Perhaps one of the most famous New Year’s Resolutions people make is in terms of their finances. Save more, spend less seems to be the tune majority sung during the first day of 2015 and yet third month into the new year and you wonder what happened to this desire and goal. Maybe it’s the motivation or the actual way you planned to do this thing. Or even the lack of it. If this is you, remember that it’s not to late to take charge of your finances. Read on to know some tips you could follow to bring you back to your road to financial freedom.
Rewrite your goals and stick to it
So what if it’s March already and your debt has remained the same? There are still 9 months in the year. Of course, you would not want to waste the entire year and think about your finances toward the end. The point is, it’s never too late to start again. Write your goals and commit yourself to achieving this. Your dedication and determination will be the key to your success.
Create a spending plan
Prepare a budget that includes all your income and expenses and WRITE IT DOWN. So many times people rely on their minds to keep their spending plan and while it could work, sometimes, the mind gets too cluttered and the tendency to forget what you had planned is high. When you write your budget, do not estimate but jot down the actual and exact amount so you could have a realistic idea on where you are and the things you need to curb on to change your finances. Don’t forget to track everything down.
Pay your debts
Before you could even start thinking of saving up, you must first pay all your debts. It’s no use keeping money for yourself when you know you have commitments to others to pay. Not only will clearing your debt be a huge sigh of relief, the people or company you borrowed from would know that your are a person of integrity who are truly committed to his word and deadlines. Added perk is that you won’t be stressed anymore and you could finally get off that unnecessary burden.