If you keep it simple and realistic, proper management of your finances is very possible. There is always room for improvement when it comes to the way you handle your money and the New Year gives you the perfect opportunity to do so. Here are 10 resolutions that should be part of yours if you want your finances to stay on the right track this year.
1. Create a realistic and workable budget.
The first and most vital step to reinvigorating your financial situation for 2014 is creating and following a realistic budget that fits your lifestyle. Visit our website www.newyoucreditrepair.com and click on the TOOLS Tab. There you will find numerous calculators to help you make sound financial decisions. Included there you will find a few different budgeting tools to use. Pick the one that bests suits your needs and stick to it.
2. Begin a plan to get out of debt.
Make an effort not to acquire more debt and pay down the rest of it. Make sure that your debt is decreasing, instead of increasing, even if this involves just paying your minimum amount due each month. Again, you can find calculators on regarding paying down debt on our website.
3. Save for retirement.
Ask your employer if it matches contributions to a 401(k). If it does, start making contributions to it. If not, make an effort to start as soon as possible.
4. Maintain an emergency fund.
Make it a point to save for emergencies, whether it's a savings account or cash on hand. Setting money aside, outside of your regular budget will help you stay on track financially when you acquire emergency expenses like car repairs or medical bills.
5. Pay your bills on time.
Although this could be quite a challenge, it has a simple fix: automatic payment. If your bank offers this service, take advantage of it so that payments will be automatically withdrawn from your checking account on each due date, even if you forget about them. However, even if you have this service set up, you should check and keep a record of the withdrawals so you don't get overdrawn and fined by your bank.
6. Repay student loans.
An array of choices, including income-based repayment, is offered by lenders for repayments of student loans. If income-based repayment does not suit your current financial situation, ask for a lighter payment scheme. It does not matter which plan you pick; the important thing is you are slowlyclearing your way out of your loans.
7. Cut back and shop smart.
Getting a deal on purchases and services you regularly need makes good financial sense. Make an effort to fight impulse buying. Before purchasing a luxury good, sleep on it, or better yet, shop around and look for the best prices available.
8. Create a weekly menu plan.
Aside from keeping you from buying items you don't need at the grocery store on your weekly trips, this strategy also minimizes the times you eat out weekly. This leaves you with more time to eat at home and hopefully spend more quality time with your loved ones.
9. Improve your credit.
Find ways to cut back on your credit usage, especially if you are using more than 30% of it. Doing so will do wonders to your credit score.
10. Find ways to make more money.
If you have tons of items you make or don't need, sell them on sites like Ebay and Craigslist, so you can come up with extra cash. If this doesn't work out, you can always try to ask your supervisor for more money, either on the form of a raise or overtime.
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New You Credit Repair offers a variety of uniquely effective solutions to common financial problems. Once we review your financial situation, issues & goals, we will tell you which services we recommend for your specific situation, and where you should start. Call 866-403-0248 or go to www.newyoucreditrepair.com for more information.
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