Starting the New Year Right

The 2013 year has come to an end.   Even if you do not believe in making New Year’s Resolutions, the beginning of a new year brings the ideal time to take a fresh look at things.

Where do you want to see your finances in 2014?  Is your goal to increase your savings, improve your budgeting skills, rebuilding your credit or gaining control of your debt?    The key to success is having smaller milestones within the big goal.   That will enable you to feel a sense of success and see that you are making progress.

Improve Budgeting- There is lots of information readily available on this topic. Our website www.debtandcreditsolutions.ca has some tools that you may find helpful.

Increase Savings – When increasing income is not an option, decreasing expenses is a way to accumulate savings.   Review you expenses to see if you can make some changes (ie. coffee, eating out, changing phone plans, etc)  Even a small amount is a good start. 

Rebuilding  Credit- In prior month we discussed things that effect your credit rating.

Decrease Debt – Making a plan to pay down debt in 2014 is a common goal that many will share.   Using any additional money coming in to the household, such as income tax refunds, GST and bonuses or overtime is always a good place to start.   Figuring out where to put the money is always a challenge as well.  There is a “Snowball debt calculator” readily available on line that can help you with that.   If despite your best efforts you cannot make any progress, don’t be afraid to seek professional help to get back on track. We can often find solutions that you may not otherwise have thought of.   We are always happy to sit down with people and help them consider their debt options.

2014 could be your year to take control of your finances.