Your Maui New Years Money Resolutions

Happy New Year! To end a few promising months of stabilization in the economy, retail sales spiked even higher than expected during the holiday season. But it's not time to let our guard down and get to comfortable again. The stimulus package may be sustaining this stability and it's difficult to tell if its effects will wear off, so this year your money resolutions should be especially prioritized. So here are some suggestions.

Track your spending, whether on your computer or in a notebook, so that you know where your money is going. Let's face it, sometimes we don't realize how much we're spending on certain things. Give the record-keeping a shot. You might surprise yourself and then hopefully make the necessary adjustments in your spending.

Lower your debt! You can start by using cash rather than credit. Using cash reduces excessive expenditures by up to 25 percent! It's much easier to hit a few buttons and sign rather than let those bills go. I think just about all of us can agree on that.

Budget! If you've begun to keep track of your spending, it's easier to get a sense of where you need to reign in spending. Lay your budget out so you can read it. Trying to keep track of it in your mind isn't as effective.

Negotiate. Most of us aren't used to having the option of negotiating, but you'd be surprised how flexible vendors can be in this economic climate. Many will be aware that consumers are being extra careful with their spending and they have to be extra competitive and adaptable in order to keep their business healthy.

Save, save, save! It never ceases to amaze just how many people don't realize the importance of setting aside money in a savings account. Life does not always go according to plan. In case of unexpected expenses, you need to have a backup money pool or you will often overextend your credit or perhaps wind up having to ask those close to you if they can lend you money.

Those are just a few guidelines that can help. It would also be a good idea to consider your specific financial situation by considering how the past year went for you. Fine tune your own plan to your needs and be resourceful! We hope the coming year will be prosperous for all on Maui!

For those of you who are interested in taking advantage of the incredibly low-cost real estate for sale now on Maui, have a look at our stunning collection of Haiku homes for sale. There are some good buys among the North Shore homes for sale as well. If you need any real estate assistance, please email us at info@jimsandersrealty.com or call (808) 579-8255. Mahalo for reading and have a great weekend!