It's Time to Invest in You...

How many of us have fallen for the credit card schemes of Visa, MasterCard, and even worse, our favorite store cards? It can be a mess if you allow yourself to continuously bury your financial freedom in a hole. I remember taking a personal finance class my senior year of high school and hearing over and over the risks of signing up for credit cards, and the pain and agony they can cause if they get out of hand, etc... Less than a year later, I found myself a freshman in college, $2500 in debt---and pulling my hair out. It was a nightmare to say the least.

Believe it or not, whether you currently find your finances in a bind or you have been there and done that, there are numerous ways for you to unbury your financial freedom and/or keep it on track. One of the most important things you must do is invest in yourself. I know you're probably wondering how you can "save, save, save!" if you're constantly paying off credit card debt and/or your student loans. It's time that you did some research on how much you're paying in interest on all of your credit card balances, as well as your student loans. If the interest is extremely high, it's more important at this point in your life to make a financial plan to pay off those debts rather than placing your money in a savings account that is earning way less interest than your credit cards are charging.

I have always said, "It's hard to invest money if you don't have any to play with," and this is often the case for a lot of us. A friend once told me I should enjoy being able to take care of myself financially. If we are more responsible with our finances and more conscious of the consequences of our spending habits we will be more capable of achieving financial freedom and happiness--on our own. In other words, it's our time ladies, and men, to get it together so we can truly state that we are capable of being independent.

In order to work toward your goals, I strongly suggest you pick up a copy of Suze Orman's The Money Book for the Young, Fabulous, and Broke. She gives some good pointers and answers to questions about finances for young professionals. Chapter 5, titled "Save Up," is very helpful in recommending lifestyle changes that can put you on the path toward financial freedom.

Think on it: "Success is not soley about making more money. It's about knowing where the money you make is going,"--Suze Orman.

Steps to Free Yourself:

1. Keep track of how much money you're spending on a weekly/monthly basis, and what you're spending the most on; Ask yourself can you cut back in any way?
2. Budgets can be compared to diet fads--they often don't work; so as with dieting, be real with yourself.
3. Create a plan to pay off your credit cards--and fast. According to most finance websites and books, your credit score will suffer if you close accounts, however, it will flourish if you pay the cards off.
4. As difficult as it may be, you must learn to live within your means.