New Year, New beginnings

So I put down the glass of wine and tied up my work boots for a brand new year of madness and mayhem. The festive season has come to a close and we all look down the barrel of 2017 with what I would hope is enthusiasm, dreams and a little bit of planning.

As usual, my wife and I spent a little more than we had planned to over this Christmas period, but that’s okay. We didn’t plan for it but we knew it would happen. All the bills got paid and I didn’t use my credit card once. Yep, not once. But it’s time to reassess our budget and spending and get back on track to our goal of financial freedom.

Do you make New Year resolutions? I usually don’t because I have read about all the people with good intentions who give up too soon and never reach their goals: new car, lose weight, save money, stop smoking. So this year I have decided to give it a go (cue drama music). I know we are on track to pay off all our debt this year so my first New Year’s resolution is to keep following my debt reduction strategy that I have created and celebrate each payday we dump extra money on the car loan. That’s the easy one.

The second resolution I am going to make is a lot more challenging. My wife and I celebrate our wedding anniversary at the end of March and she suggested we go to the Whitsunday’s for a few days of R & R. I am not exactly beach body ready so my goal is to drop some kilo’s so the locals don’t mistake me for a humpback and push me down to the water.

Anywho, back to the topic of debt.

It’s the beginning of a new year. Now is the time to set your goals: sooner rather than later. Get out that pen and note book and start writing. What are your bills every pay day, what are they every month, quarter and year? Now allocate a fortnightly amount to each item and every pay day keep track of what you will need down the track for the monthly, quarterly and yearly amounts. For example: I know my half yearly car registration (Rego) is around $360 so I allocate thirty dollars a fortnight to the REGO column of my spreadsheet. Once the bill comes around I have the money put aside for it and don’t have to fret about where I will get the money to pay for it. The trick is to have the discipline not to spend the rego pot. It takes a little time to get used to this. Don’t worry if you fail at it a few times.

The most important thing here is to keep moving forward. Set your goals and/or your budget and try your best to stick with it. Go over some of my other blogs for more idea about falling off the budget etc. A good idea is to read a couple of books about saving, debt and budgeting. Or even type “pay yourself first” into Google.

Come on! Make 2017 your year.

 

(note: Anywho is Aussie slang for “any how”)

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