man upset over pile of bills - Naples bankruptcy
What Happens When You File Bankruptcy?
December 10, 2019
Get Out From Under Your Mountain of Student Loan Debt
January 8, 2020
woman in green jacket raising her hands

It’s that time of year again, when you hear people say, “I can’t believe this year is almost over” or “this year just flew by” or something to that effect. It’s also the time of year that people are doing THE MOST. Buying gifts, decorating, celebrating with family and friends, and…thinking about what their new year’s resolution is going to be. Now whether you call them resolutions or goals, over 60% of Americans make New Year’s Resolutions, but only about 8% stick to them. This year, we want to help you make a resolution, a financial resolution to be specific, and stick to it. In 2020, we want to help you become more conscious of your spending habits, your income, and hopefully help you find debt relief.

Because who doesn’t want to be debt-free in 2020?

While we do practice both business and personal bankruptcy in Fort Myers, our main objective at the end of the day is to make sure that everyone reaches a state of financial wellness and independence. Continue reading to learn more about five different financial resolutions that will help you get a handle on your current financial situation and help you towards debt relief in Fort Myers. 

Five-Minute Daily Money Check-In

Man using Tablet - Debt relief Fort Myers

One of the easiest and most effective financial resolutions you can make for 2020 is a five-minute daily money check-in, as stated by Life and a Budget

Giving yourself a few minutes to look over your finances every day will make you more conscious of your spending habits. It will also help to make sure that nothing slips through the cracks. The article goes on to say that small expenditures every day can quickly add up to $3,000 per year. This is money that you could be saving or putting towards any outstanding debts you may have. 

Commit To No-Spend Days

This next, easy-to-implement financial resolution that can help with debt relief in Fort Myers comes from US News. Pro Tip: To make this resolution easier to stick to, enlist a family member, partner, or friend to commit to either a “no spend weekend” or “no-spend day” per month with you. During this time, no money leaves your hands or debit card. Committing to making this habit throughout the year can end up saving you hundreds, if not thousands, of dollars, by the time 2021 rolls around. 

Consolidate Your Debt

Notebook with money symbol - Naples personal bankruptcy

This next resolution is a little bit tougher than the first two, but once it’s done, it will reduce your stress levels ten times over! Consolidating your debt is a critical way to start finding some debt relief, especially if you’re currently making payments to three different creditors. 

First, you’ll need to contact a Fort Myers debt relief expert. Then, with their assistance, they will help you to decide which debts are eligible for consolidation. Finally, they will help to create a manageable payment plan for you based on your current financial situation.

Read (Or Listen To) A Financial Book Every Month

According to National Debt Relief, about two-thirds of Americans cannot even pass a basic financial literacy test. One thing that you can do to increase your knowledge about money, savings, investing, and finances is by taking the time to read (or listen to) a book each month on each of these subjects. Additionally, you could subscribe to financial periodicals like The Economist or The Wall Street Journal. Here is a resource to get you started on your financial knowledge journey. 

Pay Yourself First

If you do one thing to increase your financial wellness in 2020, it should be paying yourself first. One of the best ways to do this is to set up an automatic savings plan, according to Jason Butler from The Butler Journal. He states that your paycheck has already paid Uncle Sam, insurance premiums, and even retirement (if you have it set up), so why not create a system where you will also get paid for the work you do. By setting up automatic savings for each paycheck, you won’t even miss the money you pay yourself. And by the end of the year, you’ll basically have given yourself a huge bonus. 

Cover image by Clay Banks on Unsplash