Guest Blogger: Kristin Hutchins
Baby steps are the secret to financial success in 2013. They don’t sound like much but they can be key. Whether your goal is to pay your mortgage off faster, or simply save more, here's how small steps can lead to achieving results and prevent foreclosure.
Accept that you can achieve successful homeownership and make a commitment to yourself to attain it. It is within your grasp if you really want it.
Ask yourself: Where do you want to be in 2,5,10 years time? Set financial goals that are reasonable. Write these down and save them somewhere you will remember so that you can revisit.
Establish your current financial position. What is the cash inflow and outflow. Which areas can be improved upon in order to reach your goal?
Develop your NEW plans. Decide what action you are going to take that will move you closer to the achievement of your goals? All goals should be specific and have a time constraint.
Closely monitor the performance of your goals and your rate of savings.
Try to put extra savings into investments (it could be your very own business.)
Review and reward yourself annually if your targets are being met.
Pursue your personal goals and ideas with all you've got. With real PASSION and PURPOSE. If you really BELIEVE In them, they are far more likely to achieve results.
Still try to live a BALANCED life... or as balanced as you can make it.
10) Take Action
The highest cost of all is the cost of waiting to TAKE ACTION to change your current circumstances in life. It is up to you to do things differently. So take ACTION now and change course.
"Reducing the amount struggling homeowners owe on their mortgages is proving to be a more effective way to prevent foreclosures than other methods, such as reducing interest rates or postponing payments", a new report finds.