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.
Showing posts with label new year. Show all posts
Showing posts with label new year. Show all posts
Monday, January 04, 2010
Friday, January 01, 2010
Happy New Year
Another year has come and gone. Take this opportunity to forget about the past and don't make the same mistakes that you did in 2009. Here are some inspirational quotes I found related to starting a New Year.
I hope they provide you with hope, inspiration and courage to become the best you that you can be this year. Reach for the moon, you won't miss!
Be always at war with your vices, at peace with your neighbors, and let each new year find you a better man.
Benjamin Franklin
We will open the book. Its pages are blank. We are going to put words on them ourselves. The book is called Opportunity and its first chapter is New Year's Day.
Edith Lovejoy Pierce
He who breaks a resolution is a weakling;
He who makes one is a fool.
F.M. Knowles
Another fresh new year is here . . .
Another year to live!
To banish worry, doubt, and fear,
To love and laugh and give!
This bright new year is given me
To live each day with zest . . .
To daily grow and try to be
My highest and my best!
I have the opportunity
Once more to right some wrongs,
To pray for peace, to plant a tree,
And sing more joyful songs!
William Arthur Ward
Your Merry Christmas may depend upon what others do for you...but your Happy New Year depends upon what you do for others.
Author Unknown
I hope they provide you with hope, inspiration and courage to become the best you that you can be this year. Reach for the moon, you won't miss!
Be always at war with your vices, at peace with your neighbors, and let each new year find you a better man.
Benjamin Franklin
We will open the book. Its pages are blank. We are going to put words on them ourselves. The book is called Opportunity and its first chapter is New Year's Day.
Edith Lovejoy Pierce
He who breaks a resolution is a weakling;
He who makes one is a fool.
F.M. Knowles
Another fresh new year is here . . .
Another year to live!
To banish worry, doubt, and fear,
To love and laugh and give!
This bright new year is given me
To live each day with zest . . .
To daily grow and try to be
My highest and my best!
I have the opportunity
Once more to right some wrongs,
To pray for peace, to plant a tree,
And sing more joyful songs!
William Arthur Ward
Your Merry Christmas may depend upon what others do for you...but your Happy New Year depends upon what you do for others.
Author Unknown
Sunday, January 04, 2009
New Year’s Resolutions for a Recession
Here are 7 tips help you survive the recession in 2009 and develop good money management skills so if another crisis occurs you will not feel the pain as much as you did in 2008.
1. Admission. Admit you are in debt and stop charging! Face reality and make a plan to get out of debt. You can’t get out of debt doing the same things you did in 2008. You have to make a change. If you are in a lot of debt then you need to make some drastic changes. If you drive an expensive car consider selling your car and buying a used car with a smaller payment or no payment at all. Negotiate with creditors to setup payment plans to pay off debt.
2. You are Not the Jones. Don’t live above your means. Buy needs instead of buying wants. Don’t impulse shop or buy something based on how you feel (sad, happy, angry, mad, depressed). Shopping doesn’t make you feel better, it is a temporary feeling, when you get your credit card bill those happy feelings go away quickly. Find ways to reduce expenses to help pay down your debts. Catch public transportation or carpool to work. Buy items or sale, buy used instead of new, use coupons, or shop at wholesales or thrift stores.
3. Be Responsible. Because of the bailout things have changed and creditors are looking for any reason to identify someone as risk. It doesn’t matter what your previous payment history has been. Only use your credit card for emergencies only. Don't use your credit card to purchase gas, food or other everyday items. Keep credit card balances at 30% or below the credit limit. Pay balances off at the end of the month.
4. Track Spending. Write a list of all of your total monthly expenses including debt and write down your total monthly income (net). If you have any money left over use that to pay down your debts. If you do not have any money left over look at the areas where you can reduce expenses. Use paper and pen, and a tool like Microsoft Money or Quicken or use the envelope method.
5. Save. Save. Save. I cannot emphasize this enough. Create an emergency fund with enough to cover at least 6-8 months worth of bills. This will prevent you from getting into debt. For long-term goals begin planning for retirement or increase your allotment for retirement. You should save at least 10-20% each month towards retirement.
6. Education. Further your education by taking training classes, get a college degree or an advanced degree to increase your skills set and salary. Plan to take at least one training course every year during your career to stay current with industry standards and technology advances.
7. Financial Planning. Get health, life and disability insurance. Also, create a will even if you don’t feel you have anything of value, but someone else might be eyeing something you possess. Your will can ensure that all your possession are distributed properly to your heirs. You should also consider getting a trust. Store copies of your financial and insurance papers in a fireproof and waterproof safe. Make copies of all of your credit cards, insurance papers, mortgage and creditors bills and store in your safe.
1. Admission. Admit you are in debt and stop charging! Face reality and make a plan to get out of debt. You can’t get out of debt doing the same things you did in 2008. You have to make a change. If you are in a lot of debt then you need to make some drastic changes. If you drive an expensive car consider selling your car and buying a used car with a smaller payment or no payment at all. Negotiate with creditors to setup payment plans to pay off debt.
2. You are Not the Jones. Don’t live above your means. Buy needs instead of buying wants. Don’t impulse shop or buy something based on how you feel (sad, happy, angry, mad, depressed). Shopping doesn’t make you feel better, it is a temporary feeling, when you get your credit card bill those happy feelings go away quickly. Find ways to reduce expenses to help pay down your debts. Catch public transportation or carpool to work. Buy items or sale, buy used instead of new, use coupons, or shop at wholesales or thrift stores.
3. Be Responsible. Because of the bailout things have changed and creditors are looking for any reason to identify someone as risk. It doesn’t matter what your previous payment history has been. Only use your credit card for emergencies only. Don't use your credit card to purchase gas, food or other everyday items. Keep credit card balances at 30% or below the credit limit. Pay balances off at the end of the month.
4. Track Spending. Write a list of all of your total monthly expenses including debt and write down your total monthly income (net). If you have any money left over use that to pay down your debts. If you do not have any money left over look at the areas where you can reduce expenses. Use paper and pen, and a tool like Microsoft Money or Quicken or use the envelope method.
5. Save. Save. Save. I cannot emphasize this enough. Create an emergency fund with enough to cover at least 6-8 months worth of bills. This will prevent you from getting into debt. For long-term goals begin planning for retirement or increase your allotment for retirement. You should save at least 10-20% each month towards retirement.
6. Education. Further your education by taking training classes, get a college degree or an advanced degree to increase your skills set and salary. Plan to take at least one training course every year during your career to stay current with industry standards and technology advances.
7. Financial Planning. Get health, life and disability insurance. Also, create a will even if you don’t feel you have anything of value, but someone else might be eyeing something you possess. Your will can ensure that all your possession are distributed properly to your heirs. You should also consider getting a trust. Store copies of your financial and insurance papers in a fireproof and waterproof safe. Make copies of all of your credit cards, insurance papers, mortgage and creditors bills and store in your safe.
Monday, December 31, 2007
8 New Year's Commitments for 2008
Here are 8 New Year's Commitments that will improve your financial life, reduce stress, end fights regarding finances, and bring peace to your life.
1. Save Money - Create an emergency fund with enough to cover at least 3-6 months worth of bills. This will prevent you from getting into debt. For long-term goals create a savings account with a high interest rate and make plans to save for retirement.
2. Further Your Education - Take training classes or get a college degree to increase your skills set and salary. Plan to take at least one training course every year during your career to stay current with industry standards and technology advances.
3. Get Out of Debt – Get current on any late payments. Negotiate with creditors to setup payment plans and pay off debts older than 6 months. This will increase your credit score.
4. Get Your Financial House in Order – Organize financial papers and store in a centralized secure location. Backup financial documents and records saved on your personal computer. Use secure websites for processing transactions and storing personal information, i.e. bank accounts, automatic payments, etc. Organize your home office with file folders, file cabinets, etc. Make copies of all personal documents and store in a fire proof safe. Develop a will and designate or update beneficiaries for life insurance policies.
5. Trim Spending - Don’t live above your means. Buy needs more often than wants. Find ways to reduce expenses to help pay down your debts. Catch public transportation or carpool to work. Buy items or sale, use coupons, or shop at wholesales or thrift stores.
6. Limit Credit Card Usage - Use your credit card for emergencies only. Don't use your credit card to purchase gas, food or other everyday items. Keep credit card balances at 40% or below the credit limit. Pay balances off at the end of the month.
7. Develop a Flexible Spending Plan - Write a list of all of your total monthly expenses including debt and write down your total monthly income (net). If you have any money left over use that to pay down your debts. If you do not have any money left over look at the areas where you can reduce expenses.
8. Don't go into debt at Christmas - Don’t overextend yourself buying gifts at Christmas, buy gifts throughout the year to limit credit card usage and help spread costs for gifts over a period time. Even starting shopping in November will reduce costs and stress felt when shopping in December.
Copyright © 2008 H.E. Freeman Enterprises
1. Save Money - Create an emergency fund with enough to cover at least 3-6 months worth of bills. This will prevent you from getting into debt. For long-term goals create a savings account with a high interest rate and make plans to save for retirement.
2. Further Your Education - Take training classes or get a college degree to increase your skills set and salary. Plan to take at least one training course every year during your career to stay current with industry standards and technology advances.
3. Get Out of Debt – Get current on any late payments. Negotiate with creditors to setup payment plans and pay off debts older than 6 months. This will increase your credit score.
4. Get Your Financial House in Order – Organize financial papers and store in a centralized secure location. Backup financial documents and records saved on your personal computer. Use secure websites for processing transactions and storing personal information, i.e. bank accounts, automatic payments, etc. Organize your home office with file folders, file cabinets, etc. Make copies of all personal documents and store in a fire proof safe. Develop a will and designate or update beneficiaries for life insurance policies.
5. Trim Spending - Don’t live above your means. Buy needs more often than wants. Find ways to reduce expenses to help pay down your debts. Catch public transportation or carpool to work. Buy items or sale, use coupons, or shop at wholesales or thrift stores.
6. Limit Credit Card Usage - Use your credit card for emergencies only. Don't use your credit card to purchase gas, food or other everyday items. Keep credit card balances at 40% or below the credit limit. Pay balances off at the end of the month.
7. Develop a Flexible Spending Plan - Write a list of all of your total monthly expenses including debt and write down your total monthly income (net). If you have any money left over use that to pay down your debts. If you do not have any money left over look at the areas where you can reduce expenses.
8. Don't go into debt at Christmas - Don’t overextend yourself buying gifts at Christmas, buy gifts throughout the year to limit credit card usage and help spread costs for gifts over a period time. Even starting shopping in November will reduce costs and stress felt when shopping in December.
Copyright © 2008 H.E. Freeman Enterprises
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