Here's How to Regain Control of Your Finances

External influences can easily impact our finances; however, that does not mean we are powerless in making the best decisions for our financial situation. As the weather begins to change, so can your outlook on your budget. The term 'spring cleaning' doesn't have to only apply to your closet or garage. There are a host of rewards that come with rearranging your finances as a new season approaches. By taking simple, concrete steps, the road to true financial independence is within reach.

Toss Old Habits in The Trash

Much like household items or old clothes in your closet, spring cleaning is an opportunity to cleanse and get rid of what no longer serves you. By taking the same approach to your finances, you can reevaluate your spending and find easy ways to cut back on unnecessary costs. Consider cooking more meals at home and cutting down on takeout or delivery. Maybe treat yourself once a month to a takeout dinner to reward yourself for all your careful saving.

Making your coffee at home instead of spending a higher markup at your local Starbucks can save you hundreds of dollars a year. Royal Bank of Canada suggests dividing your money into two categories, "must haves" and "want to haves". This helps identify daily necessities, like taking public transit to work, and splurges, like buying lunch instead of cooking at home.

Keep Your Credit Card Out of Sight

If you can refrain from using your credit card, you'll see how beneficial it will be for your financial health. Credit cards can allow for spending outside your means and can lead to debt if it isn't paid off on time. If you routinely use a credit card for necessary purchases, look for a card that comes with low-interest rates and low or no annual fees. By sticking to your debit card or budgeting your cash, you run less of a risk of relying on your credit cards.

Know When to Ask for Help

If you're struggling to manage on your own, there are options for short-term relief. Talk to your bank about their lending options. If they're able to help, you can work with an advisor to come up with a plan to ensure you pay back anything owed without falling further behind. If you don't qualify for a traditional bank loan, consider payday loans at GoDay as a last-minute alternative. If you simply need advice, this National Post article provides insight into 'advice-only' financial planners.

Invest in Your Future

Building a healthy financial future should be a key component of your overall budget. Writing down your overall goals will help you prioritize your values. Think about what your financial goals are for the weeks, months, and years ahead and begin to allocate the appropriate funds for each account. Start small if the long-term goals feel overwhelming. Over time you can develop larger goals and put plans in place to meet your financial expectations.