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Parents, It’s Time To Get Your Money Back Under Control!

August 18, 2020

August 18, 2020

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Money troubles can often make it feel like everything is falling apart around you. Money is perhaps the thing that makes people feel more stressed and unhappy than just about anything else and it can often feel impossible to get things back under control when things start going wrong. However, that’s not the case, there are always things that you can do as long as you’re willing to put in the time and effort. With that in mind, here are just a few things that you can do in order to take back control of your finances right now.

Cut Back On Your Spending

When it comes to spending, it’s remarkable how many people simply aren’t aware of what’s going out of their bank account, even when they’re trying to save. This is often because a lot of people assume that it’s only the big purchases that make all the difference to their finances but it is the smaller purchases that make a big dent too. A little purchase here and there might not seem like it makes that big of a difference but the truth is those little expenditures add up incredibly quick and can cause some serious problems.

Set A Budget

One of the most common reasons a lot of people’s finances are spinning out of control is that they simply don’t know what their finances are doing. They aren’t sure how much their monthly bills come to and how that relates to their income. By creating a clear budget that has a record of all outgoings and incomings, you’re going to be in a far better position to manage your finances and understand exactly what they’re doing at any given moment. The second you start ignoring your finances is the second they start spiraling out of control.

Deal With Debt

Debt can be an extremely scary prospect for a lot of people. It can often feel like something that it’s impossible to get out of. However, the truth is that not only is debt a pretty standard part of modern life, even for those in total control of their finances, but it’s also something that you can definitely get out of. Looking for resources on things like family credit management will allow you to get a far better handle on your finances as a whole. Debt might be scary, but it’s far from a life sentence.

The process of getting your finances under control won’t neccessarily happen quickly. The truth is that it will likely take a lot of time and patience. However, there are things you can start doing right now to help your situation. Just because you’re not in a position to completely fix your total financial situation right now doesn’t mean that you’re not able to start working towards better financial health for the future. It’s a matter of being able to plan ahead and understand how your actions today impact your life and your family’s future.

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Successful Black Parenting is proud to announce that we are bringing our readers more researched-based content written by the members of the American Psychological Association’s (APA) RESilience Initiative, which provides resources to parents and caregivers for promoting the strength, health, and well-being of children and youth of color. We will also feature their members who have contributed articles to Successful Black Parenting on our BackTalk podcast. Learn more about the RESilience Initiative at www.apa.org/res.

THE AMERICAN PSYCHOLOGICAL ASSOCIATION'S (APA) RESilience Initiative

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