Mid Year Financial Review
With 2017 half way over, now is a great time to check in and review your finances. Millions of Americans make New Year’s resolutions each year, and while losing weight and/or getting “in shape” will probably always rank as the number one resolution, getting finances under control is also a popular goal. It is always advisable to have a plan for achieving goals, and the half-way point of the year is the perfect time for a mid-year financial review to see how well you are sticking to your money goals.
Financial review questions:
- Have you decreased your debt? The road to financial freedom is paved by the process of getting out of debt. Are you closer to being out of debt now than you were six months ago? Are you using cash for purchases to avoid charging? Do you have a payment plan for paying off your credit card debts? Are you paying your bills on time to avoid late fees, which only increase your debt?
- Have you increased your savings? The first rule to any financial plan is to “pay yourself first.” Even if you are only able to save $50 a month while you are paying off debt, that $50 will begin to build over time. Creating an automatic deduction that takes a small portion out of your paycheck and deposits it directly into your savings account is the easiest way to start saving. It is also beneficial to identify what you are saving for so that you have a motivational goal to reach.
- Do you know where your money is going? Track your spending. Keep a log of everything you spend money on so that you can physically see where your money is going. Analyze this log so that you can see where you spend money wisely and where you do not. Remember, you should control your finances – not the other way around. With identity theft on the rise, it is also important to scrutinize your credit card bills for accuracy.
- Do you need help protecting your financial future? Those who have done all that they can and still find themselves in severe debt, as well as those who have continued to allow their spending to spiral out of control, should seek help protecting their financial future. If your debt is insurmountable, it is important to speak with an experienced Georgia bankruptcy attorney who can help you determine what you need to know to find the most successful, long-lasting, and positive path toward debt relief.
Contact Boudreaux Law Firm in Augusta today. We can help you with a full range of bankruptcy options and guide you through the winding road toward financial freedom.
Posted on behalf of Boudreaux Law Firm