As we bring this year to a close, many of us will begin setting goals and making resolutions for the New Year. Getting out of debt and strengthening our financial health should be at the top of everyone’s list. Even if you aren’t experiencing trouble with your debts, chances are you could use a tune up in your money management skills.
For many people, finances are just another area of life that sits on the back burner until a problem arises. The trouble with this approach is that it fails to prepare us for the unexpected. Although few bankruptcy cases arise for the sole reason of mismanagement of funds, the fact remains that being a smart money manager can reduce the risk of devastation when financial hardship strikes.
If you haven’t already, sit down and make a list of your financial goals for the New Year. Do you want to save more? If so, how much do you want to save over the course of 6 months?, a year? Do you have an emergency fund to cover monthly expenses for three or more months? If not, how much do you need to have in order to meet this goal? These are all questions you should be considering when developing your plan.
Next, create a budget for your monthly expenses. Make your debt payments, savings account and emergency fund all part of your budget. Actively allocating money to these expenses ensures that you follow through with putting this money towards your goal. You can also find helpful applications for your phone or websites online that can help you keep track of your spending, and even alert you when you’re nearing your budget maximum.
The bottom line is that your money should always be a priority in your mind. Put it to work for you in the upcoming year as you work towards finding debt relief, boosting your savings or even investing extra money. If you are already facing financial hardship, contact a Dayton bankruptcy lawyer today to review your options for starting off 2013 with a clean slate.