Groove Magazine Zimbabwe Issue 2 | Page 69

MONEY Forgive us for our debts So it is a new year, you might still be in debt from last year and that is still hanging over your head (definitely not a plus on your new year’s resolutions). How then do you resolve your debt issues in order that they do not encroach into your 2014 finances? Here are some simple steps to getting you out of debt 1. Have a specific goal towards decreasing your debt. For example, set your goal to decreasing your debt by 40% within the next four to six months. That way you know what you are working towards. 2. Strategize how you are going to reach your goal e.g. I will save $50 every month. This will give you focus and direction so that you won’t go off-track. 3. Give yourself a specified deadline for when you want to completely clear the debt. It is vital that you set a deadline for every monthly clearance so as to evaluate how far you are. 4. Remind yourself on your goal by writing your plan down and sticking it somewhere visible like the fridge, or dresser mirror, or desk. It would also be wise to diarize your goal and the deadlines. 5. When you have achieved your goal, do not BORROW! Make sure that you plan your finances well and invest in profit making projects or products so as to keep money spinning. Money saving tips: Save your loose change. Putting aside fifty cents a day over the course of a year will allow you to save nearly 40% of a $500 emergency fund. Groove Magazine Zimbabwe 65