Now is the time where we all experience a financial hangover. We have had all too many gingerbread lattes and peppermint chocolate bark. The holidays are usually a time of where many go just a little overboard with their spending and then experience financial fatigue in January. It is like a riding a sugar high of spending only to see it crash after the new year. Just like any sensible diet, you need to stop making bad decisions in order to achieve the results that you want. Knowing a few good tips can help you get back on financial track:
It is amazing how much waste that humans accumulate. The same is true for finances as well. We all have our necessary bills like our mortgage and food costs. Now is a great time to go over your bill statement and see what you can eliminate. If you have a partner, it may be a good idea to go over your bank or credit card statements together to examine everyone’s spending habits. Are you spending too much money on eating out? It is time to minimize those expenses. Are you paying for magazine subscriptions that you don’t even read? There is no better time than the present to take out the trash. It may be hard at first to cut out waste but eventually it will become easier to live with less excess.
Negotiate Better Rates
It is amazing what you can accomplish from just picking up the phone and asking for a better rate. This can apply to just about everything from credit card interest rates to you utility bills. The important thing is to be polite as always and ask if there is any way the rate can be lowered. It doesn’t hurt also to have done some research on other companies that may be offering similar products so that you can effectively bargain. If you have a high interest credit card, then swapping the balance of your credit card to one that has 0% interest can save you tons of money. You can click here to find out more.
Make a Plan
Setting something in place to help you cover your spending can be very beneficial. Write out what your financial goals are for the new year and how you will reach them. Budget your money so that you can reach your goals more effectively. Spend time each day visualizing what you want to achieve this year. Do you want to pay off all your debt? Imagine the feeling you are going to get once this is accomplished. Picture yourself and the feelings you are going to get once you achieve your goals. This will make the goal that much more real and, therefore, much more likely to be achieved.
Lots of people find their finances to be like a ticking time bomb, but it does not have to be that way. Taking the necessary steps to secure your financial future even if you suffered a setback over the holidays is vitally important. Just about anyone can change their course even after some challenges. Make sure to follow these tips and you will be in much better financial shape. Here is to the new year and increasing your financial wealth!