12/11/2024
🎉🍾The new year is approaching 🍾🎉
✍️ Anyone already making their goals for 2025?! 🗝Whos ready for 🏡homeownership goals I can help guide you through the home buying process!!
Below are some steps to get on track for 2025:
1. List out your debt
Paying off debt can be a common goal for the new year, but the first step is to make a list of all you owe.
Create a list of each debt, how much it is, and its current interest rate. Once you have your list completed, you can figure out a plan to pay off your debts — or drastically reduce them — over the next 12 months.
2. Pay more than the minimum on your credit card
Don’t let the term “minimum payment” confuse you. When it comes to paying your credit card, settling for the bare minimum makes you a slave to interest.
Pay more than the minimum on your credit card bill each month. Even if it’s five dollars extra, it will help.
3. Calculate your daily interest
If you have student loans, you might consider them “good” debt — it was for your education, after all. But when you add up how much interest you’re accruing each day, you might think differently.
Use this formula to estimate your daily interest: (interest rate) x (current principal balance) ÷ (number of days in the year) = daily interest
4. Automate your savings
Feel like you can’t afford to save?
Here’s one trick to try.
My top quick and dirty tip would be to automate savings. No matter how big or small, all it takes is setting up a direct deposit with payroll or auto deduction with your bank!
5. Do an annual review
Individuals should at least take an annual pulse of their finances. This doesn’t necessarily mean a full financial overhaul each year, but it could mean making small tweaks that in the long run may pay off.
As part of this annual review, I advise looking at your retirement savings and investment allocations, as well as assessing your budget and setting new goals.
You might also want to call in the experts for your annual review if you’ve experienced big changes. Every few years — or when a major life event occurs such as marriage or having a baby — I would suggest meeting with an advisor to thoroughly scrub through your financial plan.
Part 2
6. Write down your goals
Did you know that simply writing down your goals makes you more likely to actually achieve them?
I’m all about writing down your goals — big or small. Whether it’s a house, a new dress, new running shoes, a car, or a vacation, it puts your daily purchases in perspective.
An $8 shirt at Target is less appealing when I know I’m saving up for something better.
7. Have a no-spend day
Sometimes spending can turn into a mindless habit. The more you do it, the easier it becomes.
For just one day this month, commit to having a no-spend day. You could save anywhere from a couple of bucks to a lot more, depending on how much you typically spend. This is a good way to hit the reset button and re-evaluate your spending habits.
8. Set up alerts
Get on top of your finances by signing up for text or email alerts for your credit cards, student loans, and other financial accounts.
Set up alerts for bank accounts and card accounts. These can remind you about payments and alert you to large transactions.
Spending five minutes doing this now can help you avoid missed payments, overdraft fees, and other costly mistakes.
9. Create a file for taxes
Tax season is around the corner, so it’s time to get organized. Start putting all your tax information in that file so you’re ready at tax time. Place info about charitable gifts, Goodwill donations, income from side jobs, etc.
10. Plan fast meals
I love cooking and cleaning every day after work, said no one ever. Going out to eat is nice, but can add up fast. We suggest cooking fast, easy meals with a slow cooker.
With a slow cooker, you can prepare meals for days at a time and not have to worry about burning anything.
You put the food in, set the timer, and it’s ready when you get home, which helps us all avoid the temptation to grab something on the way home because we’re too tired to cook. And the leftovers are always delicious.
Ready to set goals for your 2025 homeownership lets chat!!
Heidi jenkins
☎️419-810-1497
