Nicole Spector
4 min read
Financial guru Suze Orman has long been dedicated to helping the average American reach financial freedom. In an article posted on Oprah.com, Orman delved into 10 of her top tips on how to get a fresh financial start, which can help you get your finances on track.
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GOBankingRates highlighted five of Orman’s standout, practical and realistic tips.
When we’re struggling to stay above financial waters, it’s all too easy to get sucked into a spiral of self blame. And look, you may be partly to blame for being in a bad place with your finances.
Maybe you went a little too wild with spending on the holidays and took on credit card debt. Maybe you took on a mortgage you can’t afford. Maybe you retired without having saved enough money to do so comfortably.
But you’ve got to stop beating yourself up about it. All of it. You simply can’t move forward while gripping the past.
“We are free to move forward only when we remove the emotional shackles of regret,” Orman wrote. “Deep breath, everyone. Exhale. Now you are ready to put your financial house in order.”
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So, you may know the broad situation of your finances. For example you know you have debt, or you know you don’t have enough to retire early if things stay the way they’re going. But you need a finely-honed, crystal-clear picture of absolutely everything pertaining to your finances.
“I want you to open every single financial statement — bank, credit card, mortgage, 401(k), brokerage account — and take a look,” Orman said.
When doing this, look for opportunities to make things easier. For example, automate your recurring bills, as well as a savings portion from each paycheck.
Naturally, the best way to deal with a lack of savings is to save more. But “saving more” is such a vague sentiment. And it can also feel condescending.
How can we save more when we’re already spread so thin and barely getting by? Orman suggested the answer to this is to look at saving more as a challenge and to focus on key areas where trimming down costs won’t feel like much of a sacrifice.
This can be really simple and even satisfying. Start with your utility bills.
