Andrew K. Johnson
Communications Manager
(248) 488-0419
mediarelations@greenpath.com
ACHIEVE PERFECT 20/20 FINANCIAL VISION IN 2010
GreenPath Debt Solutions focuses in on 11 ways to a financially successful New Year!
(FARMINGTON HILLS, MI – December 15, 2009) - GreenPath Debt Solutions, a nationwide, nonprofit consumer credit counseling service headquartered in Farmington Hills, Michigan, is setting its sights on the New Year. Yes, it’s time to peer at the financial eye chart on the wall for 2010. While the New Year may look a bit blurry at the moment, now is the opportune time to get your finances in focus!
Counselors at GreenPath have compiled the top eleven ways (everyone likes a bonus!) to attain perfect 20/20 financial vision in 2010.
Hold a financial conference with the family (anyone whom you support with your income). Present a “state of the household” speech where you review current budget and any necessary adjustments. Hold people accountable for specific changes that are required to balance the budget or establish a savings goal.
Post your budget goals for the year. Include goals that will motivate you to achieve them (a picture of this goal if possible – vacation, retirement, house, car etc.). A favorite place to post is on the refrigerator where everyone goes daily! Treat yourselves to something small every month you reach your goal.
Once you have established a balanced budget with a savings plan for emergencies, work on those credit cards:
a. If you have trouble with interest charges each month, call your creditors and request interest decreases. If they deny you, ask them what you would have to do before you can get one. Document who you spoke to along with the date and time.
b. Pay it down! Review a list of all of your creditors to determine balances and interest rates. Determine a plan of attack (some people start with smaller balances and eliminate cards; others send the most to the highest interest cards).
c. Set the payments you determine for each card into a bill pay service through your bank. Some banks eliminate monthly banking fees if you choose direct deposit and/or use their Internet banking features.
d. If you have trouble controlling spending, take all of the cards and lock them in a safe place. Out of sight means out of mind.
Determine a baseline in your checking account if you have one. This should be your zero point (e.g. account never goes below $200). You’ve just created your own overdraft account!
Many banks and/or credit cards offer cash back or miles programs. Using these cards within your budget, and paying them off immediately, can get you a good chunk of change by the end of the year and can even help you achieve a vacation goal.
Don’t forget the pets! Many pet stores offer coupons and other incentives by signing up for their discount card. Scan the aisles for deals. Ask your veterinarian if there might be a less expensive food for Fido that still provides good nutrition. Some companies even offer pet insurance as a perk!
Visit or re-visit your retirement goals. Make this a part of your “here and now.” Start saving for retirement. If your employer offers sponsored programs that can match or have established savings vehicles, use them. Ask yourself how much it will take to retire and calculate this based on current savings and years left as a viable employee (differences based on industry).
Find a way to track your expenses. Save receipts throughout your day (ask for these whenever you spend). Make this activity a part of something else you do daily already. For example, before or after writing in a journal or putting your kids to bed, review where your money went that day. This could also help you come tax time (see next point).
Go to the IRS website (
www.irs.gov) and read up on all of the new initiatives to put more money in your pocket.
Seek help. If you cannot take some of these actions on your own or are feeling overwhelmed, seek a professionally certified financial counseling agency that can assist you in developing a financial “action plan” for free. They may even propose debt management or other services to assist you in meeting your goals on an ongoing basis.
Share your story. If you do any of these and see your financial future come into focus, share your story and educate those around you.
For more information, contact GreenPath Debt Solutions at (866) 648-8122 or log on to www.greenpath.com.