In today’s modern industrial economy, finances are everything. What you have in the bank is a store of your life energy and determines how you spend your time. When you have lots of money, you can live life on your terms. When you have very little, you feel like you can’t do anything.

If you find yourself in the latter camp, this post is here to help. In it, we take a look at some powerful methods you can use to retake control of your finances and start living your life to the full. So, without further ado, let’s dive in.

Stop Dining at Restaurants

Whenever your finances start getting out of shape, the first thing you should do is cut any unnecessary expenses. Stop dining out at expensive restaurants and, instead, cook all your meals from scratch at home.

Yes, it’s a chore. However, with consistent commitment to the cause, you should notice an improvement in your bank balance and, hopefully, your waistline as well.

Stop Using Credit Cards

Your next port of call is your credit cards. Don’t use them, period. Instead, use cash or your debit card.

Credit cards are problematic because they charge high interest rates. Small outstanding balances can quickly cost you more than the value of the credit you borrowed in the first place.

If you’re tempted to use them, cut them up.

Get Rid of Unsustainable Debt

If your debts are too high for you to pay out of your current income, you can file for chapter 13 bankruptcy. This legal process clears most debts that you owe and prevents creditors from contacting you to ask for repayments.

While bankruptcy comes with financial consequences, it is a tool that many people use. Once you go through the process, you can look forward to a fresh start and a new life.

Get Into the Habit of Saving Each Week

For many of us, saving isn’t something we enjoy. We want to live our lives now, we tell ourselves, not in thirty years time. Getting out of this mindset is a challenge. However, you can do it, if you view saving money in the right way. For instance, saving gives you freedom. Eventually, if you save enough money in the future, you won’t have to work a day job.

Saving also gives you security. If you have a lot of money in the bank, what happens in your career really doesn’t matter. If you don’t like your boss, you can quit and still pay all your bills.

Lastly, saving and investing can provide you with a regular income. You could get money from share dividends or from rental incomes on properties you own.

Be Realistic

Setting goals that you can realistically achieve keeps your feet firmly planted on the ground while also providing you with a concrete financial objective.

When setting a financial goal, make it specific. For instance, your goal might be to pay off all your student debt by the end of the year. Or it could be to put down a deposit of $40,000 on a home in the next six months.