Saturday, 28 December 2013

Smart Ways To Improve Your Finances To Set Up A Strong Foundation In 2014

Posted at  23:09  |  in  Finance

With the New Year closing in, it is important for all of us to enjoy and unwind the end of 2013 with a peaceful mind. Ask yourself whether you’re ready to change your spending patterns and start funneling more and more money into your bank account and your retirement accounts in order to build a safe future in 2014. A lot of people commit money mistakes and think that there’s enough to make up for them by the end of the year but at the end of the year, they again fall behind on money decisions. They make financial resolutions at the beginning of the New Year and forget about them by the time February sets in. Here are some ways mentioned below by which you can improve and enhance your financial foundation in 2014.

1. Start feeling good about your dollars: If you’re ashamed about any monetary decision that you had taken way back in 2013, forget it and forgive yourself for it as this is New Year and you need to feel good about money. You should move on with your finances and one wrong decision about your money shouldn’t keep you from making hundred right decisions. Understand your money story first and assess your strengths and weaknesses with respect to money.

2. Create the road to financial freedom: With the New Year knocking at your door, you should also devise a new road to financial freedom. If you’ve incurred overwhelming debts to different financial institutions, you should immediately trigger them off as they’re the components of your personal finances that will never let you move forward. You can even get help of the professional companies who offer alternate debt repayment plans to alleviate the stress of debt repayment.

3. Avert unanticipated driving costs: Driving can certainly be convenient but at the same time it can also be surprisingly costly. Through no fault of your own, you can easily get into accidents and end up paying hefty deductibles on your auto insurance company to file an insurance claim. When you’re already downsizing, why invite unnecessary expenses that can take a toll on your wallet? So, it is wiser enough to keep your driving costs as low as possible.

4. Cut down your expenses: You need to focus on your recurring expenses if you’re keen on cutting down your expenses. Take into account your soaring phone, cable and internet expenses so that you can pay more towards your mortgage, auto loan and student loan. Squeeze out all such continuing savings so that you can easily tread on the right financial track.

5. Accelerate your savings rate: What portion of your monthly income have you been saving every month? Well, the Americans are known for not saving money and this is the reason behind their financial helplessness. If you don’t want to fall in debt in 2014, you should bump up your savings rate. Save at least 12-15% of your monthly income in a high-yield savings account so that you can get lucrative returns.

Therefore, when you’re spending sleepless nights worrying about how you’ll manage your finances to avoid falling in debt in 2014, you may follow the above mentioned financial tips.

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About Author

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

1 comment:

  1. Really i appreciate the effort you made to share the knowledge .The topic here i found was really effective to the topic which i was researching for a long time. Foundation Personal Finance

    ReplyDelete

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