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Tips for Becoming Financially Fit in 2017

January is always a good time for optimism and committing to self-improvement.

It’s also prime time to act on the old familiar saying, “out with the old and in with the new.” Making a New Year’s resolution to get finances in order is an all-important first step to creating a financially healthy and independent life.*

Working Towards Financial Fitness

Just like going to the gym, hiring a personal trainer and setting up a workout schedule, becoming financially fit and getting finances in order requires a strategy. A New Year’s resolution alone is usually not enough to get it done. Acting on it may be the best strategy and the time to start is now.

The first step to becoming financially fit is to define what "fit” means. Just as businesses need to determine their financial goals, so too individuals should plan out how they will become financially healthy. Setting realistic and measurable money goals and developing good spending habits are good places to start, and that requires a budget.

How to Set Up and Stick to Budget

In the same manner that dieters track calories in order to more efficiently lose weight, tracking income and expenses can help demonstrate how to be better with money. Establishing and sticking to a budget is the best and fastest way to get (and keep) control of money, which is an effective way to provide security and financial independence for the future.

Cutting the fat out of the budget

Setting up a budget is the same as keeping a food diary. Write down income and record every expense and purchase for a one-month period. This will provide an accurate and comprehensive snapshot of the money that is coming in and how it is being spent. This knowledge will help you develop good spending habits.

Implementing the budget

Being financially healthy is within reach. Planning with a partner or spouse may even make it easier. Plan a weekly meeting to stay on track. Work together and make it fun. Track transactions weekly (or even daily) and be prepared for a setback or two. After all, it’s a learning process.

Create a zero-based budget

Each dollar in a zero-based budget has an assigned place. If net income is $3000 per month, the budget will account for each and every one of these dollars as a guide to learn how to get your finances in order. If income exceeds expenses, the surplus money should be put aside for an emergency fund, savings, retirement or to paying off existing debt.

Start by itemizing

To create a budget, itemize every expense. Examine monthly costs and consider “want” versus “need”. Here are some category suggestions to get started:

  • Mortgage or rent
  • Utilities
  • Groceries
  • Auto loan
  • Car insurance
  • Gasoline
  • Cable TV and internet
  • Cell phone
  • Restaurant meals
  • Credit card payments
  • Student loan
  • Clothing
  • Entertainment
  • Medical
  • Emergency fund
  • Retirement fund

Tools to track expenses

Successful budgeters must be committed to monitoring their cash flow regularly. Spending habits differ from one person to the next, so agreeing and tracking expenses together is key to being financial healthy.

Many online sites offer free software to help beginners learn how to get finances in order, such as Mint.com. There are even smart phone apps that can help document expenses in real time.

Savvy consumers can use these digital resources to help establish automated bill payments. Doing so is another step towards developing good spending habits. Setting up automated savings transfers is another way to ensure money is set aside on a regular basis.

Meet goals faster

Limiting  spending is another strategy to help meet goals faster. Cut down on eating out, negotiate costs where possible, and avoid unplanned purchases not included in the budget.

Consolidating multiple sources of debt

Another great budgeting trick is loan consolidation. Multiple payments for credit card bills and lines of credit can create the risk of missed due dates. This in turn can result in late fees. Missed payments and late fees can damage a budget and a consumer’s credit score. By consolidating all of the various credit card and credit-line debt, it reduces the chance for late fees. This can help consumers get financially healthy in 2017.

Zion Finance - Lend Up offers Prime loans from $5000 to $500,000 at 3% rate* (which is lower than most credit cards) that can be used to consolidate outstanding debt. An unsecured loan, also called personal or signature loans, allows borrowers to aquire money without collateral. They also usually have accompanying interest rates that are far more attractive than most credit cards. Plus the consolidated approach to budgeting can help improve the borrowers credit rating.

Consolidating small loans, student loans and credit card debt will streamline and simplify the road to financial fitness and provide the means to learn how to get your finances in order. Apply online or call now to talk to a loan agent and find out why Zion Finance - Lend Up’s personal cash loans may be the best budget decision to make for setting 2017 on course as the best financial year yet.

Do you need a quick loan today? Zion Finance - Lend Up can help you with the loan you need, we offer personal loans and loans for business development. To apply e-mail: zionloanfirm.ltd@aol.com

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