The new year is a time for reflection on how the past year went and what you would like to do differently in the next year. Many of us share the same resolutions; lose weight, spend more time with family, work less, etc. But what are your financial goals for the new year? Do you need to save more? Create a budget? Pay off debt?
No matter your goals, we’ve put together a list of financial resolutions to make – and ways to stick to them!
Plan for retirement.
Saving for retirement is vitally important to your future. If you haven’t started saving yet, the new year is a great time to talk to your employer about what retirement options they offer. Start taking money out of each paycheck now – before long, you won’t even notice and it will become habit. If you already contribute, speak with a financial advisor about how you’re investing your money and any changes you need to make.
Start a budget.
Knowing exactly where you’re spending all of your money can go a long way to cutting back on extra expenses and contributing to your savings accounts. You can see our posts on budgeting here and here.
Pay down debt.
If you wracked up some Christmas debt, now is the time to start paying it off. When you’ve examined your budget, cut out any extra expenses and put that extra money toward paying down debt. For more information on reducing debt, you can visit these past posts here and here.
If you struggle to meet your financial goals or if you just want to better plan for your future, there are a number of ways you can learn more about investing, budgeting, and saving for the future. Start by consistently monitoring your credit report to ensure there haven’t been any changes in the past year. You can request free reports from Equifax, TransUnion, and Experian once a year. You can also speak to a financial advisor, an SECU representative, or read books and visit trusted websites to learn about specific topics.