of us are struggling to take control of our finances. If you are wondering whether or not you’re in this group, just take a look at your transactions.

Still can’t decide, or need more convincing? Here are a few definite signs that you might not be in control of your money:

  • You have a habit of buying things even when you don’t have the money.
  • You’re opening more credit lines to have enough to spend.
  • You regularly come short in paying your bills and you have to push back the due date.
  • You’re using credit cards to pay other credit cards.

The list goes on.

If you’re exhibiting any of these in your spending, chances are you’re not in control of your finances. But here is the good news…

You can take back control. If I can do it, so can you. Check out how I did it.

THE BATTLE FOR CONTROL OVER MY FINANCES

Just six years ago, I was cruising down a destructive financial journey of my own. The condition of my personal finances displayed clearly in my transactions.

I was careless. I was uncommitted. I was inconsistent with my financial obligations. Notorious for exhausting and abusing the grace period, I would regularly wait until the last minute to pay my bills.

And some months, I wouldn’t1 even bother.

The friendly reminder from creditors would come and go with no action on my part. I would opt to pay the late fee instead. Somehow, I convinced myself it was easier that way. (Foolish, huh? Tell me about it.)