Take Stock Of Your Finances In The New Year
Experts say now is the time to get organized
For Immediate Release: January 14, 2003
ROCKVILLE, Md. — It's not uncommon to start off a new year with a to-do list stretching from January to December. But while the yearly promises to lose weight or quit smoking seem to be perpetually topping that list, getting yourself financially organized should also be a priority while the year is still young.
"Resolutions come and resolutions go but for most people nothing ever changes," said Steve Rhode, president and co-founder of Myvesta, a nonprofit financial management organization. "Instead of making promises to yourself that you'll never keep, take the opportunity to clear up your financial picture and figure out exactly where your finances stand."
According to Rhode many people do not have a realistic view of their finances and by spending the time to get organized early in the year they can set themselves up for greater financial success.
"Twenty-five percent of people do not look at their credit card statements and almost 50 percent do not know what interest rates they are being charged," Rhode said. "While the year is off to a fresh start take the time to tally up your debts, add up your assets and make a plan for the year to come."
Some tips for getting financially organized in the new year include:
- Add up holiday bills, credit card bills and all other debts. List all your creditors and the interest rates you are paying on the debts;
- Order a consolidated credit report from Myvesta.org, which contains information from all three major credit bureaus, and dispute any incorrect information you find;
- Close unused lines of credit but be careful not to close old accounts, those help the length of your credit history; and
- Track your spending for at least a month to figure out where your money is going, then use that information to develop a plan to be debt free.
"If you find yourself overwhelmed by your finances or you are having trouble getting everything organized, don't be afraid to ask us for professional help," Rhode added.
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MyvestaSM is dedicated to helping people create healthy financial lives. The organization provides a wide range of materials to inspire and inform people so that they can break down their barriers to financial and personal success. For more information visit Myvesta.org online.
