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New Year. New You...Debt Free

New Year New You

It is that time of the year again where everyone begins making their New Year’s resolutions. Have you been thinking about what you would like to change for the New Year yet? Many resolutions focus on the usual things like improving one’s health or addressing a bad habit. However, improving your financial health and bad spending habits should, in fact, be your top priority. Unfortunately, as well all know resolutions themselves are hard to stick to, and this particular one is the one that is broken more often than others. Why is that, is it our lack of will or unrealistic planning? Whatever the reason making the resolution to be debt free is something we all should work on this year. To achieve this goal lets focus on a few key steps to get yourself on the right track.

Get Your Spending Habits in Check
Take those bad spending habits and reel them in. Do not let your spending spiral out of control. The best way to do this is by creating a budget. First, control your spending by identifying and tracking all of your expenses for at least a month. Put those expenses into categories and order those categories by importance. Once you have analyzed your spending, you can make the changes needed to budget your money accordingly.

Be Realistic About Your Debts
Up until this point, you have probably remained blissfully oblivious to the amount of debt you have. Now is the time to face that monster head on. The best thing to do is make a list of all your debts, the amounts owed, the interest rate, and the minimum payment.

Make a Plan
The best way to do this is by prioritizing your debts, either by interest rate, the balance owed, or by criteria of your choice. Next decide how much you are realistically going to pay every month, and make those payments regularly.

If after a few months it just seems like the debt is going nowhere an option that can be considered is filing for bankruptcy. Bankruptcy can help you consolidate or wipe many debts that will just not go away. Just Remember there is always a way to accomplish something as long as you keep your eye on the prize and stay focused.

For more information on how bankruptcy can help you reach your resolutions of debt, freedom call our office today 423-267-8000 or email us at This email address is being protected from spambots. You need JavaScript enabled to view it.

Written by: Rebecca Kidd

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