Setting and Making Realistic Financial New Year’s Resolutions

It is almost that time of season when you will begin to ponder your new year’s resolution.  Will it be exercise?  Will it be a new diet? Or will it have something to do with improving your family finances.  Making resolutions (or goals) can be a very difficult process because it often makes you face some of your own realities like it or not.   When you decide to set goals that are realistic, I have been a big cheerleader over the years to use the S-M-A-R-T goal setting system.  Here is how it works. *S is for Specific– Be very specific about what you are trying to accomplish.  Don’t tell yourself you want to pay down debt.  Instead, give yourself a specific goal such as paying off $10,000 of debt. *M is for Measurable– Have a way to track your progress.   In the last example, make a chart for paying off $833 a month and cross it off each month ...

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Does paying cash matter?

I wrote a recent article about not becoming a slave to your possessions.   It made be begin to ponder the question about what kind of impact paying with cash only would make on your financial future if that was the only methodology you had to buy new things.   In the past six months, I have been testing this exercise by going through some stretches of time taking out cash only and making it the main form of buying day to day items.    I’ve always been a fan in the past of using credit cards to get frequent flier miles and floating your cash if you had the financial means to be able to pay off that bill each and every month.   However, I’ve begun to consider the real impact paying with cash has on how you think about the purchases you make.   Here are three reasons why paying cash might matter: It feels real because it is real – Credit ...

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