It’s that time of year again: A new year, a chance for a fresh start and a time to make financial resolutions.
If 2019 is the year for you to set some new financial resolutions and work toward eliminating debt, then you are in luck.
The first of the year is the best time to start resolving to get your house in order and make some financial resolutions. So where to start? Read on:
One of the best things you can do is to start saving toward an emergency fund. While a lot of financial gurus say to have 6-12 months salary in reserve, that just isn’t feasible for a lot of folks. It can seem daunting and impossible, so some people just never start.
However, starting to save enough cash so you can weather life’s inevitable storms (like car trouble) can go a long way.
So in 2019, set a financial resolution to save a bit each month, so you’ll have a small cushion of cash in 2020!
This might seem like a no brainer, but by not racking up late fees and interest each month after not paying your bills on time, you can save a tidy sum. Those fees really add up and can damage your credit and prevent you from doing the first financial resolution of saving an emergency fund. So set up a system so you don’t miss deadlines and get those bills paid – on time.
Everyone knows they need to do a household budget, but who really takes the time? You, if you want to set a financial resolution that can help you save more and spend less. There are free apps for your smart phone that can help and the library also has books on how to set – and stick to – a budget. You don’t need a pricey financial advisor. One way to start? Track your monthly spending and see if there are areas you could trim.
A caveat: We know that for many people, it can be hard to feel like you aren’t barely hanging on financially and so some of these resolutions might seem impossible. But, no matter your income, you can do the best you can with the resources you have so you can work toward a more orderly financial system.
If you have questions or concerns about bankruptcy or foreclosure, the legal experts at Mina Nami Khorrami LLC can help. Contact us today at 614-857-9590.