Improve your financial health in 2008

Five steps to get you back on track Regaining your financial health is serious business. For millions of Americans who are floundering in debt, getting a grip on finances is a prime concern as we head into 2008. "Financial problems hurt more than your bank account," said Steve Williams, a self-made millionaire, success coach and spokesperson for the Success Institute of America. "When you feel stressed about money, that anxiety has a negative impact on all areas of your life. Five steps to financial health Here are five steps you can take to regain control of your finances and get back on track in the New Year. 1. Assess your situation. Make an honest assessment of your current finances. Determine how much money you're forking out each month. Don't forget to include expenses such as medications, school lunches and dry cleaning. 2. Decide where you want to be financially. Setting goals will help you focus. Decide what expenses you can realistically cut (daily mocha lattes, take out dinners, etc) to help create your action plan or roadmap for reaching your goal. 3. Pay yourself first. If you have direct deposit, set aside a certain percentage from each check that will be funneled directly to a savings account. If you don't have the money in your hands first, you won't miss it so much. You must be diligent about allowing your savings to grow. 4. Explore your re-financing options. If you're house poor, re-financing a problematic loan could help ease your financial pain. Check out the government's FHASecure loan program and other re-financing programs for homeowners who've been sucker-punched by 'creative' financing that's taken an ugly turn. Make sure you truly understand the terms of any loan you sign. 5. Learn to manage the money you have now. Money management is the most critical factor in building wealth; learn to manage the money you have now regardless of the amount. Make the time start today! Williams says it's important to start your roadmap for the future as soon as possible. "Carve out some time to sit down, grab all of your bills and outline your roadmap. Simply taking that first step will instill a sense of relief," he said. "Once you pass up those first few temptations that would normally have you whipping out your credit cards, you'll feel good about yourself and you'll feel your resolve growing even stronger. You'll reach a point where it feels good to stop spending senselessly." About Steve Williams: Williams is a highly successful entrepreneur. He built a million dollar company from the ground up with just $500 cash. He is also a success coach and mentor, specializing in personal and financial development training. Through the Institute for Success, he has helped thousands of businesses, professionals and individuals achieve their goals.