Charles Ross

Q: I have a good job and I am a bad money manager. Emotional spending, no control with family members. I live in the San Francisco Bay area and homes prices are very high. Plus, I feel as if I am locked into my job.

My rent is $1,400 a month, I am 51 years old and married. I need some skills to be a homeowner and to be finanically solid. Although I have been rising my child for the past 8 years with my new wife, I have back child support debt of $14,000. Basically, I am living from payday to payday.

This child support thing seems to be holding me down and mentally affecting my self-respect and self-esteem. Help!

A: It seems like you feel that your financial life lacks direction and purpose. To change this you need to develop a financial plan.

First, set financial goals. Each financial goal should include a time frame and the amount of the goal. It's important to have goals because goals motivate you to start a budget. Second, develop and stick to a budget. A budget is a tool to help you achieve your financial goals.

Third, start saving money on a regular basis, at least set aside some money each payday. Think of your savings as not just savings, but delayed spending.

If you do these three things you will be well on your way to financial success and greater self-esteem.

 

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