Planning to Enter 2022 without Debt – Take This Advice!

New Year is a time for setting goals and affecting change. Typical goals are tied to fitness, weight gain or weight loss, kicking unhealthy habits like smoking and the like. Don’t think that everything can change overnight by drinking the right juice on January 1st. It takes more than a snap of the fingers; it takes time. 

A key goal many people set is to be debt free. It’s actually possible to start on New Year’s goals well before January 1 or even December 31 of the previous year.

Here is some sound advice in order to start 2022 with no debt:

Do Not Spend Beyond Your Means

It’s important to limit holiday spending to available funds. When a debit card is in use, expenses should be tracked closely. That way, there will be no ugly surprises down the line of having gone overboard. When credit cards are in use, it should be payable when the time comes for the bill to get paid.

People that cannot pay a credit card as cash whenever it is due should best not have it.

Pay Loans Down

Auto loans, mortgage statements and other payables should be taken into stock at year’s end. The payment plan in effect has to be the quickest and most ideal way to get the debts paid down. Would it be possible to add more to the monthly amount put towards paying them off?

It’s important to pay loans down fast so that money going towards interest can be saved instead. Of course, not everyone is able to pay off loans as a whole during New Year. However, making a marked difference in owed sums will do just as well.

Set A Holiday Budget And Stick To It

Maybe you already have a budget at hand. Yes, it can be rather tempting to go over it. However, the thought process of “just a little this time” will add up over time. It’s natural for people to get caught up in the winds of time during the holiday season. Especially since the last two years restricted personal gatherings, which means gift-giving is extra special now that vaccines have the world opening up somewhat.

It’s very important to set a spending limit in two ways: general or overall, and per person. The latter may be difficult to do, but the former is nothing less than necessary. That way, overextending financially can be prevented.

After all, nobody wants to come off of a holiday with plenty of bills to pay off.

Work With A Financial Advisor

Consulting a professional is the best way to be debt-free quickly and efficiently. It’s a foolproof way of learning proper steps to take and get nothing but helpful advice.

Conclusion

There is a lot of hope that comes with the New Year, and plenty of goals are set as a result. One goal many people have is to be debt-free. Good ways to be debt free in 2022 include setting a holiday budget and sticking to it, paying loans down and working with a financial advisor.

Want to get professional debt help to start the New Year right? Contact DebtHelpers.ca! We have debt solutions and many consulting services meant to help everyone.