We all wait for the beginning of the new year with high hopes because we think this year will be different from others. Our list of resolutions is so long that we do not know how to start them. But as the days go by, we forget our resolutions.
Financial resolutions are not the exception. We set so many financial goals that it is indeed hard to achieve so much in one year. The prudent thing is to set priorities.
We all know that the economy in recent years has brought great discomfort to most of us, and to some of us, it has affected our credit and has even put us in debt. If this is your case, the financial priorities for 2011 are: check your credit, pay your debts and save your money.
1. As a starting point you should check your credit. This is not difficult and if you have Internet access you can do it for free at www.annualreport.com this service is free once a year. Once you get your credit report you will then see where you need to make adjustments.
2. The hardest thing is to pay the debts especially if interest rates are too high. Therefore, priority will be paying debts with higher interest rates. However, you must not forget to pay your other debts. Ideally, of course you should pay more than the minimum amount required. Remember that failure to make at least the minimum payments on time will cause you to pay extra and this will only increase your debt.
3. Although it seems impossible, it is necessary to allocate an amount of your income to save. No matter how small this amount is, it will gradually grow and eventually will be very useful.
Good luck and do not get discouraged. Even though we are in a recession, there are still companies who are hiring, and if you have an entrepreneurial spirit, starting your own business can be a good choice.