Posted by Alecia D. on January 16, 2009 at 11:46pm
Ok, so we're a few days into this new year and I hope that you still have your goals/resolutions for 2009 fresh in your mind. If you've already forgotten them (shame on you ;) don't worry- it's time for a refresher course.If you're like me- then you consider yourself to be an independent woman with a good head on her shoulders. You're also ambitious and always up to challenge yourself, right? With that said, I'm sure that one of your goals for 2009 was to get your finances in order. If that's the case check out these fabulous tips that will help you do just that.Figure out where you are.The first step in getting your finances in order is to assess the damage. Carve out at least a two hour block of time and find somewhere to go where you can be fully focused. Gather your bills, bank statements, credit card statements, a phone, blank notebook, and a pen. Take the time to record exact amounts of how much money you owe and how much money you have on hand. Call up each and every creditor if you have to. Don't complete this process until you are confident that you have a clear understanding of exactly what your financial picture looks like. This is the first and most important step in getting your money situation on the right track.Create a spending plan.After you've assessed the damage, it's time for damage control! Take inventory of every item that you spend money on each month. Compare the total figure with the actual amount of money you bring in. Do the two numbers coincide? After you've paid your living expenses do you have enough money left over to save and also put toward paying down debt? If the answer is no then it's time to rework the numbers until you're able to figure out ways to minimize your expenses. Once you've come up with a plan that works... put it into action!Pay yourself first.Don't underestimate the importance of saving. So many times even after we've paid our bills and dug ourselves out of a financial hole, we realize that we are still only one paycheck away from finding ourselves back down at the bottom. In today's economy it is not safe to live paycheck to paycheck. The goal should be to put away at least 10% of your income into a savings account. If you can do more awesome! If you can't, do what you can comfortably afford. In the beginning stages it's more important that you build the habit of saving than the actual number. It helps to make the process automatic. I use ING Direct for my savings account and they have an outsanding service!What are some of your success stories when it comes to getting out of financial crisis?To Your Success,Alecia D.
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