December 30, 2008


Change your financial life around in 2009! Analyze your savings/expenses and make sure you set goals as to what you want to achieve in the New Year!

Pay Yourself First
There are always going to be reasons why you don't have enough money to save. If you have the money automatically deposited into a savings account, you won't even miss it.

Cut Down on Expenses and/or Increase Your Income
Cutting down expenses, easier said than done right? If your income does not cover all your expenses, then increase your income. You can ask for a raise, tutor, sell some of your unwanted things, etc. Eating outside often can add up!

Keep Track of Your Spending
You can track your spending with a notebook or with a spreadsheet. Tracking can help you analyze where most of your money is going. From my experience, writting expenses down makes me think twice about what I buy. If your expenses are too high, you might want to think about setting up a budget.

Emergency Fund
Make sure you have an emergency fund which covers atleast three months of your expenses. Some say six months is ideal. You never know what's going to happen, especially in this economy. Better to be prepared!

Your goals might be to save for a house, start an emergency fund, maximize your 401K, or to contribute to a retirement account. Whatever the goal might be, make sure you stick with it, and good luck!!

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