Published On: Tue, Nov 21st, 2017

3 ways to measure whether you have monetary success in your life

There are many ways to help get you financially stable and then keep you there. In this ever-changing financial landscape, being able to measure if you are successful is crucial to that process. It’s common knowledge that financial worries are directly related to stress levels. Stress levels are higher than they’ve ever been. It’s a worldwide problem. In Canada, it’s estimated that stress related illnesses have cost companies almost $20.7 billion annually from claims, absences, and lost productivity. The US is worse coming in over $200 billion in medical costs. The key to reducing your stress is to be able to measure your monetary success. It’s important because it will help you get out of debt and stay out. Which, in turn, will reduce your stress and keep you enjoying your family for many years to come.

photo/ Gerd Altmann

Here are three ways to measure whether you have monetary success in your life.

You have a monthly budget you look at consistently

One of the first keys to measuring your monetary success is that you have a budget and you look at it at least once a month to make sure you’re still on track with your spending. Whether you use a spreadsheet or online budgeting software, having a budget and tracking your expenses against it is the first rule to monetary success.

If you know how much you spend everything month and where it’s coming from, you’re well on your way to monetary success.

Use some sort of financial tracking software

In addition to budgeting, a healthy way to measure your success is through using online financial tracking software. This is different from a monthly budget because it gives you more power to connect to your bank and help you automatically categorize your most used purchases. It then uses generally accepted accounting practices to build reports that tell you the health of your finances.

In addition to helping you keep track of your current financial help, it can also help you get loans for major purchases by giving you access to reports that you can give to your loan company or bank to secure a loan. This software is key to measuring your monetary success.

Your debt is manageable

One way to measure your monetary success is to be able to see that your debt is manageable. Most of us have credit cards, home loans, and car loans. Knowing where you stand with your credit and being able to manage your debt is important.

Having overwhelming debt and not being able to recover from it, is a nightmare for most families. Many families struggle to keep their debt from overwhelming them and if disaster strikes, devastation and loss of everything is a real issue. There are many options to help you with debt management. There is everything from debt counseling to debt consolidation to debt relief order. Each of these options, if utilized, will help you measure your monetary success and keep you within your means.

Knowing how successful you are monetarily in your life helps you sleep better, work better, and relate to your family better. The benefits far outweigh any investment you may have to make right now. There are many studies that show a direct correlation between stress related illnesses and financial stability. So, knowing how to measure your success if vital.

While there are many ways to measure your financial success, these top three ways will help you get healthy financially and help you measure your success.

Author: Clarissa Clourette

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