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Hit the ground running in 2017: three goals for your finances

Jan 18, 2017

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Is it us, or did we just put away our holiday decorations? 2017 is here, and it’s a good time to reflect on your financial goals for this year. If you’re carrying debt, a little prep now will provide peace of mind.  

Here are a few ways to get the most out of your money in 2017: 

Don’t spend more than you earn  

This classic rule of personal finance is classic for a reason: it works. We all have good intentions when it comes to saving, but it’s easy to fall into the habit of using your credit card when you want to buy something but don’t have the cash. 

Bottom line? If you don’t have it, don’t spend it. After paying your bills and putting money into your savings, make a discretionary budget (and stick to it!). 

Create an action plan 

If you’re trying to eliminate student loan debt or, say, buy a house, break your big goal down into smaller steps. Otherwise, you may get overwhelmed by the larger task and give up.  

For example, rather than saying, “I’m going to pay off $50K in student loans this year!”, focus instead on eating at home more often, taking one less vacation, or picking up a part-time job—anything that will free up cash to help you meet your goal.  

Smash debt with the snowball-payment method 

If you’ve tried to pay off debt in the past and fell short, or finally want to get serious about it, 2017 is your year! It’s time to try the snowball-payment method.  

Start by identifying your most expensive credit card balance. Pay the minimum on your other cards, and roll the extra money into your payment for the expensive card. Once it’s paid off, focus on the next most expensive card, etc. You’ll save money by paying less in interest over time, and move yourself closer to being completely debt-free. 

Another great option would be to transfer your high interest credit card balances to our Tucoemas VISA. We’ve got low rates and always have your best interest in mind (and great puns)!