The beginning of the year always brings with it the possibilities of new goals and thoughts of self-improvement. With holiday madness now behind us, you can now take some time to consider what you want to accomplish this year. Financially-themed promises for improvement are among the most popular resolutions made each New Year, but not always successful. Here is a list of financial resolutions for you to consider for the New Year.
Make a Budget: The best way to make a budget is to gather together all your bills from the past few months and make a list of your recurring expenses in order of importance. Don’t forget necessities like housing, food and healthcare.
Automate as Much as Possible: The biggest mistake people make with their finances is missing due dates. To avoid such a negative event, that may impact your credit score, set up recurring monthly payments from a checking account.
Save Money: Ever try the 52 week money saving challenge? It is simple! There are 52 weeks in the year, each week you put aside the amount of money equal to that week number (ex. Week 1 = $1, Week 2=$2, etc.). After the 52 week period you have a savings of $1,378!
Improve Your Health: Having a healthier lifestyle means a longer life and fewer medical bills. If your goal eating less, eating healthier or exercising, start thinking of plans now you can implement to improve your health.
It is vital to set a plan for your resolutions to give yourself the best opportunity to achieve them. Also, considering rewarding yourself for staying on track and achieving your resolutions. It’s your life-make it better!
Raymond C. Lantz, Jr. is the president and founder of USA Wealth Group, Inc. Ray has many years of experience advising clients in retirement and sophisticated tax planning strategies, multi-family and commercial real estate projects, and legacy planning. Ray is a graduate of Clark University, holds a law degree from Boston College, and a master of laws in taxation from Boston University. You can hear him every Sunday on Money Wise with Ray Lantz on WBSM 1420AM or on the Radio Pup app.