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Table of Contents
Foreword
Chapter 1:
Financial Resolutions Basics
Chapter 2:
Hone in on One Specific Goal
Chapter 3:
Make Paying Off Debt a Priority
Chapter 4:
Work on a Retirement Account Little by Little
Chapter 5:
Check Into Automatic Savings Plans
Chapter 6:
Make a Budget/ Track Your Spending
Chapter 7:
Change Your Mindset About Money Chapter 8:
Get Committed to Your Plan
Chapter 9:
Use Affirmations to Stay on Course
Chapter 10:
The Benefits of Your Financial Resolution
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Chapter 2: Hone in on One Specific Goal
Synopsis
Every person wants to set goals and dream big, but actually reaching those dreams and goals can be often difficult to achieve. One crucial issue may be that you are not being specific about what you really want to reach or achieve.
It is definitely hard to start or maintain one goal if your real objectives are vague. However, by being detailed and specific about your goals, you have a better chance for success. Of course, this may come to you as a challenge to set specific goals, but getting it off on exactly the right hand with specific and real plan in hand will put you ahead, encouraging you to maintain and stick with these goals.
Be Specific on Your Goals to Achieve Results
Financial goal setting can prove to be a challenging task for many. It is, however, essential nowadays to set a specific financial goal. Without an accurate or specific financial goal, it will become impossible for you to manage your finances and your earnings through different phases of your life. It should definitely be done considering in min the different individual requirements.
It is also essential to create your specific plan, keeping into account what you really want to reach of achieve financially. Well, this can be your first step to creating wealth. Aside from that, you should also envision yourself twenty years after. This may include your lifestyle, your kid’s education, savings, and your retirement age. These are considered as the most basic goals that are present in almost all people. Planning your retirement is a very critical stage indeed.
Wealth creation and retirement planning are the two most fundamental parts of an individual’s life. There are actually lots of resources that you can benefit from, resources and tools that can cater to your unique needs when it comes to setting and achieving your specific financial goal.
Another important step is to establish your short term goal. What is it that you want to be or do two to five years from now. This may include buying a car, a home, long vacation trip, or paying off your loans, and many more.
In addition to that, being specific in setting your goal is to determine what you can do on a regular or monthly basis. This is considered accomplished if you’re able to effectively save enough money from your earnings or your salary. But you should not be too overwhelmed by bigger pictures.
Having a specific goal instead of a general one will definitely prove to be very beneficial and rewarding. This applies to both short term and long term goals. By being specific, you are setting the right path to achieve that specific financial goal. Be smart in creating your goals to help you be prepared and confident enough to be able to achieve whatever it is that you want to achieve. Once you truly know what you intend to have in life in financial terms, then you are on your way to becoming financially stable.
Chapter 3: Make Paying Off Debt a Priority
Synopsis
Getting out of debts when you actually have large amount of outstanding balance creeping up can be overwhelming. Such large debts, wondering how you’re going to get rid of it can lead to great stress. Trying to pay your debts and never accrue additional amount can be more stressful and inconvenient for most people. This is why it is basically essential to make paying off debts your main priority.
Realizing the real importance of paying for all your debts first should always be your priority. This realization will definitely lead you and offer you the opportunity to make your dreams of being financially stable and debt free becomes a reality. Your main goal should be to have your finances under full control, not the other way around. Once you’ve taken the right step of making your finances your priority, you’ll become more aware about how much you’re spending every month and how much you’re able to save.
Pay Off Your Debts and Live a Debt Free Life
Everyone wants to live a debt free life, but the question is how? In the current economy situation nowadays, it’s extremely difficult to live a life full of debts and at the same time manage a family’s expense. So, you need to take action immediately in order to pay off your debts. The most effective way for you to live a life free of debts is to create a good budget plan. Follow this plan accordingly and clear your balances. If you want to know how to devise a plan, here’s how:
Know all your debts: This is the first important take to take towards creating the plan. You should definitely identify your current debt situation in order for you to be debts free soon enough. Carefully, go through your loans, credit card statement, and other debt statements that you may have. Calculate these amounts that you owe on different loans, cards, etc. and know the exact full amount you need to repay. Though you may be surprised with the total, however, the idea is for you to discover how much you owe exactly so that you’ll be able to make some arrangements accordingly.
Prioritize: Once you’ve totaled the amount you need to pay off, you have to prioritize payments. Consider which debts you will need to pay off immediately, and which debts can be paid later. The best step to make if you actually have lots of debts is to select those with higher interest rates. With this, paying off smaller debts will be easier for you. Some people, however, think the exact opposite. They tend to prioritize smaller debts and leave the bigger ones behind.
Devise a plan: After establishing the priority list, it’s time for you to devise an effective plan. A payment plan will be able to help you pay off those priority loans much easily. So, try putting all extra money for loan payments. If possible, you can even make double payment in order to lessen the amount of repayment. In terms of the smaller debts, you can always make minimum payment until you’re able to pay them all.
Automatic repayment: For you to keep a debt free life, you can always consider automatic repayment system. One of the best ways to make a timely repayment of debts is to create automatic repayment of debts from your own bank account. This can actually save you lots of time, and can also assure you that all payments are paid on time.
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