Hello and welcome to Your Money 2.0 I’m Thomas Fox, Community Outreach Director of CambridgeCredit Counseling. Well, not only has another year come and gone but a whole decade, to say that things havebeen challenging would be understating the economic difficulties we’ve experienced latelybut you can create a sense of hope for yourself if you make the right personal choices.
Everything around us seems to be smart these days. We have a smart watches smartphones and… As we enter this New Year, the most important personal choice you can make is to createa plan to manage your finances. Now, many financial experts recommend that you should tackle not only your debts but retirement, college savings, investing and other financial matters all at the same time. Well I believe that people have to learn to walk before they can run and that’s why Iadvise you to simplify the process as much as possible. Step 1: start with the goals you’d like to accomplish, write them down and separate them into two categories for the time being, short-term and long-term take some time to consider the 5 Traditional Home Décor ideas amount of money needed to reach these goals, the various factors that could delay theirachievement and whatever consequences might ensue if you can’t meet them. You might need to resort to a back-up plan at some point and it’s a lot easier to makethat decision if you decide on a reasonable time frame from day one. Step two: explore ways to maximize your income.
This can be more than asking for a raise or finding a second job to real challenges inour current economy. It also means tackling your spending and eliminating any unnecessary expenses. That is the simplest way to increase your income if you can make adjustments to yourmonthly budget more money will become available to meet your goals you establish. The best thing about adopting this approach is you don’t have to rely on anyone else,you control your spending. You see a solid financial plan doesn’t necessarily have to be complicated; in fact it’s bestif it isn’t. Step 3: review your budget regularly and make revisions whenever your circumstances changeas far in advance as possible. It’s unfortunate but many people fail to plan and save the life’s most common financialchallenges; need to purchase insurance as they start a family, they need to save forthe next car, you need to save for home repairs that will be necessary.
A savings plan that anticipates these needs and keeps pace with your budget can help youavoid a lifetime of sleepless nights wondering where the money is going to come from. Once these simple steps have become habit you’ll be ready to move on to the more intricateaspects of planning your financial future whether saving for a down payment on a home,enrolling in a college savings plan for your children while making the investments you’llneed to enjoy whatever standard a living suits you best in retirement. Just remember it all starts with a plan, to earn more about developing a 2010 plan foryou on the subject of managing your finances successfully. You can also visit our WordPress blog at the address on your screen to view our developinga spending plan presentation, which will help you to get this new decade off to a greatstart.