Personal Finance

3 Brilliant Ways to Regain Control of Your Finances, According to Suze Orman

Ian Cooper

Published: December 23, 2024 5:06 pm

One of the last things you want to lose control of is your finances.

Unfortunately, according to Capital One, “73% of individuals in a survey from CreditWise by Capital One identified their finances as a major contributor to their stress levels.

Financial stress is the emotional or physical reaction that someone experiences when they’re concerned about their financial situation.”

If you fall into that camp, you can regain control.

Key Points About This Article

•  73% of individuals in a survey from CreditWise by Capital One identified their finances as a major contributor to their stress levels.
• Suze Orman offers advice on how to regain control of finances, including getting rid of your credit cards, and stop worrying about what others think.
• Also: Take this quiz to see if you’re on track to retire ^(Sponsored)

One, Stop Worrying About What Others May Think

In fact, according to finance coach, Suze Orman, people tend to spend more money if they feel as if they’re financially insignificant. Many of these people will spend more to impress people with hope it’ll change how others view them. But stop worrying about what others think. Also, you have no idea what goes on behind closed doors of others.

Two, Get Rid of Your Credit Cards

Many of us think it’s easier to just charge everything until they get the bill, plus interest.

According to LendingTree.com, Americans have about $1.166 trillion in debt, which is up from $1.142 trillion in the second quarter.

Also, according to Experian, “the average credit card balance in the United States in 2024 is $6,699, a 5.3% increase from June 2023. The average monthly payment for credit card debt in 2024 is $1,212, which is a 5.9% increase from June 2023.”

It’s better to get rid of credit cards if you can, and just use cash.

Three, Be Charitable

According to Suze Orman, “Being generous and helping someone in a worse financial place than you puts Orman’s number one law of money into effect,” says GoBankingRates.com. “You will feel more powerful and others will sense that, opening more doors to new opportunities.”