This week’s CBTV show is entitled, “Make Your 2012 Resolution to Become Financially Fit!”
As 2012 gets underway, many Americans have made it their New Year’s resolution to become financially fit. The beginning of the year is traditionally the perfect time for people to start fresh, and make plans to begin paying down that holiday debt and saving more money for retirement. November and December were record-breaking months for consumer spending, and consumer credit card debt is expected to rise. While final 4th quarter numbers aren’t in yet, the third quarter of 2011 saw a 154% increase in consumer debt, when compared to 2010, according to credit card research company Card Hub. They also reported that people have historically made a strong effort to pay down credit card debt in the first quarter of each year, proving that many Americans take the resolution of “fiscal fitness” seriously.
Resolutions are simply goals we all dream of achieving. When you resolve to change activities or results in the New Year, you’re committing yourself to creating new habits and improving your life. To become financially fit in 2012, and make good on your financial resolutions, you should focus on a written plan, and be willing to sacrifice to reach your goals. For many people, their financial goal is to pay off debt and save more money. Like most resolutions though, this is much easier said than done. For some, the task won’t seem too difficult until they receive their new credit card statements in January. It’s then that a true reality check of what it’s going to take to become financially fit in 2012 sets in. This is where a written plan and true commitment becomes imperative!
You may have heard the old saying, “resolutions are made to be broken.” But breaking your financial resolutions in 2012 could leave you broke! While it was easy for shoppers to use their credit cards this past holiday season, the hard part lies ahead, paying it down or off over many months or years. Credit card debt can snowball out of control, if you’re not careful. The “Buy Now, Pay Later” plan always catches up with you. Becoming “financially fit” involves a lot of hard work and dedication, and a written plan plays a huge role in your success. If your New Year’s resolution includes dumping debt and saving more for retirement, make it happen! Stick to your resolutions and turn them into solutions, before Father Time catches up to you and your finances, and keeps you from achieving your financial goals.
Once again, I’d like to hear your views on this week’s show. Did you spend more or less this year on Christmas presents? Do you plan on paying off a chunk of your credit card purchases during the first quarter of 2012? And, are you still paying for 2010’s Christmas gifts?
Until next week, Dump Debt, Invest Wisely, Believe in Yourself and Make it Happen!
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