Many people make New Year's Resolutions and by January 10th they have forget all about their resolution. In 2010 and future years make resolutions and set goals for yourself that you know you will be able to achieve. Make a promise to yourself that every year you will do at least one thing to become a better person, help someone less fortunate than you, and work to improve your life.
Finances have been a big part of Americans lives. Finances can destroy relationships; result in divorce, arguments, sadness, depression, anxiety and fear. Finances have to be properly managed and can be used to generate wealth or can be used to generate debt. In 2010 here are 10 tips to help you get out of debt and stop the financial insanity.
1. Change Your Mindset. Change the way you think about money. If you believe you will always be in debt you will. If you are determined to get out of debt you will get out of debt.
2. Develop What If Scenarios. List different scenarios that could happen and how you would deal with each one, i.e. job loss, sickness, death, new baby, loss of health insurance or other benefits, car repair, etc.
3. Have a Plan A, B, C, D and E. Many people never plan for the unexpected. Always have multiple options to solve a problem or deal with a crisis.
4. Live below your means. You can no longer live within your means you have to live below your means. You should always have extra money left over each month after you pay your monthly expenses and debt; if you don't you need to change your spending habits.
5. Bundle products. If you have multiple insurance products with different companies contact each company and get a quote for bundling your products to help you save money, i.e. car, home, flood insurance, etc.
6. Ask for discounts or specials. Companies always provide discounts or specials but do not always advertise them. Every 3-6 months call each service provider and ask if they are offering any specials and what discounts they have available for the services you currently have.
7. Save once a week. Do at least one thing a week to save money, i.e. bring your lunch to work or bring coffee from home one day a week. See how much you save in one month.
8. Don't stop at retirement. Don't just plan for your retirement, plan for your children's retirement. Sometimes when planning for retirement retirees do not save enough money to cover all of their monthly expenses and end up going back to work after retirement. If you plan for your children's retirement or your grandchildren's college education this will ensure you have more than enough money to retire and enjoy your golden years.
9. Do better than your parents. If you parents retired at 65 or had to work until they were 70 and had nothing to show for it, do better than your parents. If you retire at 55 be sure you have at least enough money to live on for 20 years.
10. Consult a professional. Contact a financial advisor or financial planner to help you determine your financial goals, where you want to live, the age you want to retire and the lifestyle you would like to have when you retire.
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