As published by the American Society of Administrative Professionals at http://www.asaporg.com (member only site)
Money New Year Resolutions to Start 2010
As you embark on the new year of 2010, this can be your chance for a new start on your financial future.
By committing to a few New Year’s resolutions that you can easily keep, by next year, you’ll have saved all you need for a stress-less holiday season, and give yourself the gift of healthy (and wealthy) money-saving habits.
Resolution #1: Become a savvy saver!
Start by recording all your expenses. Keep a journal for 1 month in which you write down every single payment you make, no matter how small or seemingly insignificant. At the end of the month, identify one or two expenses you can easily reduce or live without—perhaps that $5/day latte, lunch out, or minutes on your cell phone you don’t even use…? For the rest of the year, take the money you’ve saved and place it in a dedicated savings account.You’ll be surprised at how it adds up!
Resolution #2: Reduce your debt and shore up your credit
Servicing old credit card debt can be crippling. So use 2010 as your opportunity to ditch your debt by consolidating and reducing your debt. As you discover what matters most to you and how to save more, you can allocate a portion of your new-found savings to fast-track your credit card debt payoff.
Three factors affect the speed at which you can eliminate your balances: interest rate, monthly payment, and total balance. If you continuously only pay the minimum, check the credit card calculator at bankrate.com for your pay off timing. You may be shocked! Instead, pay off any lingering credit card balances by sending in extra payments, starting with the card that has the highest interest rate and knock off any small balance cards too (so you have less of a chance of a late fee or getting a high penalty on a small balance).
Resolution #3: Enjoy yourself responsibly
Don’t give up everything that makes you happy, or you’ll never stick to your savings and debt-reduction plans. You can indulge on a budget by taking advantage of good deals. Love to dine out? Do it on a discount! Use on-line resources like Restaurant.com to bring you 80% off restaurant meals or Groupon.com to get daily bargains.
Check on-line for coupons for your favorite store before you head out the door. Wait for a bargain, and treat yourself to that one item you’ll treasure for years.
Resolution #4: Get the support you need
Achieving your resolutions will be easier if your friends and family understand and support your financial goals. Share with them that you’ll be making changes in your life and you need their encouragement. Find a “money buddy” to join you on your new financial path and set “money dates” with yourself (and your partner) to ensure scheduled time to manage your finances and build your wealth.
When you need expert advice to deal with a particular problem or develop a strategic plan, be willing to ask for help. At OwnYourMoney.com, there are several resources for audio programs, coaching and events to help you take the steps that will ensure your success.
If you’re ready to make more, save more, and stress less about your money, get your ongoing FREE money success tips from Belinda now at: www.OwnYourMoney.com. Belinda is the founder and chief money motivator of OwnYourMoney.com and host of Boston’s newest TV talk show “Money On Your Mind.”