There are many theories concerning why consumerism and debt is rampant. From not earning enough money to keeping up with the Joneses, the amount of consumer debt that exists is staggering. It also happens to be rising along with the cost of living. While every situation is unique, there are practical ways to achieve your financial goals. Check out the tips below.
Negotiate Credit Card Interest Rates
If you have a credit card, consider contacting the bank that issued the card to negotiate a lower interest rate. As part of their customer retention plan, they will sometimes accommodate these requests. Keep in mind that professionalism and kindness when asking will boost your chances of success. One valid reason for asking is raising your credit score. It’s something that warrants a lower interest rate.
Create a Personal Finance Vision Board
There have been countless stories about the power of a vision board. Highly successful business owners and entrepreneurs encourage use of a vision board because it allows them to visually see their thoughts and hopes for the future. Even science has proven that writing down a goal will increase the likelihood of achieving it. Creating a personal finance vision board enables you to see what you want for the future. If nothing else, you’ll remember that your efforts have a purpose.
Refinance Student Loans
Refinancing student loans has been of significant value to many people struggling to deal with a mountain of debt. Quite frankly, it can be a savvy way to manage your finances for a variety of different reasons. Some people refinance student loans when they’re buying a home as a way to reduce their monthly expenses.
Establish Short-Term Targets
There’s something about achieving a goal that has the power to lift your spirit. By setting short-term and attainable goals, you’re able to start checking things off your list, which will build the momentum needed to continue. For example, if you want to go on a cruise in a year, you can start by saving $10 a week. You’ll have $960 saved in one year. You can replace the cruise with a new electronic device or however you want to treat yourself. These can be goals for much smaller items.
Recruit an Accountability Partner
Having an accountability partner is a trick that works in many areas of life. If you need to lose weight, it’s good to have someone that can tell you when you’ve fallen off the wagon. Just make sure it’s someone you trust to be honest. Choosing the right person is important because you don’t want to destroy a friendship. Having a loved one hold you accountable in any area can be tough, but worth it. Hopefully it’s a situation where you can hold each other accountable. Just like exercise partners are more likely to stay fit, partners in financial wellness are more likely to build wealth.
Achieving your financial goals isn’t complex, but it’s not easy. It requires intention and consistency. Taking a practical approach will increase your chances of success.