In America today, many people are in financial turmoil. Around 78% of Americans live paycheck to paycheck each and every month. A little fewer than that don’t even have $1,000 put away in their savings account. Many millennials and young Americans aren’t even saving for retirement. At the end of the day, this is no good. The good news is that this doesn’t have to be you. You can take control of your financial situation and better it each and every day. In this article, I am going to be breaking down three steps that you can implement today to get on the right track.

1. Budgeting
Budgeting is very important for everyone looking to build financial abundance. The good news is that anyone can do it. Dave Ramsey would argue that budgeting is the most important part of getting right financially. Start by sitting down with your spouse or significant other at the beginning of each month. Find out how much you both are going to make that month and then list that at the top of your budget. Next, list all of your expenses below that. Once you are all done, you should have a surplus of cash at the bottom of the list. If not, one of two things is happening: you are not making enough or your budget is not strict enough. Whatever the case may be, adjust accordingly. Check up on this budget every week to ensure that you are making progress.

2. Saving
Saving is a part of the wealth building process. You must know how to make money, keep the money, and multiply that money. For beginners, I would recommend putting away at least 15% of your money into savings. Star by saving a $1,000 emergency fund and then save up 3-6 months worth of living expenses. After that, start saving to invest. Once you have enough money, find a way to put that money to work and let it grow. This will be our next step.

3. Investing
Once you have enough money put aside, begin to invest. This can be into either a small business or other things like real estate, mutuals funds, retirement accounts, etc. When it comes to investing, I would invest in things that you know and in things that provide high returns. The more you know about your investment, the lower the risk and the more control you have over it.

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