New Year Resolutions: How to Tackle Debt in 2017
After the added expenses of the holiday season, and the ringing in of a new year, many people turn to financial goals for resolutions. If you’re planning on tackling your debt in 2017, starting small is always the best thing you can do.
Whether your debt is in the thousands or the hundreds, starting small will help you start chipping away at it, and the little things add up to making a big difference over the year.
- Print out your monthly bank statement, and go over it line by line. Understanding where your money goes each month, will be a big step in the right direction.
- Understand credit: understand what makes up your credit score and what will affect it. Here’s a free guide on understanding your credit.
- Budget: simple advice, but set a budget and make sure you stick to it.
- Be proactive: if you know a payment will be late, call your credit card and bill providers right away and setup a payment schedule. In most cases, being proactive won’t hurt you, and most companies are willing to work with you.
- Reduce your memberships: cut out any memberships you don’t need, ex: magazines, the gym you never go to, etc.
- Stop paying for coffee every day: by just brewing your own coffee at home or the office, you’re saving about $5 – $7 a day.
- Stop eating out: even by opting to bring your lunch to work instead of eating out every day, that’s hundreds of dollars in savings a month.
Looking for some more debt-tackling and saving tips? I’ve got some easy tips listed here. And as always, if you’re looking to find out what your debt right now means for your credit rating and homebuying plans, contact me anytime. Alternatively, you can always reach me on Twitter as well.
