5 Quick Ways to Rebuild Your Busted Budget

You’ve unwrapped the presents and eaten the Holiday dinner—a good time was had by . . . most. It’s time to sit back and enjoy. We want to make the after-effects of the holiday season even easier for you by offering advice for how to not only rebuild your finances after the holiday, but rebuild your finances from ground zero.

Here are 5 places to begin to repair and prepare your budget during the next year:

1. Evaluate your income. Get creative and think about easy ways to make money by selling stuff you simply don’t want. Haven’t ridden your Vespa for 3 years? Dump it. Declutter your house like crazy. Once you get a system of selling going on eBay or Craigslist it’s one of the best ways to make a dent in what you spent for the holidays. Or try using skills that you consider a hobby to bring in some extra cash, like selling handcrafted or artistic items.

The New Year is a good time to consider your work situation too. Did you get a raise at the end of the year? Funnel that extra Money to a savings account or use it to pay off the credit card debt you incurred from the holidays.

2. Assess your spending. Look over your bank statements for the past few months. In hindsight, did you make purchases that you regret or purchases that you wouldn’t make again? Use this exercise to evaluate your spending and make deliberate purchases in the future. Take special note of any purchases you made associated with strong emotions. Try to avoid purchases when you are hungry, angry, lonely, or tired (HALT).
3. Look at your tax refund. It’s nice to get that fat check when you receive a refund at tax time. But keep in mind that the money you’re overpaying in income tax could be working better for you somewhere else—especially if you’re rebuilding your finances. If you’re receiving a big check this year, put it aside or pay off that holiday debt that came through like a wrecking ball. For the coming year, consider talking with your tax professional to get a recommendation about your withholdings. You don’t want to be making interest-free loans to Uncle Sam.
4. Negotiate some of your payments. Make a few phone calls to your cable provider and insurance company. Often you can bundle services or negotiate a lower rate just by inquiring. If you raise your auto insurance deductible it should lower your premiums. Consider cutting your cable bill entirely and replace it with subscriptions like Netflx or Hulu.
5. Set up automated deposits into your savings. When you set up an automatic transfer from your paycheck to your savings or other wealth-building account, you’ll build a nest egg without even noticing it.

Be aware that this is a process that can take all year. But if you’re smart about it, the holidays won’t catch you off guard and gobble up the progress you’ve made. And finally, don’t get discouraged if you don’t see money pile up overnight. An attitude of gratitude for what you do have goes a long way in making you realize that you are already wealthy.

Overhaul Your Financial Strategy

The best advice we can give you for growing wealth, regardless of where you’re starting from is to teach you the Perpetual Wealth Strategy using very carefully selected permanent life insurance options that offer growth, income, and an opportunity to leave a legacy for your family.

You’ve heard that it takes money to make money. When used properly, the Perpetual Wealth Strategy allows you to borrow from yourself, and you’ll have instant liquid cash while your funds are still receiving a dividend safely in your policy. Some quick wins you can achieve by borrowing from yourself may be borrowing to:

• • Pay off debt and save money you would have paid in interest.
• • Make major purchases and save interest payments.
• • Invest in real property like real estate and start receiving cash flow from your investment.

At Paradigm Life, we want to show you how the Perpetual Wealth System can offer all of these features as give you those quick wins you need when you’re rebuilding your finances and financial strategy. We always recommend building your wealth in a stable environment outside of Wall Street that has offered proven returns for over a hundred years. It’s easier than you think, and we are excited to invite you to take 2 minutes to sign up for a FREE, extensive eCourse called Infinite 101®. You’ll receive access to video tutorials, articles, and podcasts. It literally costs you nothing to become educated on this ideal financial strategy and start changing your wealth paradigm!

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Reference: http://money.usnews.com/money/personal-finance/slideshows/25-ways-to-fix-your-finances-fast?page=23

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