Fixing your money problems in just 12 months is possible with focus and commitment.
The initial move is a no-spend month. Eliminate luxury spending and focus solely on needs, such as groceries, shelter, and transportation. This reprograms your financial mindset and provides money to tackle debt and build savings. Use this energy to build a money allocation strategy, giving every dollar a job.
Next, look for additional revenue. Engage in freelance work, sell unused items, or upskill to get a better-paying position. Every additional bit of income should be allocated to your money objectives, like saving for emergencies or reducing loans. Speaking manage money of debt, use the snowball or avalanche method—paying off the smallest balances first or targeting the highest interest rates, depending on your preference.
Acknowledge minor achievements along the way to keep your momentum. Whether it’s eliminating a debt or hitting your initial savings goal, each success shows that you’re making your goals a reality. With consistency and careful planning, a complete shift in your finances in a year isn’t just a wish; it’s your achievable success.