Get out of debt. Stop procrastinating with money. Learn to invest. Make money when you’re broke. Save for retirement when you’re young. These are just a few of the money resolutions people have year after year, but by the time the snow thaws, many New Years resolutions have already bitten the dust…have yours?
It’s far too easy to let your finances simmer on the back burner either hoping that you’ll get to wealth eventually…somehow, some way or another. Months of procrastination turn into years- so grab the reins today without overthinking it.
Take control of your life and your money before you talk yourself out of action and into another wasted year! This next year of your life will pass whether or not you take advantage of this time, make it count.
You will need to set aside time in the beginning of the year, and in your weekly habits to really get out of debt and build wealth. You need to make sure you’re dedicating your money, home and your “headspace” to preparing yourself for wealth without cluttered distractions and silly expenditures. This means getting organized in your home office, getting your paperwork together and cutting out wasteful spending.
Now, don’t get me wrong- “wasteful” spending isn’t always bad, but when you clutter up your life with stuff and distractions, it’s easy to spend most of your time to maintain what you have accumulated instead of making room for what matters with your money…mainly, having more of the stuff that generates wealth and less of whatever simply takes up space in your life.
If you’re not always particularly disciplined with your discretionary spending, that’s okay to a point, you’re still making a choice. When you aren’t making choices about your spending you’d be surprised at how quickly small drips in your spending add up- conversely, small changes and reductions in overspending can add up.
Pour over your monthly bills to make sure you’re not overpaying or could qualify for discounts. Check to see what employee, student, senior, military or loyalty discounts you can qualify for. You may kick yourself when you discover savings you could have been enjoying for months, but nobody is perfect. Ignorance is bliss, financial savvy is way better!
Any time you find discounts in one area, make sure you transfer them over to save towards your goals- do NOT spend them. Put aside any little bit you save to automatically drip into a savings account instead of leaking out of your available savings each month. Being financially free and geting on track is a great reward- so any money you are able to shave off monthly bills, be sure to transfer those over towards paying down debts or contributing to long term goals.
If you want something you’ve never had- you’ve got to do something you’ve never done. Seems simple- right? If you’ve been stuck in a rut or are wondering what your next move should be- take a big leap. Try your hand at stock investing, start a new side hustle from home or explore options for making extra income from existing assets. Stop procrastinating on paying off your debt and set up automatic payments for savings accounts.
If you feel clueless- that’s okay, everyone starts somewhere especially when it comes to changing spending habits and we all struggle to learn how to invest in the stock market. Finding the best savings accounts is easier than ever thanks to the internet, but be patient with yourself to learn what will be best for you. Know that you’ll have to invest some time into learning new skills and challenge your current behavior.
Many people hope they’ll be able to pay off debts or begin to build wealth overnight without modifying their behavior whatsoever. Chances are, you’ll have to really reach out of the comfort zone of you and your social circles to really change your financial situation. Many of us are influenced by our parents, family and when it comes to spending- by our friends and coworkers. Think outside the box and examine your own behavior to not only see what you’re currently doing that could be destructive or what you’re not doing that could be holding you back. Many of us feel we can’t be successful investors or buy real estate because our parents think it’s risky or our friends are still spending themselves into a hole. If you want to learn how to invest wisely or find a good value fixed rate bonds available in your country, or even what those are- make financial literacy a project for the next part of 2013 and challenge yourself!