3 Tips to Get Back Control
It's happened to all of us at least once. Suddenly we realize that our spending is out of control. The budget is blown up and panic starts to set in. Take a deep breath and a step forward to get back on track.
"It's so easy to get off track," said Certified Financial Coach, Hannah. Hannah is certified by the Credit Union National Association and works with Global Members. "None of us are perfect and life can get messy."
So where do you start? Below are three tips to get back on track.
1. Assess the Landscape
Give yourself a break and be kind to yourself. In order to recover quickly you need to understand what happened. Freeze your spending right now. No more lattes or impulse shopping. Try to figure out what started leading you off track. Was your budget wrong? Was your budget too tight? Too vague? Maybe the better question, did you have a budget?
"If you're new to budgeting, it might take some time to get it right," said Adrianne, another Global Financial Coach who is also certified by the Credit Union National Association. "Even the most detail-oriented people might miss things when they first create a budget."
Global provides live workshops with financial coaches that detail how to create a budget, how to make budgeting work and techniques to help keep you on budget. See upcoming classes here.
2. Use Money Tools
Another technique to prevent overspending is to have a plan and check it on a regular basis. Make adjustments in real time instead of waiting for the end of the month.
"A great way to track your spending is to use something like Global's Money Management tool," said Hannah. "It helps to have tools and features to automatically track your financial spending with ease."
Money Management is free and automatically available to you when you log into Global's eBranch.
3. Start NOW
Just because you overspent, it doesn't mean you need to give up everything forever. Even though it is important to acknowledge your mistakes, now is the time to look forward. Don't look back! The best way to save is to start saving NOW.
"You can set up savings either directly from your paycheck via payroll deduction or automatically from your checking account," Hannah suggests, adding that it's important to make saving a habit and make it nonnegotiable.
Another technique is to remove temptations. Remove your credit card numbers from favorite online sites. When you shop, create a list to help curtail overspending.
In a perfect world, we would all do the right thing all the time. But we are human and real life can be challenging. "If you need to leave your wallet at home when you leave the house for a few weeks, then do it," suggests Adrianne. "It doesn’t matter how you do it; it only matters that you do it."
The good thing is that there are people who are trained to help you. Reach out to a financial coach. Global coaches have undergone an extensive training process and they understand that no single solution fits every person and are available to answer all your financial questions.
Keep at it and try, try again. You've got this.