Reworking Your Budget for 2014: Some Tips to Get You Started

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Enjoy better financial health. Here’s how you should
do it.

While the start of the year is usually the
best time to review your budget and spending habits, you can always take a
better control of your finances any time you like by following these simple
tips.

Simple
Steps to Take Control of Your Finances

Set
your financial goal(s).
Identify what your goals
are, set a target date for achieving them, make a plan to reach your goals and
stick to it. Be realistic when setting your goals and try to be as specific as
possible to further increase your chances of success.

Have
a fresh start.
You can start gaining more control
of your finances by creating a totally new budget. So, sit down and make a
complete list of your income sources and expenses. Just remember to use your
take home pay as a basis for recreating your budget and determine an average or
baseline amount for expenses that fluctuate on a regular basis.  

Negotiate. Review your statements to see if you are aware of all the fees that
are being charged by your bank, credit card, internet and cellphone service
providers to your account. If there are any fees that you are not totally aware
of, you should contact them immediately and see if they can bring down or
eliminate any of these fees.

Use
credit responsibly.
When using your credit card, make
sure you have a solid plan on how and when you can pay it off. Remember, it is
very easy to get carried away when using one. You should also consider using a
credit card that has a great rewards program so you can earn some points every time
you use it.

Create
an emergency fund.
You can avoid using credit cards
or short-term loans every time something unexpected pops up if you have an emergency
fund
. This can also come in handy if you suddenly lose your job or experience
a medical emergency. You should also consider automating your savings
contributions to make things easier for you.

Start
working on your income taxes.
Prepare your tax
documents well ahead of time to maximize your return. Tackling your taxes
earlier will give you more time to make sure you have collected and organized
all your tax
credits
and deductions (charitable non-cash contributions, health insurance
premiums, energy savings improvement credit, investment and tax expenses,
casualty deductions and retirement tax credit).

You have the power to master your finances.
Believe in yourself and you can start on your way to financial recovery.