The ball has dropped and the New Year is officially upon us! If you’re like many others, you’re probably making a plan for the coming year. Other than the resolutions to lose weight, quit smoking, volunteer to help others, and get a better job, financial resolutions are always a good idea. So if you’re struggling with what financial resolutions you will make this year, you’ve come to the right place. Here are 3 New Year’s resolutions you should think about making right away:
- Manage Your Money
Now is the time to take some time to think about what went right, as well as wrong financially the previous year. Once you have reflected, reexamine your budget to ensure that it’s aligned with your priorities, so that you don’t make the same mistakes twice. However, it is important to remember that budgets are only as good as your ability to stick to them. Therefore, don’t set yourself up to fail by making unrealistic expectations.
- Reducing Your Debt
From student to home mortgage loans, the sooner you become debt free, the sooner you can begin working toward your other financial goals. So begin working to pay off the highest interest debt you have, and if you can, make additional payments until it’s paid. Following that, work to pay down the next highest debt and so forth.
- Build an Emergency Fund
You never know what life has in store for you. As a rule of thumb, you should keep enough money to cover 3-6 months of your living expenses. We can’t stress enough the importance of an emergency fund, so be sure not to touch the money unless it is absolutely necessary. Taking it one step further, think about saving for your golden years, and see what type of retirement plan your employer offers.
With the right planning, 2015 can financially be your best year yet! William Wolske, CPA wants to be sure you are making good money decisions. Schedule your free consultation today to receive assistance when it comes to handling your finances and money saving goals. Contact our offices at 843.706.9644 and we’ll go through your financial situation together, so you can have a financially happy new year!