Financial Resolutions You Can Keep in 2018
With the start of a New Year comes a new opportunity to set financial goals for yourself.
Many New Year’s resolutions relate to exercise, work-life balance, or being less connected to technology. We are also encouraging you to take on these five Financial Resolutions for 2018.
- No matter how much you are currently saving, you can always be saving more. In fact, there is a great phrase to remind you of this financial resolution for 2018. Think ABS – Always Be Saving. This financial resolution is at the top of the list for a reason: it should be top of mind! Work towards this by having a portion of your paycheck automatically deposited to a savings account (preferably one to which you do not have direct access to transfer funds out electronically or write checks). Looking for a good Savings Account option? Check out our options here.
- Cut down expenses. With the holiday season fresh in your mind, you are probably wondering, “Where did it all go?” Spontaneous purchases made in 2017 more than likely contributed to your current feelings of financial instability. To improve upon this for 2018, before making that luxury purchase ask yourself, “Do I really need this?” Challenge yourself to shop online without buying – sleep on any purchase over $50 if you can – leave it in your cart and come back the next day.
- “A goal without a plan is just a wish.” This saying from French writer Antoine de Saint-Exupery can certainly be applied to budgeting your finances. Nobody is going to plan your budget for you. In formulating a plan, it is important to create realistic targets. Once you have created a realistic plan, it is essential to take the steps to put it into action. Keep track of your budget using tech-friendly tools like Mint.com. Don’t have time to budget? Then at least set a monthly savings goal. Again, be realistic and it will soon be an automatic habit!
- Plan for retirement. Whether you are just starting your career or are on the last leg of it, planning for retirement is a crucial step for every individual. More importantly, planning for retirement has lasting effects on not only your own personal financial stability, but also your family’s. From employer matching to claiming certain saving tax breaks, there are plenty of ways to jump-start your retirement planning.
- Set up an emergency fund. Put this money aside and only use this fund when unexpected but necessary payments appear, like a quick car fix or major housing repair. Consider starting it with your tax refund. If you are interested in a ballpark estimate of your refund, use your last paystub to calculate it with this great tool from Turbotax, also available as a Smartphone App. Sleep comfortably knowing that you are prepared no matter what curveballs the future has in store for you and your finances.
If you are not already doing so, make sure you start following us on Twitter and Facebook! We frequently post helpful tips and share great advice on how consumers can reach financial goals such as these and achieve stability.
Here’s to a successful 2018 for you and your family!