Welcome to 2016. This is your year, and we want you to make the best of it. As you commit to hitting the gym, procrastinating less and spending more time with family, why not make a New Year’s resolution for your finances, too?
We have some ideas for you. Pick what best fits your financial needs and goals. Then, go slay it.
- Create a monthly budget. Manage your spending and saving with a plan. Then, stick to it.
- Enroll in your company’s 401(k). It’s an easy way to save for retirement and takes little effort on your part.
- Cut out one luxury item each week such as a dinner out or a morning coffee. Save the money you would have spent.
- Pay down student debt. Be aggressive putting a few dollars more a month toward your loan payment.
- Buy a home. Figure out how much you can afford.
- Create an emergency fund. You should have a cash reserve to cover three to six months of expenses.
- Use your tax refund wisely. It’s tempting to spend the lump sum but consider saving it or paying off debt.
- Write a will. No one likes to think about it but it’s important for your loved ones to know who will receive the property in your estate.
- Protect against identity theft. Change passwords on your email and financial accounts every 3 months.
- Open an IRA (Individual Retirement Account). Save for retirement while getting big tax breaks.
We are here for your financial health 365 days a year! Set your resolution and check back for more ways to become a savvy saver. Happy New Year!