New Year. New You. Debt Free
It is the new year which means a fresh start and resolutions abound. If your resolution this year is focused on your finances then here are 4 tips to help you start 2018 on the right foot. A new year goes much better with a better outlook on debt, finances, and with a plan for the future.

  1. Collect & Sort Your Data
    Start this new year by taking stock of all things financial in your life. Things like your income, your expenses, and your assets. Attempt to identify gaps in your financial plan. See if there are any areas you can cut back on or make preparations for anything you see as a large expense in the near future. Being semi-prepared is better than not being prepared at all.
  2. Set Goals and Objectives
    Use all this new found financial data to get a sense of where you are and of course where you want to be this year. Are you trying to start saving, erase your debt, buy a new car or house, or plan for a family? Once you have identified your goals start making yourself some checkpoints and objectives. For example, say you want to pay off your credit card and that you will pay a certain amount per month toward that card until your end goal date. Most importantly you should categorize your goals and objectives by due dates so that you can measure and monitor your progress. Be sure to prioritize as some of your goals are more pressing than others.
  3. Prioritize Your Debts
    Not all debts are equal and some hold more weight than others. For those reasons, it is good to make a list of your obligations and organize them by annual interest rates and amounts. Those with the highest interest rates should be paid off immediately. It does no good to try to save money if you are paying 25% interest on your credit card each month.
  4. Manage Your Progress & Commit to It
    You can’t measure what you don’t track, and you can’t commit to a plan if you don’t have some type of accountability. Commit not just to your resolution but to keeping your plan & budget intact throughout the year and years to come. Hold yourself accountable and stick to the plan.

If it seems like there is no light at the end of the tunnel and you are having a hard time getting all your financial ducks in a row it might be time to consider bankruptcy. For more information on bankruptcy contact my office today 423-267-8000 or you can visit my website Help is just around the corner. All you have to do is ask. It is time to start 2018 fresh and debt free.