You may be expecting 2017 to be a stress-free year; why not, you can achieve your goal as being a financially strong individual for the next 12 months, most people do it and why not you, right. You won’t have to worry so much about it because once you would do your financial planning right, you would always do it right in future.
Save more and spend less, and or save more to spend money without being worried about the cash shortage on getting basic and important things of life; this is what most people use to think after spending the holiday season. December is the last but an expensive month in relation to spending, Christmas, New Year and above all big discount offers of various kinds make it confusing to the general public that didn’t properly make, care and follow their budget. Ending year moments in the last month sometimes also create financial worries for those who strictly obey their yearly household budget but due to festive eve spending environment these people easily supersede their spending; after all, it’s a moment of happy get together with the family and loved ones, moreover, big sales over the very important and basic household products makeover spender to even a budget abiding families.
Your credit card may become the major reason for being overspending; being in a credit card debt is the thing you should properly control, don’t over cross your spending because of the reason you have more cash limit over your credit card, only spend that portion of the credit you can afford to pay back. Getting into credit card debt can lower your credit score. Try to pay off your credit card payment in full and within the time limit. Moreover, if you already had dropped your credit score due to your debt, it’s critical that you work to get it up again. Remember, your credit score is an important factor that determines your success in having any sort of loans and at the best rates because having a bad credit score means you can easily turn down your credit request, and or you will be asked to pay a high-interest rate over your loan. What if you need to borrow a large amount of money? You can’t because it’s the lender that will determine.
Everyone should save more and spend less! When it comes to making a budget there is only one magical phrase “save more and spend less” and the only person that can follow it accordingly is ‘you. If you have debt then create a post-debt budget for the next 12 months, it’s not difficult, you know how you are doing each month and if some of the months require more money to spend then divide your income accordingly among all the months but don’t forget have some savings every month. Spending more money because you have more disposable income is not right. You may have some of the financial goals for the year 2017 but don’t forget about the uncalled and accidental expenses, create a financial plan that holds emergency funds to cover up all sorts of financial crises, what so ever. Moreover, you should make a financial plan for yourself in advance yourself or consult an accounting and financial adviser to get professional guidance to have the right direction.
I wish you could follow the save money concept, manage and maintain your cost of living, control your spending habit in relation to your earnings and have a credit balance that you would carry forward next year and continue the same every year. eLoan Canada extend its best wishes for a happy holiday season and a New Year filled with Peace, Joy and Financial Success!