Happy new year to all! At the beginning of every New Year, many families make resolutions or set goals for the New Year. However, in many cases the goals become only wishes. They never materialize because those who set the goals fail to follow four basic principles: First, goals need to be written; Second, goals need to be specific; Third, goals need to be realistic; and fourth, goals need to be measurable. Let me encourage you to use these principles as a family to increase your earnings and save as much as you can to avoid the hard times many families are experiencing due to our current economic situation.
A day does not go by that someone in the media fails to mention the fall of the stock market or the devaluation of homes or how so many people are losing their jobs. You can escape this unfolding tragedy for the most part by setting family financial goals and following a proven formula for coping with financial stress. The formula is very simple, it consists of 10 steps that can increase your income and decrease your debt.
1. Write down all of your income. It is essential to know how much money is at your disposition.
2. Write down every expense, including what you may think is insignificant for a period of a month. This is how you will know exactly where your money is going and be able to make the adjustments necessary to save.
3. Get organized. Pay your bills on time; there is no worse habit than being late and paying fees and penalties because of your procrastination.
4. Have a reserve of at least 10 percent of your income for emergencies. Emergencies come when least expected. A reserve will cover them. Try not to spend the extra income you might be receiving; instead, save it.
5. Try not to use your credit cards. Credit cards can quickly get you into debt and even force you into bankruptcy.
6. Review your credit report. That way, you will know how much you can borrow if you ever need to. The three agencies are Equifax, Experian, and TransUnion. You can find contact information at www.annualcreditreport.com.( You can get a free report from any of them each year. )
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