I think at times we all consider ourselves needing a money make over. Sometimes we have made a poor money decision or gotten ourselves into debt we cannot afford. But there is a way out of feeling this way, and a money make over will help you.
Examine your expenses and investments
- Determine how to lower your expenses
- Keep track of all your expenses, save receipts and see where your money goes each month
- Determine how to increase the worth of your investments
- If you own a home, what inexpensive improvements can you do in order to make it a better home, and make it worth more money.
- Savings/Money Market accounts: Do you have one? Do you have an emergency fund? Are you getting at least 5% in interest (that is the lowest you currently should be getting)
- Checking account: Go to online banks for better rates.
- Investments
- Retirement accounts: Are you diversified? Are you maxing out all your retirement accounts (401ks, Roth IRAs, Traditional IRAs, etc.)?
- Investment accounts: Are you diversified? Are you investing in mutual funds or EFTs. If not, do you know enough about investing in order to have individual stocks or other investments?
Doing these things are essential to doing a money make over and putting your financial life in order.