Did you make New Year’s Resolutions about your personal finances, but haven’t followed through? It’s not too late to get back on track. With some effort, you can still meet your goals by the end of the year.
Giving Up is Always the Easiest Option
Just because it’s later in the year doesn’t mean there isn’t room for improvement. You first need to determine why you didn’t follow through in the first place. Once you determine that, you can figure out how to fix it so you don’t go down the same path.
Was it too hard? Did something unexpected happen? How did your other resolutions fare?
Make a Plan
The next step is to set realistic goals. The goals you may have set the first time around may have been too big at the time. It is important to make smaller, more realistic goals and work your way towards larger ones. By doing this in chunks, you will be more motivated by your accomplishments. However, it is important to remember that there will be bumps along the way but you can’t let them discourage you.
Where Does Your Money Go?
In order to better your finances, it is important to understand where your money goes. Don’t forget to log into online banking to check transactions and look at trends.
It will also help to get your credit report so you know what lenders are saying about you. Everyone is entitled to a free annual copy of their credit report from each of the three agencies, but only 4% of consumers actually take advantage of this. By claiming your report, you can learn what makes up your score and adjust your spending accordingly.
Attack Credit Card Balances
Paying off the balances of your credit cards is a direct way to take hold of your finances. Once you pay off the balance, you can use the card as a free money loan and avoid paying interest. You should also see what expenses can be trimmed such as cable and internet packages.
Taking control of your resolutions also requires a good support system. Be sure that you have family and friends who will help to motivate you. You can also use social media or other progress tracking sites to track your progress so you can see how far you have gone.
Don’t be discouraged by not keeping up with your New Year’s Resolutions. Prepare for the rough patches ahead and take control of your finances.