Debt Resolutions For The New Year
(image from flickr)
Thank you for visiting the payday loans blog at personalmoneystore.com. With the new year just around the corner, it’s time to start thinking of your 2009 resolutions. There are no better resolutions to be made this coming year than those regarding personal finances.
Consumers across the nation are in a constant struggle to stay on top of their finances. Layoffs and pay cuts are reaching record highs and the credit is crunch causing creditors to increase minimum payments and interest rates. Learning methods that can save you money and exercising those options faithfully may just save your skin in 2009, and getting payday loans if you need to can help make it happen.
Here are a few things to consider for the new year.
Take Inventory of Your Debts
Take the time to sit and put all your outstanding debts on paper so you can see where you stand financially. Most people who fall into uncontrollable debt have a hard time figuring out how they got there. This is because we never see the big picture when it comes to what we owe. We are used to seeing bite-sized portions of what we owe each time until a bill comes . One day we wake up to find that there is not enough money in the bank to cover our minimum payments.
Record and Visualize Your Debt
Write down each creditor, how much you owe and the minimum payment and interest rate for each creditor you owe.
Next, make yourself a visual chart or bar graph of what you owe total. This is never a pretty thing to look at, but putting it on your fridge or bathroom mirror where it is consistently before your eyes will do some wonderful things for you.
First, it will remind you of your debt on a day-to-day basis so you can be consistent in your endeavor to pay it off.
Secondly, as you pay off your debt you can incrementally mark your chart accordingly. Seeing your progress over time will encourage you to stay in the fight to become debt free.
With this new awareness, you will be amazed at how much extra money you will be able to find each month to apply toward your debt. It’s like payday loans that you don’t have to pay back.
Practice Responsible Spending
(image from flickr)
This coming year you will also want to increase your awareness of the amount of money you spend and the things you spend your money on. A lot of the purchases we make each month are unnecessary or could be planned better to save you money.
When you go to the store it’s better to have an organized list of the things you need. All to often we go to the store hungry and without a list, which encourages us to spend money on “eye candy” or whatever looks good at the moment. What you end up bringing home is usually a lot of expensive junk or snack food.
An organized grocery list will help hold you only buy the things you need and therefore saving you money that you can put toward your debt each month.
Cutting Costs And Making It Count
Besides cutting down your grocery bill, you can also save money in other areas. We all pay more than we have to each month on luxuries we choose.
These luxuries include things like your current television programming package, cell phone package or internet package. If you are serious about paying down and paying off your debt, you may want to consider down-grading your entertainment and communications options by choosing cheaper alternatives.
Making A Better Tomorrow Starting Today
Eliminating debt requires a personal decision and commitment to change that only you can make. Get started today — you won’t regret it!
Stay tuned to the payday loans money blog tomorrow for more helpful tips on paying off your debt in 2009.
As far as New Year’s Resolutions go, this is a great one to get going on. I personally have never believed in them, because you don’t need an excuse like a new year to make your life better. However, if a person must, they must. And getting debt under control is a great thing to start off a new year with, especially because after Jan 31st, you can start getting your taxes done, and if you manage to get a good chunk back, then you can put a good portion of it down on the mortgage or the credit card debt.
Many useful ideas!
I really appreciate the idea about putting all your debt on to one sheet and then the interest rates so you can see how much that money really has gone and then maybe people will not go buy that extra little something they didn’t need on their credit card.
Good article. Many people tend to procrastinate a lot. Getting out of debt requires work. Your debt is almost like a huge, dirty pile of laundry. Taking one look at it can make you feel weary. However, you know you’re going to have to deal with it one way or another. You are going to have to put on your bullet-proof helmet and get it over with. If you keep up with laundry it would not be as difficult. This applies the same principle in the process of eliminating debt. If you continue to procrastinate, you will only dig yourself deeper into debt making it extremely difficult (almost impossible) to get back on top.
This is a great way to get started in the new year. Many practical and doable ideas. Good article.
Great ideas for the new year! Awesome advice that would actually work.
great ideas to get control of your debt