Financial Services That Could Turn Your Life Around In The New Year

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We don’t talk too much about debt around here, mainly because we paid most of ours off. But, that wasn’t always the case. When it comes to debt, we have had plenty of experience. We’ve had student loans, car loans, and credit card debt. And let me tell you, it’s a wonderful feeling to be free of that debt. If you’re in debt or already worrying how you’re going to pay your credit cards after the holidays, calm down, there are a few financial services that could help you get a handle on your money.

So without further delay, let’s delve into this collaborative post all about making a financial plan for the new year.

So, we’re finally in the final month of the year! December, however, can cause financial distress despite being one of the most thoroughly enjoyed months for many of us. While you’re busy shopping for gifts and attending parties, your finances might very well be getting out of control.

Think about it: you’ve had the entire year to rack up debts and now is the season when you’re more likely to splurge than any other. With holidays and festivities, many of us drive ourselves into debt trying to keep up with expectations. So, it’s not all too surprising that come January, many of us find ourselves in a bit of a financial pickle.

Although everyone talks about making a holiday budget and sticking to it, it’s not always easy to actually pull it off, especially when your father-in-law is expecting a specifically requested (and expensive) gift that wasn’t purchased at the local thrift shop.

But not to worry, if you wake up on January 1st and realize you went overboard with your spending, there are quite a few different financial services that could help you clear away that debt and turn your life around in the new year. Here are some to consider.

Financial Planning

 

Computer - financial services

What I wish my work space looed like. #daretodream

Where most of us slip up with finances is our lack of organization and planning. How many times this year so far have you made a purchase, had an action-packed weekend, or taken a few needless, self-indulgent days off work without thinking of the consequences your actions could have on your bottom line? If you’re shaking your head up and down, congratulations, you’re just like most other people. That also means you don’t have to beat yourself up over those poor choices, you just need to fix them.

Financial planning is essential when it comes to guaranteeing a secure and positive financial future. Sure, acting spontaneously can be extremely fun and rewarding in the moment. But are the months of stress and struggle afterward really worth it? I’m guessing your answer is no. 

There are a couple of effective ways to go about financial planning. First, creating a budget. A budget takes into account your total income and essential outgoings and works out what you have left as a disposable income. You can then stick by this figure to ensure that you don’t overspend. Sounds simple, right? The problem is that most of us don’t have the self-restraint to stick to a budget.

This is where the second option comes into play: getting in touch with a financial planner. A financial planner will give you a thorough analysis of your finances and will be able to suggest places where you can save money and even give pointers for your essential spending. They will do more than detail your disposable income – they will be able to help you plan exactly how you should spend it.

Financial planners can also give guidance as to whether certain purchases are feasible or advisable. They can also make predictions regarding the financial market and how this could affect your future earnings or expenditures. Although it’s nearly impossible to predict financial markets, financial planners can give general insight into historical rates and returns and make predictions based on that. 

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Interest-Free Balance Transfers

 

Mad Money Cat - financial services

Mad Money Cat did a balance transfer – now he’s debt free. #smartkitty

If you happened to borrow money this year for anything, take a look at what interest-free balance transfers are available to you. Interest-free balance transfers are a great tool for anyone that has resolved to take control of their finances and make smart money moves. If you don’t have the cash to pay balances in full, this is your next best option.

Balance transfers will remove the interest that you currently pay monthly, allowing you to actually chip away at your debts rather than simply keeping up with interest repayments. It’s a small move, but the amount that you will save in the long run will astound you, especially if you currently have high-interest rates.

These are just a couple of steps that you can take to turn your finances around. Look at the new year as a clean page where you can improve your current situation. You’ll reap the rewards as you go.

How you set any financial goals for the upcoming new year? We would love to hear about them in the comments.

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