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Stop Thinking and Start Doing: Three Ways to Make Better Financial Decisions

We are in the driver’s seat of our financial journey. Unfortunately, the map to guaranteed success has yet to be invented! So when new or unexpected expenses and opportunities present themselves, it can be difficult to decide which direction is the right one to take.

In your case, have you ever felt lost in the face of a financial decision? Take control of your funds and your future with the help of these three decision-making tips:

Get Advice: If you don’t know what financial action is right for you, ask! Most financially savvy people have a secret to their success: they learned from a mentor. Whether it was a parent or an experienced professional, someone gave them good advice along the way. Consider building a relationship with a person whose financial insights and accomplishments you respect. Don’t be afraid to turn to this person for help with making your next financial or professional decision. If your question is beyond your mentor’s area of experience, it may be the right moment to speak with a financial professional.

Mentorship is a two-way street. Make sure that you offer to make up for your mentor’s time in other ways! This can be a simple thank you lunch or offering to help him or her with your time and energy.

Take Steps: If you are unsure which financial action to take next, step back and consider your long-term goals for your future. Ask yourself if this action will take you closer to your goals. Don’t worry about how many steps stand between you and this end goal. Just focus on where this one step will take you. If possible, break a task into even smaller steps to make it more doable for you. Studies show that people have an easier time taking action when presented with clear, manageable choices. 

Ask Yourself if You Need More Income: Bills, bad luck, and a tight budget can make anyone feel stuck at a financial red light! If you feel like you do not have any good financial choices in front of you, you will open up your opportunities now and down the line by pursuing an additional source of income. Extra income can be a useful boost that helps you reduce debt and build an emergency fund. If you don’t feel like you are in control of your financial life, another source of funds will give you the fuel you need to move you toward your desired destination. 

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