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One of my goals for this year was to start a budget and still to it. I just wanted to share some of the reasons why budgeting just make good fiscal sense.

Knowledge of your Finances
When you set up your budget and develop a spending plan; this will help to determine where you money is going. Once you know where your money will be distributed on a monthly basis you know when and where to distribute your funds. Having the ability to know what’s going on with your finances is always empowering.

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Online banks are the way to go for people who are looking for a better return on their savings accounts. Here are some of the current rates that are available today.

WTDirect is offering a 4.90% APY with at $10K Minimum Deposit.
Emigrant Direct is offering a 4.65% APY with no fees and no minimums.
ING Direct is offering a 4.10% APY with no fees and no minimums.

These are just of the few choices that are available. For more information on additional savings rate just visit Bankrate.

I just wanted to share some debt reduction methods. Most of these are common sense, however, common sense doesn’t seem to be all that common. The hardest thing do when trying to reach a goal is starting. So here are a few rules that will guide you along the way.

Get Out of Debt Faster List:

1. Stop using you credit cards.
This is the first step to get out of debt faster. Just remove your cards from your wallet or purses. Without this temptation in your possession the likelihood to go further into debt will be reduced.

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If you choose to only pay the minimum payment on a credit card each month you will not see the balance move to significantly. Not only will it take more time to pay off your debt, but the finance charges on your unpaid balances will increase the total amount of your original debt. If you were to charge $4000 on a 17% interest rate card and only make the minimum payments and charge nothing else, it could take you up to 23 years to repay your debt. So if you can afford to pay more than the minimum payment do that. It will help to reduce your outstanding balance sooner.

The number 8 stands for new beginnings and the number 7 stands for completion. At the beginning of every new year, resolutions are made to improve on ones personal life. There are personal financial resolutions made also. However, to start the 2008 off right I am going to set goals instead. Goals are essential to obtaining your personal financial freedom.

2008 Personal Financial Goals

1. Make a budget and stick to it.

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