Glittery 2017

Make 2017 your year of financial success with these three resolutions!

1) Set a budget (and stick to it).Only about 40% of adults keep a budget according to the National Foundation for Credit Counseling. That means 60% of adult just “wing” it, which can lead to overspending, missed or late payments, or racking up credit card debt. To start creating your budget:

  • Determine your monthly income.
  • Next, subtract all of the essential bills that you must pay each month; mortgage, car loan, electricity, heating, water bill, school loans, credit card minimums, EZ pass, cable and internet, etc..
  • After you have subtracted all of your monthly bills, determine what you typically spend on gas and groceries for a month. Set that money aside because you know you will need it–it is not “spending money.”
  • Once you’ve subtracted all of your bills and core costs, determine what you have left over. Do you have enough to put some money in savings? The answer should be YES! (See #2.)
  • Now, decide how much of your remaining budget is for fun. Take a look at your calendar to see if you have any events coming up, and be sure to set money aside for those so you are not depending on your credit card before your next payday.

The most important part of setting a budget is sticking to it–you can do this!  Online tools like this one from AARP or this one from the FTC’s can help you get started.

2) Pay yourself (make sure to save).This means, after you’ve paid your bills, instead of spending your disposable income on meals out or new clothes, consider paying yourself first by depositing money into your savings account. You should consider your savings account another “bill” and always add some amount to it each month. With a growing savings account, you give yourself a cushion in case of unexpected costs, or you can save for a larger goal like education or travel.

3) Hit the Debt Reset Button. If you’ve got debt that’s stressing you out, you are not alone. Lots of people get into debt, and at cPort, we help lots of people manage and pay off their debt. Hit the Debt Reset button by applying for a Debt Consolidation Loan. With rates as low as 5.99% APR*, this could be the perfect way for you to pay off high interest rate credit cards and consolidate all the other bills you’re juggling. With Debt Reset, you could start the New Year on your way to being debt free.

If you have questions about achieving your financial goals, please be in touch! We’d love to help you keep your 2017 financial resolutions.

Happy New Year!