Mia
2021 was a year of financial hardship for many American citizens. Studies have shown that nearly 40% of Americans say they have experienced serious financial problems over the last few months. However, there is a way out and with the right guidance you can better your financial situation to start 2022 on a positive note.
Take Full Responsibility
Begin your journey to a better financial situation by firstly taking full responsibility for your debts. Take time to understand why you got into debt in the first place and start to identify ways in which you can get out of it. Research different ways to remain debt-free such as listing everything you owe and deciding how much you can afford to pay each month. Start by writing down a list of your monthly outgoings. Compare this to your monthly income and investigate areas where you can cut costs and save money.
Pay Off Your Mortgage
Owning a property is a big financial commitment and one that can put a strain on most people. To help you better your financial situation, you should investigate options to pay off your mortgage sooner. By using a home payoff calculator like this one from The Home Loan Expert, you can input how much extra money you are willing to put into your mortgage payments each month. Use the calculator to identify how much money you need to put in each month to pay off your mortgage in a smaller timeframe.
Choose Cash Over Card
Avoid using your credit card and instead exchange it for cash. Take it upon yourself to stop using credit cards as they make it easy to rack up debt. Favoring cash payments allows you to physically see the money that you are spending. You can better manage your monthly budget instead of aimlessly using your card in stores. Even the smallest spends can start to add up onto your card without you even noticing. Learn how to budget by using budget planners and take out the exact amount of cash that you have to spend each month.
Sell Your Unwanted Belongings
Consider selling your unwanted belongings to help you make some extra cash. Take time to sort through your closets and storage cupboards to find items that you wish to part with. Use local garage sales and online selling sites to turn your clutter into cash. Avoid leaving your unwanted belongings lying around your home as they could be helping you to better your financial situation. Research different selling sites and choose the ones that have no seller fees to help you maximize that all-important profit.
