Take Control of Your Money: What Does it Mean and How to Get Started
Take Control of Your Money: What Does it Mean and How to Get Started
By Cash For Tacos April 27, 2020
I like to say that my life changed when I took control of my money. And, more importantly, I want Cash for Tacos to help you take control of your own money and change your life as well.
But what the heck does it even mean to take control of your money? And if you don’t know, how can I inspire you to make changes? I think it’s a phrase worth taking the time to define. So let’s dive into what it means, why it’s important, and how to actually start doing it.
My Life Before I Took Control of My Money
Taking control of my money is what motivated me to start Cash for Tacos. The feeling I had once I took charge of my financial situation was nothing like I’ve ever felt before. I felt empowered and like I could accomplish things I had never dreamed of. But what did my life look and feel like before I took control of my own money?
My life looked like what I expected a “successful” life to be. I had a decent paying job, financed a nice car, went on nice vacations, and bought all the clothes and kitchen gadgets I wanted. I was making a life for myself as I thought I should be. But at the same time, I was constantly worried about whether I had enough money in my checking account to cover all of my bills.
Each month I had to get out the calculator and figure out if my paychecks would be deposited into my account in time to avoid the overdraft fees. It was a mess. I had no idea how much money I was spending each month. Money was simply flowing aimlessly in and out of my life. It was frustrating.
But then one day I finally got fed up with feeling like my money was controlling me. It was then that I started to learn about the ins and outs of my money. I focused on where exactly my money was going and how I could better utilize this valuable resource to design a life I was excited about.
With this new focus, I started putting my money to work for me; I directed where every dollar went. I purposely assigned my money to pay bills, fund a vacation, or be stashed away for retirement. And, don't worry, I didn't forget to assign some for random fun money. I no longer stressed about if I had enough money to pay my bills. And I actually started to work towards financial goals that would help me do things in my life like I never dreamed of.
Dreams such as transitioning from full-time to part-time work prior to full retirement and saving to pay cash for a campervan! I took control of my money and got it to start working for me. And boy, does it feel good.
Let’s take a look at what taking of control of your money really means and how you can do it with your money.
Taking Control of Your Money Means Knowing What You Are Spending Your Money On
How much of your money is going to your bills, your savings goals, and your wants?
When you don’t have control of your money, you simply hope that you have enough money to cover your expenses each month. And that’s not a fun place to be. Knowing exactly where your money goes each month is the starting point to take control of your finances.
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