Congratulations on your resolution to get your financial health back.  Many Individuals, families, and businesses felt some financial strains in 2009.  When considering where to start your road to recovery there are several things to consider.

(1) Do I have time to figure it all out?  Many people are overwhelmed where to even start.  I strongly suggest you start with budgeting.  Lets see where what money you do make; goes.  Does it go for house or rent payments, car payments, insurance, savings, loans, …. Does it always seems like someone wants more money from you?  “Your not alone”

(2) How do I manage this debt?  Many of us would love to have no debt.  The best method I have found for this situation is called the snowball effect.  Simply take a few extra dollars a month and pay off your smallest balance loan.  Now that is paid off keep paying that small extra + the normal payment you were making on that loan that is now gone and pay it toward the next lowest balance “do this till your debt free”.  With a strong will to be debt free I have seen many people do this in 4-7 years, with no assets and at the end the house is even paid off.

(3) I have some investment and savings, where is the best place for my money?  This is where I strongly suggest you shop around for a financial planner.  Interview several, I would say three to five.  This person, team, or organization is in direct control of your financial lifestyle.  You should have a firm that is willing to tell you that your money is better spent paying down loans, not one that just wants you to invest to make a commission.

I would try and find a planner that will give you a low cost plan and a strong service model to keep you on track.  Your planner should have a written service model so you know exactly to expect.  I write this article to help those with the New Year’s resolution to get your financial health back.  “Consider my firm for your planning needs” James Rosebrough.