What is your New Year's Goal?

So 2008 was a bad year for you. You lost track of your finances and the economy is struggling. Well, keep your head up; it’s a new year and an opportunity for a fresh start. Instead of a new year’s resolution, try a new year’s goal. We all know resolutions are quick to fail, but a goal (if planned right) can be something you take small steps to achieve.

Let’s talk about debt. Every year your debt is increasing, and every year you fail to pay it down. In 2009, you can make up for it by controlling your credit card debt.

1. Evaluate your habits
Instead of charging everything, cut your credit card up and start using cash. Or pay more than the minimum payment every month on your card. Paying the minimum each month can keep you deep in debt.

If you’re using your debit card, you will only be spending what you have available. A credit card gives you too much room to spend more on what you can’t afford. Always try to pay them off, or at least more than the minimum.

3. Prioritize!
Prioritizing your debts is extremely important. Payoff the highest interest rate credit card first!

Challenge yourself and you will be amazed at what you achieve! The feeling you will have after you’ve realized you’re in control of your finances is much greater than the feeling you get after buying a flat screen TV with money you did not have!

Need Help?

Extra Credit Union has partnered with Accel Members Financial Management. Accel is a FREE financial management program that has been helping people like you for more than 40 years. Beginning February 1, 2009, certified financial counselors will be available Monday through Thursday 8 a.m. to 10 p.m. (EST), Friday 8 a.m. to 7 p.m. and Saturday from 9 a.m. to 1 p.m. To use this new service, simply call 1-877-33ACCEL (332-2235).