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Making That New Year’s Resolution to Save Money Happen

A white piggy bank, electronic calculator, and coinsDoes your list of new year’s resolutions include being financially independent? Join the huge number of people who dream about being debt free and living a comfortable life. Not all of them make it through the year without giving up on this dream, however. If you want to have a better chance at succeeding, here’s what you should do:

Prioritize Big Payments

The mortgage is one of the biggest loans you will have, and it spans years of payment. Every missed payment will earn you a hefty interest that adds to the total cost you pay. To be financially independent sooner, Mortgage Investors Group and other industry experts suggest avoiding delinquency and talking to a mortgage company in Clarksville to know whether the payment terms are suitable for your lifestyle and income. Consider refinancing if you’re having a hard time with the current home loan, provided there’s a more affordable alternative.

List Your Problem Areas

Knowing where you usually spend your money will help you determine where to tighten the strings. If you’re a big spender when it comes to food, learning to cook can save you some money. If you like buying clothes and shoes, you need to develop a habit that helps you control the urge to shop. If you’re lending people money and they are not paying it back, learn to say no.

Have a Plan

Setting up a long-term goal helps you stay on track. If you know where your money is supposed to go, as compared to where it is going, you will see the errors of your ways. Don’t stop with writing a plan, however. Follow it and even exceed your own expectations if you can. If you plan to fully own that house in 15 years, challenge yourself to pay the loan back in just 12 years. You can make your new year’s resolution happen. Just set your goals and stay on track.
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