Everyone knows that the top New Year’s resolution is to lose weight or live a healthier life, but do you know what ranks as the #2 resolution?
The second most popular resolution is to get out of debt and gain more control over personal finances. Like any other resolution, this change is only as feasible as the plan created to achieve the goal. If you don’t have a plan for regaining control over your finances, I guarantee that within days, you will ultimately succumb to that credit card calling beckoning from deep within your wallet only to find yourself the proud owner of impulse purchases while in line at the store. Spending money and not paying attention to where your hard earned dollars are disappearing is easy. A $4 purchase at the coffee shop, $12.95 at the dry cleaners, $22.47 at the drug store, and all of those electronic withdrawals for automatic bill payment can land your account in a negative balance before lunch time.
So how do you actually begin to regain control over your finances?
ABC’s Good Morning America consumer correspondent Elizabeth Leamy recently released a book with just these steps clearly identified. If you pick up a copy of her new book, Save Big and Cut Your Top 5 Costs and Save Thousands (Wiley, December 2009) you’ll discover a veritable road map for consumers. She focuses on some of the largest expenses a family has and ways to dramatically reduce costs. According to Leamy, the top five expenses are house, car, credit, groceries and health care. By looking at these five areas and not worrying about all of the little expenses or running around your home installing low-flow toilets, Leamy shows consumers how to save BIG.
Leamy has even added an online companion through her web site that includes mortgage calculators, links and other financial resources to help consumers save.
If you haven’t even started on your New Year’s resolution, now is a great time to pick up Leamy’s book, grab a latte (go ahead, it’s ok!) and start making plans to improve your financial future.