Happy New Year! I hope 2013 brings you happiness, joy, health, friendships, and of course, smart money decisions. To help you start the year on the right financial foot, I’m introducing a mini boot camp to get your finances in order, along with co-hosting a $100 cash giveaway to kickstart your money resolutions!
We all need to start somewhere. I know it can be overwhelming to face a mountain of debt, expenses, or financial obligations. It’s a bit like staring at a big pile of dirty dishes—you might spend ages just looking at it, finding excuses not to tackle it. But once you start with something small, you gain momentum. For me, starting with a simple glass allowed me to gradually work my way up to the greasy Pyrex dish.
The same approach can be applied to your finances. Whether you have 20 items on your money to-do list or just a few, pick one small task to start with. Maybe it’s paying down the smallest balance on a credit card or starting a savings goal. What efforts are you willing to make to reach your financial goals? How much do you want to achieve them?
Think of it like weight loss: we all know success means eating less and exercising more, but diving in too quickly can lead to burnout. The same goes for financial goals. Choose a small, manageable target and build on it gradually.
People often have excuses for not managing their finances—no time to cook at home, needing a new computer, or claiming they can’t save any money. It’s time to stop making excuses. Start somewhere, even if it’s small. For instance, if you want to save 75% of your income, begin with 10% and increase it by 5% each month. If you need to pay off $20,000 in debt, start with an extra $50 payment each month and increase it by $20 each month until your budget tightens.
Why start now? Yes, ideally, you would have started yesterday, but today is the next best thing. Every day spent in debt costs money, and you might have even received a raise this year—use that towards achieving your first financial goal.
Focus all your efforts on achieving one goal at a time. This includes making your regular debt payments and retirement contributions but putting any extra money towards your current primary goal until it’s completed.
I prefer setting goals over making resolutions. Goals imply effort and commitment, whereas resolutions can often be forgotten quickly.
One of my financial goals for 2013 is to eliminate $25,000 of debt. This includes $5,000 in minimum payments and $20,000 in extra contributions. It’s ambitious because I also plan to build a house and develop 90 acres of land in Guatemala. To make it more manageable, I’m breaking it down into smaller steps—for instance, saving 1/6th of a 0% balance card, which ends in June, in a savings account.
Now let’s talk about the giveaway! You have the chance to win $100 cash through PayPal or an Amazon gift card—your choice. Simply like my Facebook page for an easy entry. Check out the other participants for more chances to win. Good luck!
How was your New Year’s celebration? Did you have a good time? Are you ready to dream big in 2013?