As we said yesterday, the most New Year’s Resolutions tend to focus on losing weight/ health and financial goals. But studies show that only 8% of the population actually achieve their New Year’s Resolutions!
Gaining the skills to be part of that successful group who achieve their goals includes having a simple and practical roadmap that makes achieving your goals that much easier. So, every day, for the next 7 days, we’re sharing one simple tip that will help you progress your financial goals for 2014.
We will return to weekly posts next week.
So here is the tip for Day 2 that will help boost 2014 as an even better year for you financially. But before we begin, can you honestly answer ‘YES’ to these questions:
Question 1: Did you read Day 1 blog? If not, you can catch up on Day 1 here
Question 2: Did you created a Monthly Spending Plan? If you would like help creating your Spending Plan please complete the online comment form below.
OK, now let’s now look at today’s tip.
Tip 2: Make a goal to Reduce (or Eliminate!) Your Debt
This year write down your list of all the debt you owe – yes, this is a difficult but should only take 20 minutes at the most.
Then, make a plan to pay off your debts using the priority of those with the highest interest rates first.
Always try to pay more than the minimum monthly payment if you’re financially able to do so. That way you will pay off that debt faster – and save money on interest charges.
Let us know if this is an area for more discussion and we’ll post more information on ‘good’ and ‘bad’ debt.
Tomorrow, we will look at a tip for savings, until then onwards and upwards!