This 2009 was undoubtedly a difficult year financially. The 2010 looks better? I think so, although many say that has not yet touched bottom. We begin a new year and it is time to prepare for the expenses to be submitted within 12 months, starting with the dreaded cost of January.
What can you do? Well, there are many things we can change the way we manage for getting out of debt and the economic downturn, the following are 10 tips on what to do to make 2010 the year you take charge of their economic life:
- Define your current financial status. If you do not know where you are financially there is no way to reach the goals you set. You need to be clear how you : the total figures to whom and how much time you have to pay each debt what your total income : how much you earn, how well you collaborate with your partner or children, and finally what goods you : houses, cars, land, etc. Once you have this information defined is very likely that the picture does not look very promising, but knowing exactly where you are removed from the anguish and uncertainty. Your
- clear goals. This point is vital, you need a plan. Some of your goals will be immediate (together an emergency fund of 1 month's salary), other medium-term (save for the upcoming holidays), and others plan to achieve in a long time even decades (pay off your house). It is important to keep your goals in writing and evaluated to update every so often. For more info on how to define your financial goals, click here .
- Gather your emergency fund. The emergency fund can be the difference between terribly into debt or not. In addition, the comfort of knowing that at a critical time have the means to resolve the situation is incomparable. For more info on what it is and how to create your emergency fund, click here .
- Always pay your dues before the last day of term. Preferably, plans to make your payments at least 5 days before the deadline for paying the electricity, phone, credit card, cell phone, membership of Costco, etc ... so you make sure you do not pay surcharges for late payments or running out of phone in case something unexpected does not let you go to pay on time. The one day you late paying credit card often means paying 100 or 200 pesos of pure sanction, plus interest charged ridiculously high after a delay you on a payment. Ask your bank, there are some cards that reduce the interest charges you pay each month on time!
- Never stop a payment to your debts. This obviously not? Try every means to pay your debts without skipping any. In the case of services, you risk running out of them temporarily or even having to pay later by replacement of the same service. In the case of a credit card, stop payment would take a disastrous and'll only get your debt is increasing considerably .
- Pay at least double the minimum credit card. Sounds impossible but it is not, if you have multiple cards, pay twice in one only (pay at least the minimum on the other, of course) until you finish paying, and then pay more in the next. A Once implemented, this is a very fast and effective. Soon I will explain more about this technique, which I will not have credit card debt due after one appalling sum.
- not increase your debts. No joke. Use credit cards sparingly, do not borrow, do not apply for credit ... then? survives only with your salary!
- Find ways to spend less. Compare prices and quality in the products you buy, ask about special pricing and promotions, please watch for seasonal sales, use coupons, try to cook more at home, cut your costs and reduces trivial fixed where possible. Save
- . Although they are 30 or 50 pesos per week (if it can be more) but be consistent and be sure to properly manage this money. You can use it to create an emergency fund or make a purchase without resorting to debt (credit) to finance part of your future or your children, etc ... Whatever happens, however critical the situation is saving a portion of your salary, even 10 pesos but never forget to save once you've begun to do so.
- Plan your expenses. There are some that are easy to plan because they are fixed: tuition, monthly truck, cable television service, etc. There are others that vary by month: utilities (water, electricity, etc.), gasoline, clothing, school supplies, gifts, etc.. Each month we make a brief analysis of your spending planned for this month (considering that some figures are not fixed), so you can start saving for the new stove a few months before and not feel the immense burden of having to raise the total cost in a single month or quarter.
Happy 2010!!
Bye!
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