Achieve Personal Financial Success in the New Year
January 1, 2008, 3:58 pm
Springboard Provides Tips to Help Consumers Start Off the New Year Right
New Year's resolutions are tradition among many, a time to re-evaluate, wipe the slate clean and make a fresh start. Many will resolve to go to the gym, spend more time with their family or to be more patient.
Springboard, a non-profit consumer credit management organization, recommends consumers include the goal of achieving personal financial success among their New Year's resolutions. Many may think it is too hard to turn their finances around, but with a little self-discipline and re-evaluation, consumers can improve their situation.
With that thought in mind, Springboard encourages consumers to follow several easy tips to help improve their finances in the New Year.
Their recommended resolutions include:
- Stick to a budget - Start by determining how much money you take home every month. Then list your monthly bills. This should give you a good idea of how much you have to work with for food, gas, clothes, entertainment and other expenses. The key to maintaining a successful budget is to make sure you don't spend more than you make. If you live beyond your means and use your credit cards, then you could be on the road to financial unrest.
- Get a financial check-up - Review your credit report to give you a good idea of where you stand financially. Credit counseling organizations such as Springboard can help you obtain and understand your credit report.
- Buy what you need - Too often we base our buying decision on emotions instead of facts. Ask yourself if you can buy it for less somewhere else or if you really need it at all. We know this is hard but spend money ONLY on what you need and you will significantly reduce your expenses.
- Save for tomorrow - Start saving money. If you can, at each pay period save some to your savings account. A healthy savings account prevents you from having to borrow money when emergencies happen.
- Settle outstanding debt - A big resolution is to meet the credit obligations you have made on time. You will eliminate A LOT of stress if you get caught up on your bills and debt payments. Also, your credit rating will improve dramatically if you stay on top of your long-term obligations.
- Seek professional credit counseling assistance if you need help - If you find yourself over-obligated and in over your head, there is no shame in seeking help from experts. Credit counseling organizations, such as Springboard, offer settlement and debt reduction services and can help identify where you may have gone wrong to help steer you back into the right direction.
