Setting achievable financial goals for 2013

It’s that time of year again. It’s the time when the festivities are over and reality finally sets in as you consider all the bills you have to pay. After any spending spree there is always the realization that perhaps you spent a bit too much and now the worry begins as you try to organize how you will budget for the year’s expenses.

I know that feeling but don’t despair there are still things you can do to revive your budget. Firstly you must organize your debts in order of priority. Then you have to identify areas you have to sacrifice in order to pay those debts.

How can you ensure that you don’t find yourself in this situation again? I have a few tips on how to re-balance your budget.

One suggestion that I have found helpful over the years is to set realistic goals at the beginning of the year. If you do this then by the end of the year even if you spent a little more you would not have sabotaged your budget.

Here are some good goals to set in order to achieve financial freedom:

• Put aside more money each month in a credit union/bank or partner plan for emergencies.
• Stay on course by having basket parties instead of one person shouldering the burden to provide food.
• Collect debts owed to you. (if possible)
• Resolve to pay off debts or at least make bigger payments to reduce how much you owe.
• Explore what talents you have that have earning potential. (for example: sewing)

Hope this year finds you able to realize all your goals! Happy new year to everyone!

Teri Ann Renee Paisley, Gleaner Online Writer

Tags: budget, save