Give your­self a money makeover

Style Magazine - - Promotion - BY LEANNE MCDON­ALD MAN­AG­ING DI­REC­TOR, PRIN­CI­PAL AND SE­NIOR FI­NAN­CIAL PLAN­NER

While it might not be quite as fun as a tra­di­tional makeover, a money makeover can im­prove your fi­nances.

Best of all, un­like other kinds of makeovers, a money makeover can ac­tu­ally save you money.

DE­SPITE ALL THE CON­TRAST­ING FI­NAN­CIAL OPIN­IONS IT GEN­ER­ALLY BOILS DOWN TO:

Use money to get to fi­nan­cial in­de­pen­dence Know where your money is go­ing, Avoid ex­pen­sive debt Use the power of com­pound in­ter­est. Any makeover be­gins with iden­ti­fy­ing the things you want to change.

Sit down, make an hon­est as­sess­ment of your cur­rent fi­nan­cial state, and then list a few things you wish were dif­fer­ent.

For ex­am­ple, your list might in­clude: save more money; pur­chase a house; stop re­ly­ing on credit cards; fig­ure out where all your money goes. Be hon­est at this stage. You need to face up to things you want to change if you want your life to be dif­fer­ent. You must spend less than you earn to build wealth.

At the same time, if your list is a mile long, don’t beat your­self up over it.

The next step is to ac­tu­ally im­ple­ment your makeover.

Take the steps you need to make the nec­es­sary changes in your life.

GET HELP IF NEEDED

You don’t nec­es­sar­ily need fancy tools to give your­self a fi­nan­cial makeover.

But it of­ten helps when some­one has your back.

If you’re wor­ried about your abil­ity to turn your makeover dreams into re­al­ity, you’ll want to seek the help of an ex­pert on is­sues re­lated to taxes, re­tire­ment, plan­ning, debt re­pay­ment, and more.

Not only can they pro­vide valu­able and ob­jec­tive ad­vice, but they’ll also be a coach who can help you stay on track and achieve your money makeover goals.

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