Resolve to Lose Debt this Year; Trim the Fat in Your Spending
Would you like to be better off financially in the coming months than you were last month? These practical steps can help you achieve that goal without a lot of extra effort:
- Spend less than you make. Yes, it’s good old common sense, but you’d be surprised how many consumers don’t follow that simple practice. Put away the credit cards and decide that, for just one year, you won’t charge anything else. Then, set a goal for paying down the credit card debt you already have.
- Start saving more. If your savings balance is zero, start with a minimal (but regular) deposit to your savings account. If you’re already saving, see if you can bump up the amount by 5 – 10 percent. Set a goal to have a specific amount in savings by the end of the year.
- Learn about finances. Read a financial book or magazine each month. If lack of knowledge is keeping you from investing in your future, make learning more about it a priority this year. Then, put your new-found knowledge to work for you with a good, sound investment plan. Of course, it never hurts to get professional help.
- Keep better records. It’s hard to cut unnecessary expenses if you don’t know what they are. Track where your money is going each payday.
- Look at the small stuff. Most of us have a few leaks in our budgets — those small, regular expenditures that can add up to big losses. Plug those leaks.