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How to Set and Keep Financial Resolutions
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For more information contact:
Kelly Rote (713) 394-3201 |
Release Date: December 15, 2004 |
According to About.com, getting out of debt is one of the top ten most common New Year’s resolutions. And rightly so, as the New Year offers the perfect opportunity to reflect on your past and make plans for your future. If part of your celebration involves making New Year’s resolutions, consider focusing on your finances.
“The impact of interest payments could be keeping you from meeting your financial goals,” said Kelly Rote, communications manager for Money Management International (MMI). “For example, if you have a $10,000 balance on a credit card that charges 18 percent interest, and you pay $100 a month, the amount you owe would actually increase by $50 a month, and that is if you are not charging any more purchases.”
As we all know, setting financial resolutions and keeping them are two different matters. That is why the credit experts at MMI offer the following suggestions to help keep your financial resolutions:
· Be honest. When reviewing your financial situation, look closely at the details. Hiding debts or expenses will only hinder your efforts. Communicate with your family about money matters so that you are all working toward the same goals.
· Set realistic goals. If you set your debt repayment goals too high, frustration will keep you from meeting them. Remember that short-term successes can lead to long-term financial stability.
· Set yourself up for success. Remind yourself of your goals on a regular basis. At the very least, you should write your goals down and post them in a place where you’ll see them often. You can also post reminders in the form of photographs. For example, if your goal is to save enough money for a trip, find photos that will be good motivators.
· Prepare to be flexible. If there is one thing you can count on throughout the year, it is that change is inevitable. To keep up with your ever-changing circumstances, you must learn to adapt your goals to fit the situation. Commit to updating your goals at least four times each year.
· Be confident. Once you have made a commitment to repay debt, be confident in your ability to meet them. Tell trusted family and friends about your goals so that they can support your efforts and hold you accountable.
· Get help. Certified credit counselors, such as the experts at Money Management International, can help consumers trim their expenses, develop a workable budget, lower their debt payments and repay debts in a timely manner.
Rote cautions that paying down debt makes financial sense, even if you are not struggling financially right now. After all, a little planning can help you to enjoy a happy and prosperous New Year.
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Money Management International, is a non-profit community service organization that provides confidential financial guidance, counseling and debt management assistance to consumers. MMI helps consumers trim their expenses, develop a workable budget, lower their debt payments and repay debts. Services are available by phone. To visit with an MMI counselor, call toll-free 1-800-762-2271- 24 hours a day, 7 days a week. Spanish speaking counselors are available. Consumers can also learn more by visiting the MMI home page at www.moneymanagement.org.
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