As the holidays come to a close and we pack our work lunches for our first shift, it’s time for our finances to hit recovery mode.
The holidays are spensy…and don’t we know it.
There were the Christmas gifts, food and decorations…and then there was the Bond-themed New Year’s costume…and the glow sticks (obvs).
But as the holidays come to a close and we pack our work lunches for our first shift, it’s time for our finances to hit recovery mode.
Our bank accounts ain’t pretty right now, but getting real about our financial health is the first step to recovering.
That means writing down:
Once you know how much you owe - and when you need to pay it by - it’s time to set your recovery strategy. To do this, ask yourself:
Generally, you’d want to pay off the debts with the highest interest rate, while also ensuring you’re paying off the debts are due first to avoid making a late payment (and it impacting your credit score).
However, if this feels a little daunting…you may want to consider paying off your smallest debts first, so you can start to see progress on your debts immediately.
If you think things are getting a little out of hand and you’re unsure if you can manage your debts, you may want to chat to your bank or lender. They may be able to help you put a debt repayment plan in place.
With your debts under control, it’s time to set some financial goals. That means setting SMART (specific, measurable, achievable, realistic and timely) goals.
If you’re unsure how to set financial goals, check this out.
Setting goals will help you feel like you’re taking control of your financial situation, and paving the way to a better financial future. Love that for you, Flux fam.
Fool me once, shame on you. Fool me twice…well we know who’s to blame for that one (YOU!)
If 2021 is anything to go by, the holidays can creep up on you quick. And if you’re not that organised…they can also be really expensive. So, get on top of them early this year. If that means having Christmas or birthday presents stacked up in your closet from May…so be it.
Getting prepared early spreads the financial burden over multiple months…as opposed to a few weeks.
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