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Starting the New Year Off Right

There’s no better time than now to take stock of your financial situation and make a plan to get the new year started on the right track. Make your resolution to take control of your debt a reality by putting some of our helpful tips below into practice.

Break it Down

We all know the saying, “Rome wasn’t built in a day” and we can take that mindset into this new debt resolution. Breaking things down into smaller, easy-to-accomplish tasks will make your financial goals easier to reach. Start simple by calculating how much money you can set aside to put towards your debt each month. This will give you an opportunity to make incremental payments and begin making a dent in what you owe

There are a few different methods to approach the debt relief process, so choose the one that you feel most comfortable with. For instance, the debt snowball method is a debt reduction strategy where you pay off debt in order of smallest to largest, gaining momentum as you knock out each balance. When the smallest debt is paid in full, you roll the money you were paying on that debt into the next smallest balance. This approach can help you feel successful as you cross debts off your list and keep you motivated as you move forward, paving the way to change how you behave with money so you hopefully never go into debt again.

Another approach to knocking down your debt is to trim down some of your expenses. These do not need to be drastic, life-altering changes, but reducing the amount of your expenses will eventually add up. These budget cuts should be made in moderation to avoid any extreme changes in your life. One way you can accomplish this successfully is to reduce the amount of times you eat out at a restaurant per week. If you go out three times a week, maybe try cutting down to twice a week. This may not seem like a huge change, but over time, your wallet will thank you.

Hold Yourself Accountable

Breaking down your expenses and making a plan is all fine and dandy, but you need to find a way to hold yourself to these standards to make true progress. This can be as easy as simply making a checklist to track your progression, which can do wonders for your accountability. You could also try the envelope method, where you put the amount you budget for into an envelope, and when it’s gone, you’re done spending for the month. If you don’t think you can do it yourself, have a close friend or family member you trust keep track of your progress so they can let you know when something seems off about your goals regarding your debt. There are a variety of ways to do this, the important part is to find something that works for you.

Earn a Reward

Coming up with a self-imposed punishment for missed payments or spending over your budget could be helpful, but figuring out a way to reward yourself for accomplishing your goals can be much more effective. This could be something very simple, such as treating yourself to your favorite candy every time you make a monthly payment or saving your favorite hike for when you stick to your budget for the week. Whatever the reward may be, they will help continue to push you towards your goal of full debt relief.

Credit card debt can still add up, especially during a pandemic, which is why seeking debt relief is one of the best options if you’re struggling to pay off yours. PCS Debt Relief can help you with your debt settlement needs. Call (636) 209-4481 for a free consultation to get the relief you need in these trying times. A stable financial future is the goal for all of our clients for the new year and beyond!

PCS Debt Relief

About the Author:

At PCS, our programs are tailored to the client’s specific financial needs. What sets us apart from our competitors is that clients see relief, before any payment is received. Our NO UP-FRONT FEE policy ensures our client’s a 100% satisfaction guarantee. We also do not charge any monthly fees or any cancellation fees. We want the client to feel comfortable during the whole process that’s why we allow them to be part of it every step of the way.

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