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Make A FIRM Financial Decision this New Year 2012 December 29, 2011

Filed under: Financial Goals,Uncategorized — kscccs @ 3:01 pm
Financial Goals and Debt Relief

Financial Decisions

As year 2012 rolls in,

Make a Firm Financial Decision to ESTABLISH AN EMERGENCY FUND and SAVINGS ACCOUNT

  • This is very essential as no one is immune to emergencies.
  • The only way one can avoid debt is if one has a safety net to fall back on in times of need.
  • Consider opening a savings account separate from your checking and try to only use that when a pressing need comes up.
  • Make a choice to set a certain amount aside each time you are paid. You may even be able to set it up to come out automatically from your paycheck.
  • Little amounts add up; $100/month is $1200/year.
  • Set saving goals for yourself and strive daily to achieve them.

Make a Firm Financial Decision to REDUCE SPENDING

  • First track your expenses to see where your money is going so that you know where you may need to make adjustments.
  • Reduce or eliminate extra features on cable TV, phones and internet service.
  • Use coupons effectively.
  • Take your lunch to work.
  • Cut back on dining out.
  • Use your local library for books, DVDs and CDs.
  • Drop any memberships you do not use fully, for example, movie, gym, and magazine subscriptions or beauty memberships.
  • Avoid fees – bank account, overdraft, over limit fess, etc.

Make a Firm Financial Decision to PAY OFF  DEBT

  • STOP using credit cards or any type of loans.
  • List all of your debt from the lowest to the highest balance.
  • Pay the minimum payment on all debts except for the one with the lowest balance.
  • Put every other penny you possibly can towards the debt with the lowest balance.
  • When that debt is gone, do not alter the monthly amount used to pay all remaining debts, but throw all you can at the debt with the next-lowest balance.
  • Use your tax refunds wisely to pay off some debt.
  • Try increasing your income by getting a second job or better paying job.

Other resources: Check to see if you have any unclaimed funds in your state. This is for KANSAS.

How to follow through on your GOALS

  1. Write down specific resolutions.
  2. Set up attainable goals.
  3. Create a plan to follow.
  4. Be willing to forgive yourself and move on.

We at CCCS wish you luck on following through with your financial resolutions in 2012! Happy New Year :)

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