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Aligned Wallets: Organizing Finances for Big Goals

Updated: May 13

It can be extremely tough to see yourself financially stable, free from bad debt, able to pay bills in full & on time monthly & able to help loved ones when they need it if you are currently living check to check, constantly fumbling the bills & trying to make your checks stretch as far as possible. It can be a very stressful place to be in.

Transforming your financial situation is indeed achievable, but where do you start?

Here are three concrete steps to kickstart your journey:

1. Gain a Comprehensive Understanding

Detailed Expense Analysis: Dive deep into your financial situation by understanding the details of your expenses. Break it down: What are your expenses, their average amounts, frequency, due dates, and, most importantly, what financial outcome are you striving for? A thorough understanding is crucial; often, budgets fail due to inadequate preparation and follow-through rather than insufficient income.

2. Conduct a Clear Income vs. Expense Comparison

Decisive Financial Snapshot: Once you've listed your expenses, compare them to your income. This step is crucial. A clear, black-and-white depiction of your financial numbers allows you to detach from emotions and make informed, mature decisions about your spending habits.

3. Addressing Budget Shortfalls

Overcoming Habitual Obstacles: The biggest challenge in a financial turnaround is often rooted in a person's habits. Imagine committing to saving 30% of your income monthly. Sounds simple and effective, assuming your income is enou