Tuesday, 24 December 2013

Personal finance tips to kickstart 2014 with a bang and leave debts behind

Posted at  08:20  |  in  Finance

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As the New Year is soon approaching, the personal finance reports of the ace personal finance websites are all looking forward to share their tips to help people attain their personal financial goals. With a retrospective glance at the last year, we need to learn from the fiscal mistakes that we’ve committed and the prices that we’re paying for them. The financial analysts recommend the people to review their bank balances and take all the required steps through which they can rein in their finances and save money in the process. Unless you take good control on your finances, you will keep on accruing debt and debt can actually spoil your financial as well as your personal life. Here are some personal finance tips from the experts that you can follow in order to kickstart 2014 with a bang.

1. Find out the status of your retirement savings account: Are you tucking aside money for your retirement? Does your workplace offer you a 401(k) or an IRA? If answered yes, and if you’ve been saving money in these accounts, well and good but if you aren’t, it’s high time to start taking some immediate actions towards saving for your retirement. Gather up all your registered retirement savings plan to see what you have, how much you have accumulated. This will help you know where you stand.

2. Talk to your parents about estate planning: Apart from keeping in mind your personal finances, you also need to take into account the personal financial situation of the seniors. According to demographics, they’re taking on debt sooner and are declaring bankruptcy more than the young generation. Look for signs like unpaid financial bills, calls from the collection agencies and unattended credit card statements. Get in touch with a real estate planner to get professional help.

3. Try hard to lock your cards at home: With the New Year, resolve to shop on cash and not on credit. Yes, this might be the same resolution that you’ve promised and broken every year, but try to follow it seriously in 2014. The more you use your cards, the more will be the debt that you’ll accrue throughout the year and your financial woes will aggravate. Carry cash instead of credit so that you can stop shopping when you exhaust your cash.

4. Take a look at your secured loan payments: If you have a secured loan like a mortgage loan or an auto loan in your diary, make sure you are making timely payments on them. Both your home and your car are pledged as collateral to the loan and hence missed payments might lead to a foreclosure or repossession. Before stepping into 2014, ensure saving enough money to repay your secured loans on time and retain your homeownership rights in the process.

If you want to kick off your debts and start 2014 with a bang, follow the above mentioned personal finance ideas. Get help of a professional company if you still have unpaid debts and trigger them off as soon as possible. A life without debt is always a pleasant one than with it.

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Jimmy Simond is founder of wallstreetsfinancenews.com he share his immense knowledge of finance in this blog. You can follow him on Google+.

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