By Evan Vitale
Happy New Year!
Now, let’s really get down to work – starting today – in making 2017 a great year for you by taking the necessary steps in erasing (or significantly lowering) your debt and improving your budget.
The beginning of the year is a good time to take a look at your expenses and your debt and making some good decisions to start the year off fresh.
Ready? Here we go:
- Take a look at where your budget is leaking money. Make there are some unpredictable expenses or, perhaps, you didn’t account for some extra income (which is always nice). Fine tune your budget to completely fill in the gaps so as to make your budget more accurate.
- Analyze your spending and see if there is anything out of the normal. Check your budgeted categories and make sure that they are realistically reflecting your lifestyle. Make necessary adjustments.
- Check to see if you are buying too many of one or two items. For example, how much money are you spending each year on those extra “lattes” every day at your local coffee shop or, perhaps, are you spending too much money (and too often) on music downloads; DVDs; books; movie tickets or eating out at lunch. Work hard on reducing these amounts.
- Re-evaluate your overall plan so that you can have the funds needed in order to reduce your debt (such as credit card debt) or to start saving more.
By studying; analyzing and re-working your budget, you can make logical changes to reduce extra spending; plug holes in your budget for unexpected expenses and work harder in the upcoming new year to erase debt and build more wealth.