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What's The Plan?

Well, the ball has dropped, the decorations are packed away for most of us and the holidays have passed on. We are halfway through January and the fruit of holiday spending is coming in the form of credit card bills and added debt. It’s a new year and new you, but what do you do about the old spending from years past? In other words, what’s your plan to balance your finances going into this new financial year?

In figuring out your plan, ask yourself some honest questions.

What do I owe exactly for all my bills? What bills can I pay off immediately?

What money do I have coming in addition to my salary? Do I have income tax coming back? What can I do to make extra money? What can I sacrifice to make ends meet easier?

Do I have an emergency savings fund or should I create one? Should I finally make a spending plan to follow? And most importantly, will doing all this stuff really help?

We can tell you for sure on the last question it will help as doing nothing will not be the answer.

It does help to know your Net Worth and have a good idea of the assets and liabilities you have. There are some things that you don’t want to do. First, don’t just keep paying money out without knowing what status this leaves your finances in. Secondly, do not make credit cards a secondary form of income or you can end up paying on the balance for longer than a car note would last.

You have likely heard some of this information before, but this is a message we at DNA Financial Services will continue to spread as the challenge for financial change goes forth. Think about how much you value the financial stability of your household. How important are your personal finances to you and can you control your spending? It comes down to planning, and those who fail to plan, are planning to fail.

Part of the plan is simply paying attention to how your money is spent after each paycheck. We have clients that by just fixing lunches, rather than going out to eat every day, saved money that now goes toward paying down debt. We have clients that have found extra money in their budget by combing through their grocery bill to eliminate unnecessary purchases or even their cell phone bill by finding and questioning unknown charges. Becoming more in tune about the bills you have to pay will enable you to have a better handle on your finances and the sooner that happens, the sooner you can move past debt management and get on to the business of wealth building.

Make this your month for financial awareness, so you can plan not only to know better, but to set yourself up this year to do better. The set up starts with proper planning to manage your monthly personal finances.

If you are ready to make this the year you master your finances and you are willing to be coached, DNA financial is ready to help you on the road to financial freedom.

Founded in 2015, DNA Financial Services LLC has pledged to Educate, Empower and Equip the financial DNA of its’ clients now and for generations to come. The company offers a number of financial services designed to bridge the gap in wealth building education while aiding and advocating for the financial literacy of people from all walks of life.


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