by Michelle Oliver
Have you made your financial budget for the New Year? Most people start the New Year with plenty of debt because of the massive spending around the holidays. The New Year is a perfect time to either start or re-evaluate your budget.
In order to do this on a consistent basis, let’s not call it a “resolution”! Call this a 2011 Budget. This will put you in the mind set to keep this going for the rest of the year.
• List your monthly bills. Subtract them from how much you are paid for month. If your monthly bills outweigh your net income for the month, you need to make some changes quickly. You may have to cut your entertainment costs, or you may find that you are eating out far too often during the month. These small changes can mean a lot to your budget’s bottom line.
• Start saving. Begin contributing to a savings account. Be consistent and increase the amount as you can.
• Pick up the phone. Contact your creditors and ask if they can reduce your interest rate on your credit cards. Call your utility companies to see if you can be put on a budget plan. Contact your insurance carriers to see if your rates can be lowered or if they have any new plans available.
• Check your credit report. Look for any unrelated reporting that is not your own. This will also be your basis when checking later on in the year for score increases.
• Stick to your guns! The key to making a budget and sticking to it is to make sure your mind is on the right track. You have to be willing to to make necessary changes for your prosperity in 2011.
Think about this: If you can save as much as you spent this holiday season, you can definitely save that amount during the year plus more by following these steps and your 2011 Budget.