With the beginning of a New Year it brings out all the “experts” and advise articles for starting the New Year out in a good direction with help to guide you on a sound financial health resolution. There is a new article everyday on advice for improving your credit, how to lower or get rid of existing debt, save more this year, etc., the list goes on. How much can you take in? Where do you stand? What do you want to achieve this year? Eliminate or pay down debt? Save money for down payment on a home? Better your credit score?
Here is my take on all this “information overload”. If you are wanting to save more, eliminate debt, invest, whichever financial resolution you may have, my advise is “Take it all in”, read as much as you can handle. Filter what is important to you but take the time to read and research. Many of them have around the same information but all have at least one tip that is different and very useful and that you can apply. Filter through them and then make your own list. With all the great tips and the do’s and don’ts, we can not achieve all of them, especially all at once and definitely not all in one year. So don’t over extend yourself or overwhelm yourself or you will be setting yourself up for disappointment and failure by latching onto EVERY articles advice. Take it in stride and take baby steps applying to only what goal you want to achieve.
Just like with diets, don’t give up, and don’t start doing everything at once, or you will set yourself up for failure. Most Importantly you have to set a goal. If there is no goal then you have nothing to work towards. Start with a daily goal, then maybe a weekly and then monthly. Make it within reason, meaning don’t expect to pay off $50,000 in one year or save $5,000 in one month. Be realistic and set goals within your means.
Mint.com, PowerWallet and budgettracker.com are some great free financial apps that help you organize your finances by helping to show you track your money, showing you where you spend it and finding ways to cut your expenses, they also have options to help with bill pay reminders, they can help you set a budget no matter what your financial goals may be this year.
Make sure to check out “are you bankable?”, this is great information if you are self-employed and looking to purchase a home this year!
As always, if you have any questions please give me a call or shoot me an email.
Summit Mortgage Corporation
303-779-0591 ext. 101