Tips from Equifax to Get Your Finances Together this Year

January 05, 2014

budgeting in 2014Popular New Year’s resolutions include losing weight, eating better, quitting smoking or drinking, volunteering to help others, managing stress and more. If one of your New Year’s resolutions is to get your family’s finances on track this year, you aren’t alone, and to help you get started, the Equifax Finance blog has some advice for building a budget and saving money in the recent article, “

Five Steps to Getting Your Family Finances in Order in 2014.”

Your best bet for successfully keeping a resolution is to develop a realistic plan for doing so. Just like someone who wants to lose weight has to decide how to lower their calories and/or increase their exercise, someone who wants to get their finances in order needs to decide how to do that.

The first step is to determine how much you owe. Add up your total balances from each of your creditors to get a full understanding of the total amount of debt you’re carrying.

Then, develop a plan to cover your monthly expenses and debt.

Decide how to start paying down your debt, and while you are working on paying off your credit cards, the article recommends not using credit cards and adding on more debt. According to the article, you can go back to using your credit cards when you are able to pay the balance off in full each month and not carry a balance for an extended period of time.

Fourth, start a savings cushion. The article recommends three to six months’ of living expenses to cover you in case of job loss or a major unexpected expense.

Lastly, start working toward increasing your long-term savings. Start by increasing your contributions to your employer’s savings plan to at least the full amount that your employer will match so you can get the most free money possible.

Getting your finances in order won’t be easy, but it will be worth it in the long run. Start taking these steps now and see how much closer you will be to your financial goals at the end of the year! Get more tips on saving money, retirement, reducing debt, improving your credit, and other personal finance topics, including real estate, taxes, identity theft and more, all on the Equifax Finance blog.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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