Many people fear making New Year’s resolutions because they’re afraid they’ll fall short. However, success can be attained by starting out with small steps, and improving personal finances is so important. Following you will find a list of New Year Financial Resolutions.
Spend less. Shop around for lower-prices or stock up on things you use often when they are on sale, or take a look at how often you eat out and any impulse purchases. When you see how much they cost, it may provide the incentive to cut them out.
Save more. Saving more is a close cousin to spending less. After getting a sense of your spending, you can begin to figure out how to increase your saving. One of the simplest ways to ensure you save regularly is to make it automatic.
Invest more. Your investment mix should have an appropriate level of risk and growth potential. If the market has shifted that mix, you may need to re-balance it. But don’t forget that giving your money a chance to grow is important.
Pay down debt. Credit-card balances take a big bite out of your income. The key is to pay down the debt with the highest interest rate first. Consider calling Family Financial for a Free Financial Analysis and to check how we can help you.
Set aside money for an emergency. Managing your money would be much easier if life went exactly as planned, but it seldom does. That’s why an emergency fund is essential for dealing with everything from a blown transmission to a lost job.
Have a budget and stick to it. Trying to navigate your financial life without a budget is like trying to drive a car without a gas gauge and odometer. You’ll never know if you can make it to the next fill-up without running out.
Save more for retirement. Who doesn’t have a retirement dream? Aim to save at least 15% of your pretax income each year, from age 25 to age 67. This will ensure that you have enough income to maintain your current lifestyle in retirement.
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Buy a home. Are you thinking about buying a home? Before making a purchase, make sure you carefully consider all the factors surrounding your decision. It’s important to take a step back and evaluate how much you can comfortably afford.
Save for your kid’s college. Studies have shown consistently that a college education pays off in the long run for most people. College graduates earn higher salaries and experience lower levels of unemployment.
Learn more about finances. Getting in good financial shape can pay off. Spending wisely, saving what you can, managing debt, paying bills on time, investing, and having some money tucked away can make you feel good.
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