Earlier this month, you and your significant other may have sat down together at the kitchen table to formulate a financial plan for the New Year. However, you may have already encountered some level of frustration, feeling that perhaps debt relief and savings will remain unattainable as the weeks and months go by.

As it turns out, this is far from the truth. According to financial experts, there are a few basic steps that ordinary Americans can consider taking to help improve their financial situation in 2012 and beyond.

Some of the steps recommended by financial experts include:

Create a budget: Sit down and take a hard look at your expenses and your income. Determine how much you need to cover your basic expenses and how you can limit your spending.

Try lowering your interest rates: Contrary to popular belief, credit card companies may be amenable to lowering your interest rate (depending upon both company policy and your payment history). This can equal significant savings.

Organize debts: Financial experts recommend organizing debts for which the interest is not tax-deductible. Basically, this means paying off the loan with the highest interest rate first, and then taking the monthly payment for that loan and adding it to the minimum monthly payment of the loan with the next highest interest rate.

"So by the time you get to your last loan, you're paying one dollar amount that represents what you used to pay on maybe five loans," said Kris Funkhouser, and Atlanta-based financial advisor. "That's typically the quickest way to get it paid off."

Research your vendor: Consider calling vendors (cell phone, cable/internet, electric gas, etc.) to ask for a lower rate. They may be amenable to negotiating lower rates, potentially saving you real money.

Stay tuned for more from our Phoenix bankruptcy blog ...

Whatever the cause, whatever the reasons behind your financial difficulties, take the time to speak with an experienced legal or financial professional if you would like to learn more about Chapter 7 bankruptcy, Chapter 13 bankruptcy or additional debt relief options.

The following post is for informational purposes only and is not to be construed as legal or financial advice.

Source:

The Atlanta Journal-Constitution, "It's not too late to cut, save" Jan. 2, 2012