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How to Start your New Year Financial Resolutions

Introduction

Individual stock funds continue to rise; the housing market finally hit bottom; and market volatility has finally stabilized. Whew.

It is important to understand that, although 2009 was a year of uncertainty and change, in just about every aspect of our economy and nation, there was plenty to learn from. Now is the time to take that knowledge and move forward so that you can build a better financial future.

So, 2009 wasn’t all bad news.

With that said, now may be the perfect time to begin your New Year financial resolutions. Here are some resolutions to start with:

• I will work towards erasing my credit card debt – For many individuals, credit card debt still remains an all-consuming headache. Make 2010 your year to erase your credit card debt so that you can use your money to get ahead financially instead of pay interest on credit cards. Make a budget, find extra money in your budget and make a game plan to pay off your credit card debt.

Make a list of all your credit card debt, including their interest rates and balances. Then, work towards paying off your highest interest rate debt first and working your way down the list. Find ways to save money; eat out less; cut down on your cable bill and clip coupons for groceries. You’d be surprised to find out how much money you can save each and every month!

• I will learn from my past financial mistakes – We all need to learn from our mistakes, and that goes for financial mistakes, too. Don’t beat yourself up for past financial mistakes; instead, use your knowledge to move forward and create a strong financial future. Your first New Year’s financial resolution can be to move forward and learn from your mistakes!
• I will work towards a long-term financial strategy – Your credit card and financial strategy cannot be complete without looking forward to your long-term financial strategy. Revisit your retirement funds, long-term care policies and life insurance policies to ensure that you are protected financially, both now and in the future.