Making Financial Freedom an Attainable Resolution for 2019

Start The Year Out With Some
Financial Goals You Can Attain

Making Financial Freedom an Attainable Resolution for 2019
2018 is wrapping up to a close. As the holidays come and go and the new year hits,
you’ll be looking back as well as looking forward to what 2019 brings.

Looking back now, how do you feel you did financially? If your answer is anything but positive, it’s time to make some changes. Not only can you make a new year’s resolution to start being more financially responsible in 2019, but you can even start formulating a plan on how to do it.

Start Learning a Budgeting Method

One of the most fundamental aspects of getting personal finances under control is budgeting. There are many tools to learn how to do it as well as different ways to budget, though most financial experts like Dave Ramsey recommend using zero-based budgeting which is where you start by seeing how you can cut your expenses to where the total income and expenses are matching zero. It can be a little tricky to learn this if you’re not a math whiz or have never been good with numbers, but you might look around and seek help from people who have done budgeting before. The bottom line is knowing where all your money is currently going and knowing what you need to do so that you’ll be living above debt in the future. 

Eliminate Debt First

Once you’ve got the budget ready and the change is being set in motion, it’s time to pay off your debts first. First, you need to see what kind of debt you have, and then start making plans to devote payments to cutting it down and away. If it’s credit card debt or easy personal loans you’ve accumulated over time, start making plans to pay off more of your outstanding balance and figure out how to get it down to zero. If it’s another loan or bills that you’ve fallen behind on and need to catch up with, work out a plan with your creditors if you need to so that you can pay in smaller installments but still get it paid quickly. In the meantime, you just might need to cut your cable television off, eat out less, buy cheaper food, and sell off other assets until you can get your debt paid off. You don’t have to live like that forever, but temporarily taking measures like that can get you back to living more frugally and having more income to pay off debt with.

Make a Savings and Investment Plan

Once you get your debt under control and have more money to spend, a portion of that money should go into savings or investments. What you can do as part of your budgeting plan is to start saving more money by dedicating a portion of each paycheck to go into a savings account, where it can be held either for emergency needs or for something you want to buy for your family down the road. If you not only want to save but have money that generates more money over time, you should open an investment account. Usually, people open these accounts to have money ready for retirement, but you could also have money ready for goals you’re setting in the next few years by doing this. It’s perfectly fine to manage your investment accounts, but you may want to solicit advice from a former professional who has done it if you’re new to it.

With a new year on the way, it’s time to have a new approach to your personal finances. There’s no reason why you can’t make 2019 the year you finally attain a greater level of financial freedom.

This post contains affiliate links, which means I might receive a small commission if
you make a purchase using an affiliate link.

[…]
Related:
How to Become Debt-Free
How To Manage And Regain Control Of Your Family Finances
5 Tips Shopping Wisely To Prevent Further Debt Accumulation

How Many Debt Management Options Do You Have?

How Many Debt Management Options You Have?Dealing with the crises is an art, not a rocket science. You just need to be little vigilant and calm to come out of any problem or crises. Getting panic and worried will do nothing but will make you more frustrated, and you will end up finding no way out. Whenever you stuck somewhere in your life, it’s better to sit for a while, take a deep breath and think calmly to dig out all the possible ways out. If you can’t reach any viable solution then you should not waste your energies and time, rather get some help from an expert.

Getting stuck in debt is not less than getting stuck in crisis. Try your best to keep the debt amount within the manageable limits. But if at any stage you feel that you are not good in debt management and it is becoming harder to come out of this chaos then you must contact some debt management expert. They are the experts in their field. It is their job to think and deal all day long about the same thing, and hence they know better than you.

Most of us are lazy enough to go out and find some debt management expert. So searching on the internet is always the best idea because you don’t have to go out and wander here and there. Just lay down on the couch or a comfortable sofa, get your phone out and start searching for debt management expert in your area. If you don’t find, you may get some online help as well. Online help can be in the form of some article, video lesson or even in the form of some forum.

By searching online for debt management, you will find out that you have many options to deal with the debts and you can come out of these debts quite easily. Some of the possible options you may have are:

Prioritize

If you have multiple debts and you just remain worried every day about the upcoming payment of debt installment and still can’t manage, then you must give yourself a break and think about prioritizing your debts. Think more about the debts which you can pay quickly and then think about those debts on which you are paying higher interest.

Consolidation

Loan consolidation is considered the best tool in debt management. Most of the debt management experts ask you about this solution. In loan consolidation, you just aggregate all of your loans and pay them all with a bigger loan. The bigger loan is often obtained at lower interest rates. Hence loan consolidation works two ways, i.e., the number of liabilities is reduced that means your tension is reduced and secondly cost of the loan is reduced too.

Talk to Creditors

If you feel that you can’t pay all of your debts, then there’s another solution. You can talk to your creditors and request them to either waive off whole or a portion of debt or at least reduce the rate of interest. In most of the cases, they agree, and you can then get out of your liabilities.
Related:
Tips for College Students for Their Credit Card Debt Relief
5 Tips Shopping Wisely To Prevent Further Debt Accumulation
Familiarize Yourself with Unsecured Personal Loans