Creating Realistic Financial Resolutions

EVERY approaching turn of the year you may have set up a variety of resolutions including financial resolutions. However, to realize the various resolutions is not as easy as it looks. Though only one key, which makes the resolution realistic and consistent live.

Here's Media Women give some guidelines to make financial resolutions welcoming the new year 2010:

1. Detailing the purpose
Specify clearly what is to be your financial goals in the coming year. It's not enough to just say you want to pay off the mortgage and have more money in savings. You have to make it more detailed and write something like, "I want a credit card debt paid off and have a savings account with U.S. $ 30,000,000.00.''

2. Pay debts
Various debts and mortgage payments is the main thing that should be prioritized. Make a list of mortgage loans that must be repaid and structured interest rate per year, starting from the highest to the lowest. The bill debt with highest interest rate should come first payment. In vain did invest the money if you have high-interest debt bill every year. It would be wise if you use the investment funds to pay off all your debts first.

3. Retirement savings
It's never too early to have a pension fund savings. If you do not already have one, it's time to open pension fund savings in the bank.

4. Sorting account
Banks and other financial institutions charge a fee for every account you have. Therefore, break wisely which accounts are important and necessary, and close the rest. Select the account that offers many facilities and benefits for its users.

5. Perquisite
Make it a hobby or avocation as a land to make money. If you love photography, you can offer to be wedding photographers, and others. By doing the things you love, everything feels lighter and fun.
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