Struggling with Money? Practical Ways to Build Towards Financial Control

by Kwaku Nimako · June 15, 2025

Photo {of a woman counting money) to illustrate Financial Control

Photo to illustrate Financial Control

We’ve all been there, having problems with our financial control. Staring at a pile of bills, bank statements, and budget apps until our eyes glaze over. Managing money is like herding cats—just when you think you’ve got it, everything scatters. But what if it didn’t have to be complicated? What if you could finally make your money work for you instead of constantly working for it? That’s real financial control, friend. Let’s cut through the noise and get you there.

Firstly: Know Where You Stand (No Sugarcoating!)

You wouldn’t start a road trip without checking the gas gauge, right? The same goes for your money. Before you can make progress, get brutally honest about your finances.

Track Every Penny In & Out: List all your income – salary, side gigs, that $20 from selling old clothes online. Then, track every expense for a month. Yes, even that daily latte. Apps like Mint or YNAB make this painless. You’ll probably find surprises (and also leaks!).
Calculate Your Net Worth (It’s Simpler Than You Think!): Add up everything you own (savings, investments, car value). Subtract everything you owe (credit cards, loans, mortgage). That number? It’s your financial snapshot. Don’t panic if it’s negative now – this is your starting line!

Dream It, Then Do It: Setting Goals That Stick

“Get rich” isn’t a plan. However, set goals that excite you—passion fuels persistence!. Clear goals are the engine that drives true financial control.

Short-Term Wins (The Next 12 Months): Stuff like crushing a $2,000 credit card balance, saving for a killer vacation, or building a $1,000 starter emergency fund. Quick wins build momentum!
Long-Term Vision (5+ Years Out): Buying a home with 20% down, retiring comfortably at 60, and funding your kid’s college. Big dreams need big planning.
Make Your Goals SMART (Seriously, Do This!):
- Specific: “Save $5,000” beats “save money.”
- Measurable: How will you track it? (Spreadsheet? App?)
- Achievable: Be ambitious, but realistic. $100K in a year on a $50K salary? Nope.
- Relevant: Does this goal move the needle for your life?
- Time-Bound: “Pay off car loan by December 2025.” Deadlines create urgency!

Your Budget: The Blueprint for Financial Control & Freedom Plan

Forget restrictive diets. A budget is your permission slip to spend guilt-free on what matters.

Build It: List income. List all expenses (needs first: rent, food, utilities). Allocate what’s left to wants and goals. Tools like EveryDollar or Goodbudget turn this from a chore to a champion.
Track Like a Hawk: Check in weekly! Did you blow the dining budget? Adjust next month or pull from another category. Flexibility is key.
Tweak It: Got a raise? Budget it before it disappears! Unexpected vet bill? Adjust. Your budget is a living document.

Saving: Your Money’s Safety Net & Springboard

This isn’t just about scrimping – it’s about breathing easy.

Emergency Fund: Non-Negotiable! Start with $1,000 fast (sell stuff, side hustle!). Then build to 3-6 months of expenses. Car breaks? Roof leaks? No sweat – pay cash.
Smart Saving Tactics: Automate transfers on the day you get paid. Cut unused subscriptions (goodbye, forgotten gym membership!). Embrace generic brands. Brew coffee at home. Every dollar saved is a soldier fighting for your future.
Park It Right: Ditch the 0.01% savings account! Use high-yield savings accounts (Ally, Marcus, Capital One) earning 4%+ APY. Your money should work while you sleep.

Debt Ditch: Stop the Bleeding & Take Back Your Paycheck

Debt is a dream killer. Let’s slay this dragon.

Know Your Enemy: Good debt (maybe a low-rate mortgage). Bad debt (high-interest credit cards, predatory loans). Focus fire on the bad stuff!
Attack Plan: Snowball or Avalanche?
- Snowball: Pay minimums on all, while throwing every extra dollar at the smallest balance. Win fast! Roll that payment to the next debt. Momentum feels amazing!
- Avalanche: Pay minimums on all, throw extra at the debt with the highest interest rate. Save the most money long-term.
Consolidation? Proceed With Caution: Can a lower-interest personal loan simplify payments? Maybe! But don’t run up the cards again! Companies like SoFi or LightStream offer options – shop rates.

Investing: Making Your Money Grow (While You Live Your Life)

This is how you build real wealth, not just save.

Start Simple: Stocks (ownership), Bonds (loans), Mutual Funds/ETFs (baskets of stocks/bonds). Low-cost index funds are your friend!
Diversify = Don’t Put All Your Eggs in One Basket: Spread investments across different types (stocks, bonds, real estate, etc.). This reduces risk!
Risk? Know Your Comfort Zone: Young with time? It can maybe handle more stock volatility. Nearing retirement? More stability (bonds) might be better. Apps like Acorns or Robinhood make starting easy, but consider a pro for bigger moves.

Retirement: Start Now, Thank Yourself Later

Compound interest is magic. Start early!

Why Bother Now? 5000 Ghana Cedis a month at age 25/30 could be millions by 65/70. Wait until 35? You’ll need to save way more. Time is your biggest asset!
Use the Good Stuff: Max out your employer’s 401(k) match – it’s FREE MONEY! Then look at IRAs, which offer your Traditional tax break now, Roth for tax-free withdrawals later. Fidelity or Vanguard are giants here.
How Much?Target not least 15 per cent and save it in your retirement accounts.

Protect Your Progress: Insurance & Credit

Don’t let disaster wipe out your hard work.

Insurance = Your Financial Force Field: Health, Auto, Home/Renters, Term Life, Disability. Don’t skimp! Get quotes from Policygenius or work with an independent agent. Review yearly.
Credit Score: Make sure you settle your bills on time, always. Keep your credit card balances low (below 30% of the limit). AnnualCreditReport.com is one of the certified websites to check your reports for free. Dispute errors fast! A good score saves thousands on loans.

Taxes & Smarts: Keep More of What You Earn

The most important thing is what you keep at the end of the day, not what you make.

Plan Ahead: Contribute to tax-advantaged accounts (401k, HSA, IRA). Track deductible expenses (charity, mortgage interest?).
Tax-Efficient Investing: Hold investments longer for lower capital gains tax. Consider tax-free bonds if you are in a high bracket.
Use Credits & Deductions: Seize opportunities such as the student loan interest deduction or Earned Income Tax Credit. Make use of Software like TurboTax, but in complex situations? Hire a CPA.

Stay Sharp: Knowledge is Financial Power

The money world changes. Keep learning!

Read Widely: Blogs (Mr. Money Mustache, Get Rich Slowly), Books (“The Simple Path to Wealth,” “I Will Teach You To Be Rich”).
Listen & Watch: Podcasts (The Ramsey Show, BiggerPockets Money), YouTube channels (Graham Stephan, The Plain Bagel).
Ask for Help: A fee-only financial advisor (find one on NAPFA.org) can be worth their weight in gold for personalised planning.

Avoid These Money Pitfalls (Learn From Others’ Mistakes!)

Lifestyle Creep: Getting a raise? Save/invest it before you get used to spending it!
No Emergency Fund: One crisis = debt spiral.
Ignoring High-Interest Debt: It grows like a weed.
Trying to Time the Market: Invest consistently instead.
Not Adjusting Your Plan: Life changes? Update your budget, goals, and investments!

Life Happens: Roll With the Financial Punches

To sum up, Marriage, kids, job loss, and inheritance – they all change the money game.

Talk Money Early: Big life event coming? Discuss finances openly with partners/family before it happens.
Reboot Your Plan: New baby? Budget for diapers & daycare ASAP. New job? Adjust savings rates and also benefits. Retirement plan rollover? Get expert advice.
Your Budget is Your Best Tool: It’s the framework that lets you adapt without panic. Review it quarterly, at least!

The Bottom Line?
Achieving true financial control isn’t about deprivation; it’s about creating choices, security, and also freedom. It takes effort, sure. But step by step, goal by goal, you can build a financial life that lets you sleep soundly and dream big. Start today—your future self is already cheering you on! You’ve got this!

Source: Kwaku Nimako