Money Matters: Tips to reach your financial goals

Wed., March 7, 2007

Courtesy of ARA content The Spokesman-Review

If you’re like most Americans, you’ll make one or more resolutions this year. And if you follow the pattern, you’ll likely break them before the season changes.

But some resolutions are so important that you need to find a way to stay on track. Getting your finances in order falls into that category. Here are some painless tips to get you started.

Pay Off Credit Cards

The average American carries about $8,000 in credit card debt. To get out from under credit card debt, consolidate your balance to the credit card (or cards, if necessary) with the lowest interest rate, and stop using the rest. Web sites like www.lowermybills.com make it easy to compare credit cards side-by-side and search for one with a low APR.

Examine your spending, creating a realistic budget. Leaving credit cards at home when you shop will help eliminate impulse buying. Try to make more than the minimum payment each month, even if it’s only a few dollars extra.

Lower Your Mortgage Payments

Chances are your mortgage payment is your largest monthly expense. If interest rates have gone down since you financed your house, or if you have an adjustable-rate mortgage that’s reaching the end of its fixed period, consider refinancing. Yes, there will be expenses associated with refinancing, but if you plan to stay in your home long term, the ongoing monthly savings can justify the cost.

Saving for a Goal

Perhaps your 50th wedding anniversary is coming up and you want to take that trip of a lifetime. Or maybe your son or daughter will be heading off to college in a few years. By starting to save for that goal now, you’re less likely to rely on credit cards to foot the bill. Saving money each month – even if it’s a small amount – for a specific long-term expenditure is easy to do and will make a big difference in your finances. Review household expenses to find places where you can painlessly cut some fat from your budget. Re-evaluate your cell phone bill, long distance plan and internet service, for example. Review your insurance plans.

No matter what your financial goals for the year, these tips are smart moves that can help you lower your monthly expenses, increase your expendable income and become financially secure.

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