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A week into 2014, how are your New Year’s resolutions going? Did you set a realistic expectation for yourself? A new year is always a chance to have a fresh start and there is no time like the present to work on your finances. Whether you are deep in debt and have created a plan to become debt free or you are simply looking to save money for a rainy day, use these helpful tips to help achieve your New Year’s resolutions.

Set Realistic Goals

Credit card debt can certainly be overwhelming and creating a plan to pay off that debt can be equally challenging. Setting realistic goals to pay off your debt is important as you certainly don’t want to overextend yourself which could end up putting you further behind.

Add Extra

Adding additional money towards paying off your debt can be helpful at any time. Maybe you received a bonus check this month or worked some additional overtime hours. Whatever the case, adding additional payments towards your credit card debt and overall budget plan can help pay off your debt in a shorter amount of time. Don’t worry if it’s $10.00 or $100.00 extra, any additional amount will help you to get out of debt in a shorter amount of time than if you didn’t any at all.

Make it Fun

If you are married, have a friendly competition amongst each other. If you are single, set goals and compete against yourself and celebrate your success with non-monetary rewards. Remembering to have fun will help you to create a fun environment where paying off your debt isn’t so bad but rather a new start that you are having fun in accomplishing.

Take It Out of Your Hands

Using direct deposit is certainly a helpful tool when you are looking to pay off credit card debt. Allocate a specific amount of your paycheck to go into an account that you set up specifically to pay off debt. By using this technique, you are automatically saving money towards accomplishing your goals and putting yourself one step ahead. You can also set up automatic transfers on a weekly or monthly basis to allocate towards saving to pay off your credit card debt. Small amounts of money certainly grow over time so don’t be scared to add any amount at any time.

This article has been reviewed and approved by Thomas A. Moore, managing attorney Brownstone Law Group, PC. California Bar # 148698. This article is for informational purposes only, does not provide legal advice of any kind or form any type of attorney/client relationship.

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