Do you make financial resolutions every New Year that you’ll get your finances under control? Do you break them just as often?
Here are a few tips to help you meet your financial goals this year. Some are fairly simple ideas from a different perspective, while others will take effort that is well worth it in the long run.
To Meet Your Financial Resolutions You Need to Track, Calculate, Analyze
Be meticulous with how you’re currently using all your money. Track every penny, some may say that this task is unnecessary, because they already know where their money is going, but don’t let that be an excuse. You will have to face the cold and very blatant truth of the situation that you need help, and it will motivate you to begin your journey into financial control. Double check, and triple check, you might have missed something.
Go Digital
Create a budget on a personal finance website, and download an app to your smartphone for when you’re on the go. Try a financial assistance website such as Mint.com, because sites like his allow you to enter all your monetary and budget information, then calculates your spending habits, where your money’s going, and how much you should put into savings. You’ll gain a feeling of control, and feel a little more accountable, it’s perfect because it’s nearly effortless, but very effective.
Start By Chipping Away at Debt
You don’t have to throw all the money you’re currently making into your debt, but contact the companies who you have accounts with, and owe money to, and try to make some sort of regular payment plan. Working directly with these companies can help you avoid late fees, the addition of more charges, and will get you on the path to financial independence.
Add to, or Open a Savings Account
At this point in time, it’s more important to chip away at your debt, but you can also be adding some money here and there to a savings account, even if it’s only $5 a week, any amount of money saved is an accomplishment. Plus it helps establish a good saving habit and subconsciously money attracts money and debt attracts debt so you need to start building a money magnet while reducing your debt magnet. You can even have money automatically added to your savings account directly from your paycheck if you don’t have the time to stop at your bank every week, because really, who does?
Don’t Tap into Funds
Avoid tapping into your savings when you’re low on extra cash, especially when it’s for an unnecessary and unplanned night on the town, because you’ll most likely end up spending more than you planned. Tell yourself you cannot borrow any money from yourself until your savings adds up to a certain amount, say, $1000, before you can use it. Being strict with yourself is imperative, because in the end, you’re the boss of you.
Smart Credit Cards
Take advantage of the best balance transfer credit card that you can find, they’re superb for making some extra equity by pocketing extra interest. The 2 best credit cards to get for this purpose in early 2013 are the Citi Simplicity MasterCard, and the Slate from Chase Visa Credit Card. Even a one percent difference can make a big difference. Better still is a grace period of 12 to 18 months of interest free use of the money. If you transfer funds to a new card make a plan to pay it off during the interest free period it can easily save you a small fortune in interest payments and be a giant step toward getting debt free.
Discounts are Your Friend
As much as some of us hate couponing, the amount of money that you can save on the essentials like toilet paper are astounding, and well-worth the 15 minutes to clip on Sunday afternoons. Shop for produce only that’s in season, or buy frozen fruits and veggies, it’s cheaper and you will still get all the nutrition. Win-win! And if you can’t help but opt for a day at the movies, take advantage of the earlier showings, and BYOS- bring your own snacks- you know everyone does.
Stay Strong and Committed
Don’t give up or cave in, the difference between accomplishing your goals and failing again and again is keeping up the motivation and mental stamina to not cave in to your money-spending desires. As I said earlier, you’re the boss of you!
See Also:
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Author Bio
Melisa Cammack has been freelance writing for a number of years, is a mother of three children, and is hoping to be a published book author by the end of 2013.
