6 Steps to Get Your Finances in Order

Written by 
Polina Median
May 16, 2023

Answer: Samsung

Hover your cursor over the buildings and look at the connections between the companies

First, look at the chart below.

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The statistics are clear: almost half of Americans worry about their savings in US banks. Democrats are the least worried at 36%, while Republicans express more concern at 55%. The rich, on the other hand, worry less at 40%, while the poor are more worried at 50%.

However, regardless of your political views or income level, taking care of your finances is an important aspect of living a healthy and fulfilling life. By managing your money effectively, you can achieve financial stability, reduce stress and anxiety, and create opportunities for yourself and your loved ones. So, if you're feeling overwhelmed or anxious about your financial situation, know you're not alone. 

We have asked a finance enthusiast Organized Finance for tips on how to start. She’s been helping more than 50,000 readers to take control of their finance so here’s a list of 

6 Steps to Get Your Finances in Order

  1. Track your money: In order to determine where changes need to be made, you need to understand your current financial situation. Start tracking your income and expenses to see how much you're spending and what your biggest expense categories are. There are various personal finance apps and tools available to help you do this.
  1. Create a budget: Once you know where your money is going, you should create a budget. Budgeting can be useful for you no matter what your income level or spending habits are. Start by listing all your income sources and expenses, and then allocate a specific amount of money to each category. Be sure to include your savings goals in your budget as well.
  1. Make a plan for paying down debt: If you have debt, it's essential to create a plan for paying it off. Start by paying off your highest-interest debt first, such as credit card debt. Once you've paid off your high-interest debt, focus on paying off other debts.
  1. Build an emergency fund: Having an emergency fund can provide you with financial security and peace of mind. Aim to save a minimum of three months of living expenses, but save more if you have dependents or highly variable month-to-month expenses. This fund should be easily accessible in case of an emergency.
  1. Plan for your future: It's never too early to start planning for your future. Consider contributing to a retirement account such as a 401(k) or IRA. If your employer offers an employer match, make sure to take advantage of it as that's free money. The earlier you start saving for retirement, the more time your money has to grow.
  1. Review your insurance coverage: Make sure you have adequate insurance coverage for your home, car, health, and life. Review your policies regularly to make sure they still meet your needs and make adjustments as necessary. Don't forget to consider disability and long-term care insurance as well.

Getting your finances in order can seem daunting! Feel free to DM her at @organized.finance on Instagram or check out her blog if you have any questions or want to chat about personal finance.

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because I want to check what my friend has just sent me
The company developed and maintains technological products and services, namely Snapchat, Spectacles, and Bitmoji. Snapchat is the third most popular app among millennials and gets high profits from ads on the platform. Since TikTok is not available to invest in yet, Facebook is boring, we see Snap as a good choice to diversify your portfolio. We don’t know what keeps those kids so glued to screens in Snapchat but if companies profit from it, we can get a share thanks to investing in their stocks.
because xBox brings us together with friends
Microsoft is the second biggest company on the market in terms of capitalization. Xbox, Skype, Windows Office 365 are all part of Microsoft business as well as it develops, licenses, and supports a wide range of software products and services, as well as designs and sells hardware. The company’s future is as bright as it’s past with all the money the company invests in disruptive tools like AI. Next time you plan to buy another game for the Xbox console, you might also consider buying a Microsoft stock which is not very expensive.
because we want schools to be cooler
So we packed peanut butter and jelly sandwiches for the kids, now it’s time to go to school. The K12 Inc. is an educational technology company. The company offers a private education program, software and education services built to teach online for preschool students up to grade 12 or K-12. The company’s earnings soared up after the pandemic because we came to realise that online learning is not far in the future and may continue the trend.
because we like to treat our pets and ourselves, too
The American manufacturer of supermarket food JM Smucker Co also operates a pet food business including brands such as Milk-Bone and Meow Mix. It’s also the producer of the peanut butter JIF, kid’s all-time favorite filling. The company offers a 2.96% dividend yield and in the third quarter reported a 7% increase in net sales.
because we love playing games
If there is one game to teach you financial literacy - it’s Monopoly, which belongs to Hasbro, as well as unparalleled portfolio of approximately 1,500 brands including MAGIC: THE GATHERING, NERF, MY LITTLE PONY, TRANSFORMERS, PLAY-DOH, BABY ALIVE, DUNGEONS & DRAGONS, POWER RANGERS, PEPPA PIG and PJ MASKS, as well as premier partner brands. The company generates strong cash flows and pays regular dividends. The company’s business moves along the online trend and develops digital content in the form of TV shows, films, computer games.
because everyone has a favorite childhood hero
Disney is a widely diversified company which owns everything from toys to apparel, and books to video games: Disney Parks, ESPN channel, Pixar, Hulu and so much more. And now it bets on streaming services with Disney+ and threatens Netflix’s market share. The company revenue suffered a major drop last year due to closure of Disneylands, but has opened them in October and foresees a strong comeback.
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