Rejoice Your 2019 Victories And Plan For Greater Gains In 2020
A New Year’s Resolution is always a good head start in setting your goal. The idea of welcoming the new year sounds inviting as it gives us an excuse to depart ourselves from the past and in certain ways, allows us to pave a new story in our lives.
Moreover, ending the year with a reflection on what has worked well and what did not is a good way to assess how you manage your finances. It can give you tips and pointers on how you can well manage the years to come.
How Far Have You Accomplished?
First, you might want to reevaluate how much you owed since the start of this year and the total money you owe by now. If you’ve seen progress in reducing the amount, then that implies that you’ve done well this year or so much more if you’re able to zero out your debt.
Conversely, if your total debt seemed to increase nor it remains immovable, then you may need to look back and reassess your planning and implementation.
What Worked Well From Your Plan Last Year?
In your reflection, you might need to consider what worked well in your plan for this year and calculate how much extra have you acquired to pay off your debts. Besides, it can also help you figure out what to do for the year to come to compensate for the same positive outcome.
What Didn’t Work Well From Your Plan Last Year?
In your reflection, there might be things that you need to consider and avoid doing, as it may yield the same negative outcome next year. This way, you can determine what are the things that you need to modify, or eliminate since it didn’t work for you.
Plan Your 2020 Ahead
Through the means mentioned, you’ll surely have a clear picture of your overall expenses and the plans that worked as well as those that did not. By using the figure of your current income for this year and your expenses for the entire period, you can come up with a budget plan for the possible expenses on the year to come. Moreover, you can try calculating the figures and see if you can come up with the entire debt payments at the end of the year.
Try Something New That Might Work In 2020
As you plan for the year to come, you will have to reassess how you manage your finances and how you manage your debt this year. Also, if the plan this year did not work well, you might have to try some other plans that might work. The key is to design a plan on what to stop, to continue and to improve.
The Question You Need To Answer
The question that you need to answer is if paying off debt your priorities? Your line of thinking will determine the path that you’re going to take, which will also equate to the possible outcome. Moreover, you can always come up with a way to ensure that you can end the year right and start the year fresh.
CONSUMER PROPOSAL EXAMPLE
Example Unsecured Debts
|2||Credit card 1||$6,812|
Your Monthly Repayments Would Be
a Consumer proposal $748
(total contractual repayments)
a Consumer proposal $295
(total contractual repayments)
* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances.