People look to any new year with a certain amount of optimism. Truthfully 2019 had not been a year that necessarily was great for everyone so there is a marked enthusiasm in getting a chance to correct the financial mistakes that might have been made and make better choices in how we spend our money.
Financial Pitfalls
Many consumers were drawn in the lure of so called deals and discounts during the Christmas season. As a result many people overspent and found themselves having very few funds as the year began.
Some found themselves in a worse situation as they not only went out of their budget but took either loans or extended their credit limit. Therefore they began the new year owing money to a lot of creditors.
I noticed that advertisements for loans made it appear so appealing as they offer consumers ‘no payments until 2020′ or ‘amazingly low interest rates’. This might all sound wonderful but the more debt that you have accumulated means that there is a higher likelihood that you will struggle throughout the year as a result of your decision.
Set Goals
So what should you do if you either spent too much and are in debt? Well the year is not a total disaster as there are still steps you can take to make the new year a better one.
The first thing to do is to write down your goals. If you make a note of what you want to achieve then you have a better chance of sticking to the plan. The goals that you set must be attainable so that you don’t give up before you start. Start with small goals first such as cutting out unnecessary items or removing one luxury at a time.
Another realistic goal is to reduce debt. The best way to do this is to do some research on your options. Some debt companies offer debt consolidation services. This service will allow you to make one monthly payment to one entity instead of several payments.
There is also option of negotiating lower rates with the financial organizations and although there is no guarantee they will agree, depending on your circumstances you might be eligible to apply for a moratorium until you are able to resume payments.
Another goal to have is to find new ways of generating an income. This can help to offset your bills. Earning extra income depends on your specific skills. Perhaps you can sew or style hair but you have a full time job. If you have a flexible schedule consider using any skills that you possess to offer your service to friends or family.
If you want to have financial freedom in 2020, then you must find a way to reduce debt, generate new income and do more to retain the income that you do earn.
So remember to set goals, make a budget and get your financial footing on a stable ground in 2020. Have a happy new year and I hope that you meet all your financial goals! Drop me a line to let me know how you are preparing for the new year!
Teri Ann Renee Paisley
Gleaner online writer
I just want to thank you for your article, I’m reading this from the United Kingdom. I’d love to be able to stay connected, I think this was very insightful.
Hey Leah,
Thanks for commenting and you are most welcome to stay in touch by visiting the site regularly.
Teri Ann