Start Off the Year on the Right Foot
Although New Year’s resolutions might seem silly, studies have demonstrated that those who make them are actually more likely to accomplish their goals. Maybe it’s the simple power of defining and mentally committing to an objective, or perhaps it’s the social pressure of sharing your plans with at least one other person…. Whatever the reason, resolutions work! So, on that note, we suggest that you consider the following resolutions with regard to your financial life.
“I will get my finances organized this year”. You might be shocked at how much you’re spending on late payment fees, unnecessary bank penalties, or impulse purchases. Start analyzing your monthly budget, write due dates on a calendar (or use a handy app on your smartphone), and scrutinize your credit and debit card statements.
“I will get out of debt”. This is one of the best resolutions you could ever make! Making only the minimum payments on credit cards, or only slightly more than the minimum, could cause you to unnecessarily spend years in debt. You could even enter retirement still carrying debts from the past decade. Consider working with a debt counselor, taking out a consolidation loan, calling credit card companies to ask for lower rates, or transferring balances to an introductory-rate zero interest card.
Most importantly, once you get out of debt, resist the temptation to overspend again. Keep just one to three low-interest cards with great rewards programs, only charge what you can pay each month, and get rid of the rest.
“I will start saving, or save more, for retirement”. This might be the best resolution you could ever make for your future. One day you will want to retire, or even need to, due to unforeseen circumstances. Give us a call, and we will help you review your current retirement situation. Then together we can make a step-by-step plan to get you on better footing for the future.