Did the holidays leave you feeling strapped for cash?
Or is 2007 the year you're finally going to work toward becoming debt free?
Then financial advisor Denise Fries has some tips that are easy to incorporate into your everyday life.
First of all, think long term.
"Most people that have problems with their finances just kind of live paycheck to paycheck and expense to expense," said Denise Fries, of Fries Financial Services. "They don't really foresee into the future those things which really are foreseeable."
Fries says another way people can get on top of their finances is to create a budget, then stick to it year round.
"If you're going to make a budget the best way to do it is look over your last 12 months worth of expenses. Look at your credit card bills, the things that are listed there that you spent money on," said Fries. "Kind of figure out how those costs would average over a monthly basis."
However, after a holiday season full of credit card purchases, you may not know where to even begin on paying off debt on various cards.
"Look at the interest rate on the credit cards that you have, and pay off the high interest debt first. And then work your way to paying off the lower interest rate credit cards later," said Fries.
And in some cases it may be to your benefit to dip into your savings account to pay off some those bills.
"You might have somebody who has $3,000 in credit card debt and $20,000 in their 3% savings account it makes more sense for that person to go ahead and pay off the 22% interest credit card debt with savings that's only earning 3%."
With a new year ahead, there is still time to set goals, create a plan and stick to it, to be well on your way to fresh financial start for 2007.
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