{"id":186586,"date":"2025-12-16T13:52:08","date_gmt":"2025-12-16T13:52:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/186586\/"},"modified":"2025-12-16T13:52:08","modified_gmt":"2025-12-16T13:52:08","slug":"how-to-manage-and-avoid-debt-in-the-new-year","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/186586\/","title":{"rendered":"How to manage and avoid debt in the new year"},"content":{"rendered":"

Amica Insurance is a sponsor of “Good Morning America.”<\/p>\n

Bryanca Colvin, assistant vice president at Amica Insurance<\/a>, understands what it’s like to struggle with debt.<\/p>\n

Colvin’s parents planned as best as they could to prepare their daughter for college. Although Colvin had a few scholarships, it wasn’t enough to avoid loans.<\/p>\n

<\/p>\n

Bryanca Colvin, who is Amica Insurance’s assistant vice president, is shown at her graduation from the University of Georgia<\/p>\n

Courtesy Bryanca Colvin<\/p>\n

Colvin needed financial assistance for tuition, room and board, and more, and like many young adults, she quickly maxed out her credit cards and could only pay the minimum.<\/p>\n

This carried into Colvin’s young adult life as she searched for steady employment and took on additional bills for rent, groceries, insurance, student loans and beyond.<\/p>\n

Colvin’s experience taught her valuable lessons, and now she has created a three-step plan to help others manage and avoid debt in the new year.<\/p>\n

<\/p>\n

Bryanca Colvin of Amica Insurance is shown here with the first car she purchased.<\/p>\n

Courtesy Bryanca Colvin <\/p>\n

Step 1: Differentiate your needs versus your wants<\/p>\n

The first part of Colvin’s three-step budgeting plan is to differentiate your needs versus wants.<\/p>\n

The top of your “needs” list should include housing, meals and transportation. “Wants” include things like vacations, entertainment and your wardrobe.<\/p>\n

Step 2: Be honest with yourself<\/p>\n

Be honest with yourself about what you can afford without creating more debt.<\/p>\n

Colvin explains that compromise is key: You don’t need to give up all of your “wants” to save money. Instead, find ways to do the things you love on your budget.<\/p>\n

For example, rather than going out, invite friends and family to game night at home.<\/p>\n

If you’re considering a vacation, schedule a day trip or book a staycation nearby instead of traveling abroad.<\/p>\n

And when it comes to your wardrobe, always evaluate what you already have before buying new. Consider restyling some of your favorite pieces in new ways for a fresh look.<\/p>\n

Step 3: Be clear about your financial goals<\/p>\n

Again, honesty is key: Be clear about your financial goals, along with the steps and discipline you’ll have to commit to reach those goals.<\/p>\n

Prepare for the unexpected<\/p>\n

Don’t let a surprise derail your process and prepare for the unexpected. Even if you think you can’t afford insurance, you can’t afford not to have it.<\/p>\n

Colvin recommends being picky when it comes to your plan and do your research, because different people need different types of insurance. Amica representatives can guide you through the process and help you choose the right plan.<\/p>\n

Learn more<\/p>\n

See resources below from Amica Insurance.<\/p>\n","protected":false},"excerpt":{"rendered":"Amica Insurance is a sponsor of “Good Morning America.” Bryanca Colvin, assistant vice president at Amica Insurance, understands…\n","protected":false},"author":2,"featured_media":186587,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[138,246,111,139,69,244,245],"class_list":{"0":"post-186586","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-new-zealand","11":"tag-newzealand","12":"tag-nz","13":"tag-personal-finance","14":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/186586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=186586"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/186586\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/186587"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=186586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=186586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=186586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}