Money Problems: Fixing Personal Finances

Solving Money Problems May Mean Simplifying - Financially Smart Life - That's OlyLife!

When It Comes To Getting Out Of Debt And Having Better Finances Many Don’t Want To Do The Hard Work

There are many folks who are in a whole lot of financial mess, but when you suggest how they can fix the problems and get out of debt; they just don’t want to do the difficult work of simplifying their lives.  OlyLife suggests that a multitude of consumers have become so used to having and getting what they want because credit came easy.  Now, that times are tough it is very difficult to suffer the withdrawals from consumerism.  Unfortunately, we live in a world where we have developed bad spending habits and a mindset of keeping up with the Jones’s.  In order to fix our personal finances and get out of money problems, drastic changes may be warranted.  When you sit down with your financial planner, he or she may tell you that it is time to simplify your life.  This may include downsizing the home, selling a newer car and buying an older model, getting rid of extra perks such as golf memberships, renting a home instead of owning, public schools versus private, mowing your own lawn etc.  Steps such as these can drastically improve cash flow, however, lots of folks balk at making real changes and look for ways to refinance, get a loan from family, or just live a stressed out, financially maxed out life.

How Can We Fix Our Money Problems And Achieve Peace With Our Personal Finances?

Take the time to build a current personal income statement and balance sheet.  The income statement will list all of your sources of income then all of your outgoing expenses leaving you a net amount, positive or negative at the end of the month.  The balance sheet will list all of your assets and liabilities with a net positive or negative equity number.  Once you have this, OlyLife suggests that you sit down with a certified personal financial planner who can help you make the right decisions from a financial perspective.  There are some of you who prefer to try to move forward without expert advice, while we don’t recommend this approach, we applaud your decision to work through a process to fix your money problems.  One approach that a financial planner may suggest for you is to simplify your life.  This means only spending money on real necessities.  If you have two cell phones in your house is a landline a necessity?  If you own a home, is it a necessity or can you rent and reduce your debt in a financially advantageous way?  Can you get rid of car payments or credit card payments?  Can you shop at discount grocers such as Aldi ?  Are there nice to haves that can be turned off in order to increase savings or further reduce debt?  The point is that it takes hard work and diligence to sacrifice the consumer mindset in order for many to truly fix their money problems.  OlyLife encourages you to seek good financial advice from a licensed expert, and to simplify your life in order to take steps toward improving your personal finances and thereby become closer to making the most of your one and only life – That’s OlyLife!

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