4 Financial Mistakes to Avoid in 2016

December 31, 2015

Financial Mistakes to Avoid in 2016

Financial Mistakes to Avoid in 2016

The New Year is almost here. While many people may be scrambling around to get ready for a festive New Year’s Eve celebration tonight, others may be considering their resolutions – and what they want to focus on improving in 2016.

If you are among those who are focused on achieving a better financial outlook in the New Year, here are some mistakes to avoid because they could sabotage your efforts.

Financial Mistakes to Sidestep in the New Year

  1. Failing to manage expenses – Do you know how much you spend on essential versus non-essential expenses each month? If not, it’s time to start closely managing your expenses so that you understand how much you spend month to month. While this can help you figure out how much you need to be earning to stay afloat, it can also help you identify areas where you may be able to cut back on your spending (and free up some extra cash for other, more useful purposes).
  2. Not investing in savings – If you are not investing in your savings at least once per month, make a resolution to get into this habit in 2016. Building up your savings can be important to having a financial safety net to fall back on when unexpected expenses arise. So, try to think of your savings investment as another essential “expense,” and commit to making a regular contribution that you can afford to this account.
  3. Lacking a debt repayment plan – Do you know how much debt you have? Or how much each of your different debt obligations are costing you? Are you only paying the minimum monthly payments on your debts? If you lack a debt repayment plan, the New Year is the time to get one place. As you do this, prioritize your most expensive debts first, aggressively paying these down so that you don’t end up spending more money than you have to paying them off.
  4. Taking out new lines of credit – If you are really serious about getting your finances in order in 2016, try not to take out new lines of credit or finance substantial new purchases if you can avoid it. New credit usually means more debt and more monthly payments to keep track of. And this can subvert attempts to get finances back on track.

Contact Denver Bankruptcy Lawyer Jon B. Clarke Today

If you are ready for some professional help resolving your debt and getting your finances back on track, contact trusted Denver Bankruptcy Lawyer Jon B. Clarke for experienced help pursuing your best debt relief option.

To get answers from an experienced and esteemed lawyer, contact us today. We encourage you to complete our Business or Consumer Debtor Analysis Form. You can also get answers from Denver Bankruptcy Attorney Jon B. Clarke by calling our firm at (303) 779-0600 or (866) 916-3950 or by emailing us using the contact form on this page.

From our offices based in Denver, Castle Rock and Greenwood village, we take pride in providing people throughout the state of Colorado with the highest quality debt relief legal services.

Categories: Bankruptcy, Financial Tips, Paying Down Debt