You Should Definitely Keep

Hate, Wisdom, Compassion, Love, Fear

The New Year is an ideal time to overhaul your life. The first place to start is making financial settlements which may get you closer to your financial objectives. It’s easy to make resolutions, but not very easy to keep them. Don’t be ambiguous and do not aim too high.

Prioritize Your Debts
Did you know that not all debt is created equal? Create a list of all of your financial obligations and organize them by the interest rates. Debt with the highest rates (most likely your credit card debt) ought to be repaid immediately. It does no good to invest funds while you are paying 19 percent or more in interest annually.
I suggest putting all of this financial information to a spreadsheet. I would like to warn you however, this may be a frightening task for most people. It’s like weighing yourself when you know you have over eaten. Nevertheless, it’s critical in establishing your plan to rid yourself of unnecessary debt. I suggest using a cocktail or two before you decide your grand total.

As soon as you have all of the debt and interest rates established, then pick the best repayment approach for you. Some folks prefer paying the smallest debts while others prefer to pay the highest interest rate debt first. Pick the option that works best for you.

Save 15% or More of Your Gross Income Most people today say they need to save more, but do not know how much they need to save or where they ought to save it. The best way to become a successful saver and achieve this objective is to set up an automatic transfer from your checking account to your savings account for the same amount each month. If you find you need some of the money in the long run you can always transfer it back.

Set up Automatic Bill Pay Everyone’s life becomes frenzied, and it can be tedious keeping track of what invoice gets paid when. Technology has made it easy to schedule your invoices to pay on their due date automatically. Credit Union members have Bill Pay access to set this up in one location, and you can choose if you want to manually schedule it manually or automate it.

Although there are exceptions, in the huge majority of cases the answer is a firm no! If you will need to have several accounts, you might want to check out your local credit union, which in most cases don’t bill checking and savings fees.

Earn Money Doing What You Love To Do Most everyone has a fire. Have you thought about turning your passion into profit? The world is filled with amazing occupations. Find one that works for you and appreciate what you do while repaying your debt.

Track Your Expenses Daily Tracking your daily expenses will make you mindful of everything you spend. There are a number of free apps like Expenses OK and Spending Tracker that could help.

Instead of Paying Off Debt Pay off a little each month Reducing your debt is a wonderful goal, but it is not going to be easy to do. It’s best to have a set plan for payoff, and picking an amount each month is a excellent way to stay on track. If you have seasonal income, then you could try setting a yearly aim. Just make sure you keep it attainable.

Go on a Money Diet
If you spent a great deal of money on your friends and family this holiday season and your credit cards begin to bulge, then my suggestion is you go on a cash diet for another six months. Limit your spending to a certain quantity of money each week and see if you can live off that sum. Being conscious of your money and the way you spend it is the first step in becoming financially healthy.

When I say a money diet, I mean actually paying for items with money. Swiping your debit or credit card shuts down our brains and we don’t even think about what we are buying. It’s like it isn’t happening. If you make a cash payment, then you’re forced to keep your brain connected. I believe a money diet is a great way to keep your spending in check.

Collect Loose Change
Begin a piggy bank for adults. Every time you pay cash for something and they give you pocket change, go home and throw it into a container.

Knowledge is Power
If you want to learn to do something you read a”how to” book or ask someone to show you. Reading financial books can put you in contact with ideas you can utilize in your financial life. By reading “Alamo Heights Wildlife Removal” or other financial periodicals you can pick up on ideas, philosophies and techniques of the most talented minds in the financial circles. Committing yourself to educating yourself about financial health is essential to creating your long-term riches.

Remember; set yourself up for financial success in 2019! Staying on track will inspire you to keep going through the year. Soon you will be on your way to becoming a personal finance champion.

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