I don’t know about you, but I’m broke after the holidays, my credit card now has a zillion new things on it, my rent is late, and I’m searching the DarkNet for anyone out there who is willing to buy a kidney with no questions asked. But since I probably need all my organs, I thought about learning about responsible financial planning.
Time to get started on those New Years resolutions!
Over at Forbes, personal finance expert Bill Hardekopf created a list of simple tips and advice for how to make good financial resolutions for the new year.
In 2019, nearly half of Americans are aiming to save more each month (46%). Consumers also want to reduce their monthly spending (38%) and pay off credit card debt (29%).
If you are looking to save money or pay off debt in 2019, keep these tips in mind:
Prioritize your personal debt based on what will provide the most financial stability. Repay the debt in the way that works for you: smallest to largest, highest interest to lowest interest, or highest monthly payments to lowest monthly payments.
When you have paid off that debt, put the same amount of money in savings each month you were using to pay off that debt. For example, if you are no longer making a $500 credit card payment each month, put that same $500 into savings.
Make a realistic monthly budget and stick to it. Allot for dining out, groceries, and other expenses, but do not fall victim to last-minute temptations. Those add up quickly.
Examine your bank and credit card records from this past year. Determine where you may have overspent, and set goals to prevent those mistakes next year.