The new year is almost here, and with it comes New Year’s resolutions. We all make resolutions about eating better, going to the gym or curtailing a bad habit, but what about our finances?
The new year is a great time to take steps to get control of your budget, develop better spending habits and getting your finances under control.
Not sure where to start? Here are eight financial resolutions for 2017 and some great tools to help you get started.
1. Create a Budget
Better spending starts with creating a budget. When you balance your spending habits with your income, you will feel more in control of your life.
2. Get Control of Your Student Loans
Student loan debt is one of the fastest growing expenses for Americans. If you’re struggling to meet your monthly loan payments, it may be affecting your ability to live within your budget and can hurt your credit in the long run.
3. Cut the Cord on Cable
Want to save up to $500 a year? One great way is to cut the cord on cable. As the cost of cable TV grows in the US, switching to streaming services is a great way to save money and cut down on your advertising intake.
4. Understand Your Credit Card Interest
The average American is carrying $15,000 in credit card debt at an 18 percent interest rate. Even if you pay the monthly minimum and never use the card again, it could take you over five years to pay it off and cost over $8,000 in interest.
Paying the minimums isn’t enough. Understanding your credit card debt is the first step in taking control of your credit card debt.
5. Pay Off Your Credit Cards
Once you understand your credit card debt, the next step is learning how to manage your credit card debt. It’s an important first step on the path to financial freedom.
6. Teach Your Kids about Money and Finance
Your children look to you to set an example, especially when it comes to spending and saving. Taking the time to talk to you your children about money and finance can help them to be financially smarter now and helps to create financially responsible adults in the future.
7. Improve Your Health and Stay on a Budget
Is your bank account keeping you from taking better care of yourself? It’s no secret that a healthy lifestyle can be expensive. But a limited budget doesn’t have to stand between you and good health. Not only that, the better you feel, the more likely you are to make better financial decisions.
8. Get Out of Debt in Five Years or Less
It may feel like you will never be able to pay back all your debt. But with a little help from DebtHelper.com, it’s possible to pay off thousands of dollars in credit card debt in less than five years. Best of all, you’ll save money, improve your credit score and protect your financial future. You’ll learn how in this free guide.
Looking for more help? Schedule a free counseling session today or call us at 800-920-2262.
