First of all I hope everyone had tons of fun over Christmas and found many gifts under your tree... I'm sure at this point you're planning your New Year's celebration. As you start making you're resolutions for 2012 here are a few tips to change your year on the money front.
1. Know the difference between "I Need" and "I want". Many people today have no idea about it and go on spending their hard earned cash in things that end up hidden at the back of their closets and never used. This is key in making your all your resolutions work.
2. Make sure that you can pay all your bills at the end of the month with the money you have coming in. People who spend more that what they earn accumulate a lot of debt over time and end up drowning in it.
3. If you're spending more than you earn then take a good look at your expenses and analyze where you can cut some things that you really "don't need". Shopping and eating out all the time are examples of things you can cut back and will make a dramatic difference in your monthly spending.
4. Credit cards can be your best friend or your worst enemy as they accumulate both benefits and debt. Make sure you have one that gives you the benefits that best fit your needs and lifestyle like cash back, airline miles, or points are your favorite stores like Target or Amazon. But, beware of that debt you're accumulating... you'll have to pay for it!
5. If you currently have the kind of debt that come in the form of car payments and home mortgage try to see if you can refinance it in order to pay a lower interest rate {they are really low right now}. Another thing you can do to reduce it is to pay a little extra in order to reduce the interest you pay every month... it works wonders especially on your credit score.
Have a great day and hope you're enjoying the holiday break!
These are wonderful tips! Thank you for sharing, I hope you had a very Merry Christmas!
ReplyDeleteI have issues not spending money so going on a spending freeze was the only way to make me stop. But I do love these tips- especially the last one. Very wise indeed!
ReplyDeletegreat ideas to start the new year! all the best to you my dear!
ReplyDeleteGreat tips and they're so timely too!!! Hope you had a wonderful Christmas, sweetie. And happy new year to you! xoxo
ReplyDeleteHow appropriate! Even before I read your post, I sat down this morning and got to work on my budget.
ReplyDeleteI hope you had a lovely Christmas and thank you for your comment!
ReplyDeleteThese are great tips. Thanks for sharing. This is just what I needed to read. I'm going to sit down and write down some financial plans for 2012 as far as saving goals and am thinking about a variety of ways I can cut back.
ReplyDeleteGreat Tips Dear! So true about Credit Card! I hope you had a fabulous Christmas! f you have a second, I've got a new New Year's Eve Style Guide where I suggest few style& beauty tips for NY Eve. Love to hear what you think. Xo
ReplyDeleteYelena,
GlamThings