North Country Business Blog

We all know the secrets unconsciously have a thriving financial life: spend less than you earn, save for the future, have no debts, but sometimes these things are easier to say them to do them. Although we can not predict our financial future, there are things that could be telling the chronicle of a death foretold.

Here are 8 signs that can help you identify with a little more certainty if your finances are going in the opposite way. The first step to stay afloat is to recognize where the flaws are and where we can improve:

1. Little savings or savings sporadic.
The rule is to have at least 3 months of your expenses necessary in an emergency fund, as well as for retirement and so on. But this is only a symptom, the problem is if you save the time. No matter what the amount, you should save a percentage of your income religiously.
2. Not having a personal budget.
If you do not know what you spend and spend as you may be spending more than they should or have a notional idea of the reality of your finances. Imagine a pilot in an airplane without a compass, radar or map, you’d be flying, but without any direction. Can you reach your destination by luck, but if you use this tool, the target will be closer.
3. Lack of a plan to achieve your financial goals.
We all have aspirations and dreams, we all have financial goals to meet, but the key is to have a specific definition and plan to continue to perform. If not, this was like throwing darts blindfolded. To achieve your goals, you could use the method for idearlas SMART: Specific, Measurable, Achievable, Results, Trackable .
4. Lying to your partner about household finances.
If you bring a healthy financial relationship with your spouse (a), partner, etc.. this can bring many consequences in the long run. It is intended that we want to have a degree of independence with our money, but to hide financial problems is not the best solution. One idea could make a budget is to identify the necessary contribution to household expenses and have some kind of money that nobody can claim they are spending (the joker).
5. Paying your credit card inappropriately.
If you always pay only the minimum balance on your credit cards, or worse, you use a credit card to pay the minimum of the other, these never dig a hole out. The first step is to make a payment plan with your budget in order to contribute more to your debts and from now on only buy what you can afford in a few months. It is wrong to use your cards, provided you have a plan to repay the debt (3 months, 6 months, 1 year).
6. You owe money to a lender.
Usually if you owe a lender is because they do not have established good credit. The lenders charge a high interest rate on loan you money. If you owe a lender should be more aggressive (a) in paying to be able to use that money to pay the high interest rates to stay afloat in your finances.
7. Using credit to buy necessities.
If you use your credit card to pay your monthly bills, or buy your food, or for any monthly expenditure means a red alert. You are using debt to pay for your needs. You have to evaluate your budget so you know if you need more income or cut your costs. Sure, if you only do this in order to earn miles or points, and pay your card every month (which you used) is a very good strategy.
8. You do not win enough, or there is no future in your work.
You should always have a plan to increase your income, whether your skills at work, having a clear idea of how to be promoted (a), continue your education, learn a new trade, etc. The key is to understand that if we win we win just as now in ten years would be in a bad economic situation. It is important to continue learning, exploring new ideas, perhaps set up your own business.

Now you wonder: Where are the last two? Well, you work for today! A human characteristic is that not all are equal. Everyone has different priorities notions of money, etc. The next two signals are your own and you should make a plan of action to identify and then write three things you can do to change them. We’d love you to leave a comment to know what they are and what you gonna do about it.