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Have you happen to have weeds growing around your financial
garden? Are these weeds stopping you to maximize your full personal financial
potential? Is it already harming you and crippling your finances? If that is
the case it is time to pull it off and eliminate it.
We all known that a weed is one troublesome plant that leeches
its nutrients to the plants that we have. This can impede the growth of the
plant because the weed is the one benefiting from it. If we tend to equate
this one with our finances, these weeds are the ones hindering us to be
financially free. The problem here is when we just let them be and we don’t
want to pull it. When we cannot tend to our personal finances, these weeds can
take over. Hence, it would be best that as early as now we know what our
financial weeds are and slowly pull them out. Simplifying our personal finance
can help prevent these weeds from growing. Here are some of them.
Unnecessary Credit Cards
Credit cards are considered double edged swords. It can work
well to our advantage or it cannot. However, having like three or more credit
cards are considered unnecessary already. It would be best to maintain only one
and even two. Two should be enough in order to avoid getting things out of
control. Slowly eliminate the cards. If you cannot, consider lower credit
limits for your cards.
Debt
Do not let this grow to your system. As much as possible,
try your best not to incur further details and slowly pay it off. Do not simply
grab an opportunity to ask a loan. This can be very difficult to get rid of. As
much as possible use cash for every purchase then save up your money and
redirect these savings to pay off your debts.
No Budget
If you do not have a budget then you will let other weeds
grow and feed to your financial system simply because you do not know where
your money will go. This can be a burden since you might pave the way to buy
items you basically do not need at all. Remember weeds can grow very fast and
it is pretty difficult to eliminate. To solve this, simply spare a portion of
your time every payday to create a budget. Stick to the easy ones that you can
do. Budgeting need not be extensive and time consuming.
Simplifying your life can greatly help in eliminating those
financial weeds. As such, there are still the ones that grow within us such as
vices, splurging and more. Take the time to assess the financial weeds that you
have and take action in eliminating it and uprooting it for life.
P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 13 already! Did you deposit the next amount yet?
P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.