Let's look at how you can get ahead in 2017 by focusing on short, bite-sized goals that are easy to meet. Here are four things you can knock out today to set yourself up for financial success this year:
- Sit down and add up all the expenses you expect to have in the next 30 days. Take into account any spending money you may need and try to limit your discretionary spending for the next 30 days. Cut back on anything that is not necessary for the next month.
- Make a list of all your debt balance, minimum monthly payment amounts, and interest rates.
- Compare the income you expect to receive over the next 30 days to your expenses. Determine whether you expect to have any money left over once all expenses are paid. If so, plan to use the extra money toward your debt, focusing on the account with the lowest balance first. If you don't have any money left over, see whether you can raise some money by selling something you no longer need, doing an odd job for someone, or taking on a second temporary job.
- Mark your calendar for 30 days from today to repeat this exercise. In the meantime, only worry about what you can do to take control of your finances for this month. Don't overwhelm yourself by trying to look too far into your future. Seize the day!
As always, I am happy to answer any questions you may have.