This week, the theme is financial resolutions for 2020. 

Each day this week, I’m giving you ideas on how you can adopt a financial resolution for 2020. 

Today’s financial resolution for 2020 is: a debt-reduction new years resolution. 

Whether you have high-interest credit card debt, a car loan, a business loan, or a mortgage, reducing or removing the burden of debt is one of the best things you can do for your financial health and your stress in 2020. 

Here are some ideas for resolutions to reduce your debt in 2020: 

• Make a debt payoff plan using a system like the debt snowball or the debt avalanche method to systematically tackle your debt
• Target a specific debt to payoff, make a plan to pay it off, and put the plan into action
• Begin setting aside $50-100/month into emergency savings, so you’ll be less likely to go into debt in the future
• Learn how to use an amortization 
• Commit to taking on no new debts in 2020, and make a plan for what you’ll do to prevent you from caving on your no new debt resolution.
• Cut up your credit cards on January 1st. 
• Pick 1 month in 2020 where you spend no money on nothing but the essentials. Take the money you save and use it to pay down debt and boost your emergency fund. 

That’s it for today, but before you go, would I be correct in saying that your retirement is perhaps the most important financial decision you’ll ever make? You want to get it right. Well, so do I. For the last 12 years, I’ve been helping clients just like you make the transition into retirement. If you want to talk one-on-one with me about whether or not you can retire, head on over to truenorthra.com, where you can book a 15 minute call with me, at a time that’s convenient for you. The call is confidential, free, and I promise to help guide you on whatever is weighing most on your mind right now regarding your retirement. So head on over to truenorthra.com and book a call today. 

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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