5 Financial Strategies To Implement Before The New Year
Set yourself up for a strong financial year
The new year is approaching. Some of you have managed your money successfully this year; others have not. But today is a new day; you have the choice to implement new actions that can shift your financial situation for the better. Five actions you can implement starting today include:
Create a budget: If you don’t follow a budget, sit down and create one today. Know precisely how much income and expenses are coming in and out.
List out your debts from least to greatest and formulate a payoff plan: How many debts do you have, and what are their balances, payoff dates, and monthly due dates? Ensure you have automatic payments set up accordingly so you never miss a payment. Once you pay off one debt, immediately apply laser focus to the next debt. Keep the momentum going until you reach the finish line.
Eradicate unnecessary expenses (subscriptions, dining out, entertainment, recreation, shopping, groceries, etc.): No matter how often I go through my budget, I always find something else I can eliminate. The things you think you need are often wants. If you’re behind on your savings and financial goals and drowning in debt, this is not the time to spend freely; instead, find ways to eliminate extra spending to propel yourself into financial freedom sooner than later.
Invest in financial education: Never stop investing in new financial knowledge. But remember, knowledge is useless without application. Be sure as you obtain knowledge, you’re applying it. Books and articles have been the easiest way for me to acquire new information about personal finance.
Increase your income: You can only decrease your expenses by so much, but there is no cap on your income. What skills, passions, and hobbies can you monetize?
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This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.