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Financial New Year's Resolutions You Should Definitely Keep

The New Year is the perfect time to transform your life. The first place to start is to make a financial resolution that brings you closer to your financial goals. It's easy to make resolutions, but it's not easy to keep. This is true for all resolutions, but especially financial. The key to all resolutions is to set achievable and achievable goals. Don't be ambiguous and don't be too tall. So if getting your financial life is the resolution you want to make this year, here are some things you might consider adding to your travel schedule in 2019.

Prioritize Your Debt

Did you know that not all debts are created equal? Make a list of all your financial obligations and organize them at interest rates. The highest rate debt (most likely your credit card debt) should be paid off immediately. It's not good to invest your funds when you pay 19 percent or more for interest every year.

I recommend putting all this financial information into a spreadsheet. I want to warn you though, this can be a scary activity for most people. It's like weighing yourself when you know you've eaten more. However, it is very important to create your plan to eliminate unnecessary debt. I recommend having a cocktail or two before you decide on your total.

Once you have all the debt and interest rates set, choose the best repayment approach for you. Some people prefer to pay off the smallest debt first while others want to pay off the highest interest rate debt first. Choose the option that works best for you.

Save 15% or More of Your Gross Profit Most people say they want to save more, but don't know how much they should save or where they should save it. The best way to become a successful saver and achieve this goal is to provide an automatic transfer from your checking account to your savings account for the same amount each month. If you find that you need the money in the future, you can transfer it back.

Prepare the Auto Paying Life Bill Everyone gets mad, and it can keep track of what the bill was paid back then. Technology has made it easy to schedule your bills to pay by their deadline. Credit Union members have access to Bill Pay to set this up in one place, and you can choose whether you want to schedule it manually or credit it.

Closing an Account Needed Most banks charge a fee for everything. Do you need to have multiple credit or check accounts? Although there are exceptions, in most cases the answer is not firm! If you need to have multiple accounts, you may want to look at your local credit union, which in most cases does not charge check and deposit fees.

Make Money Do What You Love To Do Most people have passion. Are you thinking about turning your interests into profit? The world is full of incredible work. Find what works for you and love what you do when paying off your debt.

Keeping track of your daily expenses Keeping track of your daily expenses will keep you in mind about everything you spend. There are many free apps like OK Spend and Spend Tracking that can help.

From Paying Down Debt Payments Monthly Reducing your debt is a great goal, but it won't be easy. It's best to have a plan in place to get results, and choosing a monthly amount is the best way to stay on track. If you have a seasonal income, you can try setting an annual goal. Just remember to make sure it's within reach.

Go to the Cash Diet

If you spend a lot of money on your friends and family this holiday season and your credit card is starting to grow, then my suggestion is that you have a cash diet for the next six months. Limit your spending to a certain amount of money each week and see if you can turn it around. Realizing your money and how you spend it is the first step to becoming financially healthy.

When I say cash diet, I mean paying the price of stuff with cash. Going through your debit or credit card closes our minds and we don't think about what we're buying. It's like nothing happened. When you make a cash payment, you have to maintain your brain. I believe a cash diet is the best way to keep your spending under control.

Collect loose changes

Start a piggy bank for adults. Every time you pay cash for something and they give you a pocket change, go home and throw it into the container. If you do this for a year, you have the potential to save several thousand dollars.

Knowledge is power

If you want to learn to do something you read a "how to" book or ask someone to show you. Reading a financial book can help you connect with ideas that you can apply in your own financial life. By reading "Smart Investors" or other financial magazines, you can pick the most talented ideas, philosophies and techniques in financial circles. Giving yourself a chance to educate yourself on financial health is important for establishing your long term wealth.

Remember; Set yourself up for financial success in 2019! Staying on track will encourage you to continue throughout the year. Start small and make sure it's real. You'll soon be on your way to becoming a personal finance champion.


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