Health Insider Update


5 Steps to Prevent Financial Failure

5 Steps to Prevent Financial Failure
February 12
16:24 2016

Many people set resolutions to save money and get out of debt in the New Year, but doing so takes careful planning. It doesn’t have to be difficult, all you have to do is follow these steps to reach success:


  1. Before you’re able to make any big changes in your life, you have to first admit that there is a problem. You have to prepare yourself for the changes that are to come and the challenges that lie ahead. Change isn’t easy, but the outcome will be worth it, so work hard and get through it by being honest with yourself up front.
  2. Analyze your current situation. Make a list of much you take in every month, and then an honest list of how much you need to spend every month on rent, utilities and other living expenses. Do not include luxury items or unnecessary costs in this list. Using these numbers, you can figure out what your discretionary income is and what you have to put towards paying down debt.
  3. Play around with the numbers. Are there any fixed expenses that can be reduced? Maybe you should cancel that premium cable package you have to save $20 a month on your bill. There are always ways to cut back and put that money towards paying off your debt.
  4. Track your progress. After you’ve spent a few months on your new financial plan, track your progress and see how much you’ve paid down on your debt. Seeing the progress that you’ve made in a short period of time will motivate you to push forward.
  5. Don’t give up when you have a setback. Life isn’t perfect, and unexpected expenses will always pop up. If there is a week or month that you have to stray from your plan, don’t get discouraged. Start fresh the next week and don’t think about the week prior.


Follow these tips, and you’ll pull yourself out of the financial hole that you’re in in no time!



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Mina Sinai

Mina Sinai

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