What are the financial goals of your New Year 2015?
Sometimes a decision begins as the financial objectives of the New Year can end a dream come true when you let these goals become a new way of living.
Our family has done to get out of debt, cash our cars and saving for a dream vacation
The first goal was huge :. repay our $ 40,000 of consumer debt, but we did it in just 2.5 years. The second goal was achieved in four years by buying a used car, cash payments and keep for several years. The last goal was achieved when we went to Hawaii without the kids!
financial goals of your New Year can become reality if you will develop an appropriate plan and stick to it.
Resolution: repay consumer debt
excessive consumer debt usually means a lower credit score (FICO), which means higher rates of annual percentage (RPA) on existing credit cards and higher interest rates on your car and mortgage.
improving your FICO, you can reduce APRs and thus repay this debt in a fraction of the time
It's easy to improve your FICO by following three simple steps :.
Step 1: Pay on Time
A late payment means high costs and a part of your end score is determined by payment history. Set up automatic payments with each card to ensure that you are never late again
Step 2 :. Pay in Balance
Use, which is the ratio of debt to credit available is important.
For example, if your card has a limit of $ 5,000 and you have $ 2500 required, your ratio is 50%. Adjust the balances on your cards to ensure that each has no more than a 50% ratio
. Step 3:! Pay it Down
pay as little as $ 5 to $ 10 more than your minimum payment by credit card. It shows lenders that you are trying to "pay" your debt. Tweet this
Focus on improving your FICO and use accelerated debt payment calculator. This will help you customize a plan to repay your consumer debt so that resolution can come true
Resolution: cash for your cars
The Cheapest Car can own is paid for the car you drive now. Use a calculator car affordability to see how much you need to save each month to pay cash for a newer car.
This is much easier than you think.
Once you've paid your current car, do not trade it, but continue to make payments to you in the amount of the old loan.
So, let's say you put $ 350 a month in a car and money to invest in a fund that is 5% per year. You would have around $ 4400 to the end of the year, plus the value of your existing car (we will estimate $ 5000) to nearly $ 10,000 on a newer car than you have now.
Keep you pay each month for two years, driving your latest car and at the end of these two years, you will have $ 8,800 plus about $ 9,000 ($ 10,000 minus depreciation) totaling from $ 17.800 to put in a newer car.
We made until we were able to afford a Mercedes and two years.
If you keep saving and trading, you will be able to pay cash for your car for the rest of your life! Tweet this
In the first 15 years of our marriage, on income (military man), we bought 11 cars in this way, the cash payment and even donated some of these used car to charity
Resolution: Pay for dream Vacation
Hawaii was my dream job for many years when my husband was in the army, but it never happened!
rather than waiting for Uncle Sam to make this destination is realized, we decided to save enough to pay cash for a dream vacation.
using a calculator savings target, enter the amount of money needed to reach your goal, then the calculator run multiple options. It will tell you how much to save each month and how long it will take to achieve the goal.
But how do you save money when you can barely pay the bills?
many families make a New Year resolution to save more money every year, but they often fall short by buying into the misconception that saving money takes too long .
the reality is a little time and patience can save hundreds, even thousands of dollars each year. Tweet this
In fact, many of the best ways to save only requires an investment of 10 minutes or less.
Wise buyers can save hundreds of dollars. each year in a minimum of time by simply doing their homework
Two of the many ways to save in 10 minutes or less:
prices online
for more expensive items, go to the online site of your favorite store. Get the best price online, print the page and take prices to your local store to match the best price.
If they can not match the best prices online, then you are free to order online.
Ask substitutions and rain checks there
many stores substitute other items of equal or greater value to the outlets outside stock.
Several months, a digital camera was priced at $ 139 and sold for $ 99. The retailer was out of the featured item and substituted a model, updated costs $ 189!
Pizza! Pizza!
The next time you order pizza, ask what promotions or coupon values are for the week.
Three of the four pizza shops honor the coupon value just for the asking-even if you do not have coupons! You can save between 20% to 50% (on a buy one / get one free special.)
Have you set financial goals of the New Year?
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