So Over Debt

The following is a guest post.

The approach of a new year always brings contemplation on things that can be improved for the future. Often times, New Year’s resolutions revolve around personal relationships, health and weight, but this year why not try getting your finances in order. You can vow to increase your savings, start a new small business or decrease your debt.

Create a Budget

One of the best ways to increase your savings is to create a budget and stick to it. Start by listing all your income and your expenses. See if there are ways to decrease extraneous or luxury bills like deciding if you really need the full cable package or if you use all your minutes on your cell phone plan. Cut back on eating out as often or order medium macchiatos instead of the large. Use the money you save to invest in your retirement plan, increase your savings account, pay down debt or use it to get away on that dream vacation.

Start Your Own Business

You have drive, motivation and skills, so why not put them to use for yourself rather than for some faceless corporation. Starting a small business may not be as impossible as one would think. There are many grants, private investors and bank loans available for start up companies. A working capital loan or a business cash advance can give you the funds you need to expand your business into a successful and profit making venture. If you already own a small business, a working capital loan can be a great short-term measure to increase sales by expanding your company.

Decrease Your Debt

There are many ways to decrease your debt, but one of the best ways to start is paying down old debts. Challenge yourself to pay more than just the minimum payment on as many debts as you can reasonably afford. The faster you can decrease your debt, the more money you will have to spend on other areas. Try to consolidate credit card debt, so you have one lump payment to make each month. The added advantage of consolidating debt is not having multiple bill collector’s constantly harassing you as you sit down to dinner, lower interest rates and the ability to pay your debt down faster. Look for small debts that you can pay off quickly and attack those first. Once those are out of the way, use the money that was going towards those bills to pay off larger debts.

The new year can be the perfect time to really look at your life and see which areas need improving. Set your personal and financial goals for the New Year and improve your life one month at a time.