What do you want to do in 2012? Lose 100 pounds, win the $43 million lottery, chuck it all, buy an RV and wander around the country?
All interesting goals, but most likely not attainable, and bound for failure. Frankly, we’d rather succeed with small goals that add up to big changes. Here are some financial tips that will help you be more comfortable in the new year.
Be realistic and set goals. You may have your eye on that $800,000 home, but is that realistic for you and your finances? Sit yourself down and analyze your past year’s financial health, then estimate you’re monetary health for the next year. This is a good exercise even if you are not considering buying a property soon. Always keep tabs on yourself and your family so there will be no surprises.
Start small. Every day when our friend comes home, she empties her extra change in a beautiful handmade pot. In three months, she took $90 to the bank. Small change, yes. But she would have frittered that money away on stuff she wouldn’t remember two days later. Promise yourself to save $2,000 in the new year. Just to make sure, set up a direct deposit to your savings account. We know interest rates are next to nothing, but at least the money will be there at the end of the year.
Don’t waste money on quick hits. Stopping at the chain coffee shop every morning can add up. A basic cup of coffee at $2.15 three times a week sets you back $6.45. If you go three times a week for 45 weeks, that’s $290.25 per year. Instead, purchase a good coffee pot for around $80, set it for brew in the morning and fill up your reusable coffee mug for the ride to work. Treat yourself every once in a while at one of our wonderful coffee shops and keep your money in our community with a small businessperson.
The credit dilemma, plus credit cards. Credit is essential in our society, especially if you want to purchase property which in this case we suggest to also get help from the real estate agents Greensborough. You want good credit so you can get lower interest rates. At the beginning of every year, check your credit score with one of the three credit reporting agencies at AnnualCreditReport.com for free. Address any issues you feel are incorrect.
In order to get credit, you have to have credit. What a conundrum! Keep an eye on your credit cards, pay off every month if possible, but keep charging too. If you mothball your credit cards the company may consider your account inactive, which won’t help you when it’s time to look for a mortgage. Do charge, but use restraint.
Your goal for the next 12 months is to accomplish simple, reasonable resolutions you are optimistic about your financial health and all the possibilities that offers.