As we all come up with few New Year Resolutions, I have some personal suggestions for the one, who wants to become financially strong in 2015 or future. Hope you enjoy reading it and suggest these to the needy. •Set a spending budget: The most dangerous way to spend is to swipe your credit card and wait until the end of the month to check the damage. Once you have a full picture of where your money goes each month, you can find more places to save. So keep track of your spending. •Set a savings budget: Whether it’s saving for retirement, a down payment on a house or eliminating debt, pay yourself first by setting aside a portion of each paycheck. Learn to make do with what’s left. •Meet monthly with your spouse for financial budgeting: Regular discussions lead to greater financial confidence. Getting into the routine can be the hardest part, but scheduling a monthly meeting is an easy way to begin. •Create an emergency fund Make 2015 the year that your family is financially secure. Build three to six months’ worth of expenses in an emergency fund. For a typical single person, that’s normally $10,000 to $15,000. If you have a family and a mortgage, aim for around $30,000. That total is less daunting if you make automatic payments from your bank account. •Pay off the higher interest debts as soon as possible, if you make a minimum payment on a 23.99% Visa Card, the effective interest rate is more than 30% as it is compounded daily. And it will take you more than 56 years to pay it off. •Build/Repair your credit so that you can get the credit at a much lower rates in the market. •Establish a Passive Income: Where you do not have to work yourself, your investment is making money for you. •Change your Habits: Analyze why you got into debt, or where are you spending all your money, Is it worth it?
Posted on: Wed, 07 Jan 2015 16:07:35 +0000
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