ICFiles
SOC 2

content

Secure File Transfer Soc 2 starts at $1 per month

Join Us

 

ICFiles Logo

 

4 Financial New Years Resolutions You Can Actually Keep

Tip of the Month

January, 2020

Get this Article  Get this Article & Suite of Tools

4 Financial New Years Resolutions You Can Actually Keep

4 Financial New Years Resolutions You Can Actually KeepBelieve it or not, it’s 2020. You’re not just starting a new year, you’re entering a new decade. With this in mind, you might want to make some resolutions that focus on your finances. According to  Psychology Today, 80 percent of resolutions fail by February. If you’re thinking about dieting or eating better, this isn’t very encouraging. However, when it comes to your money, there are some changes you can implement now that will have staying power and won’t be forgotten by spring.

Review Your Credit Report

This is important for your financial future in many ways, particularly if you want to buy a house or a car (and that’s just for starters). If you need to make some repairs to your score, the new year is the best time to do this. Better still, you’re entitled to three free reports each year. Check it out. See how you’re doing. You’ve got nothing to lose and everything to gain.

Get Out of Debt

This might be easier said than done, but it’s absolutely possible. One very helpful tool is Unbury.Me. It’s free and easy to use. Just create an account and map out a payment plan that works for you. If you want to wipe away your debt quickly, there’s the avalanche method, which attacks the highest interest rate debts first, then moves to the second highest and so on. But this isn’t the only solution. There’s another tool that actually uses your purchases to help you pay down debt: Qoins. Here’s how it works. You round your purchases to the nearest dollar, then apply the cash to your debt, i.e. student loans or credit cards. So, in essence, you can go on living your life while shrinking your debt.

Evaluate Your Insurance and Disability Insurance Needs

As you age, your insurance needs change. Think about how much protection you really need. For example, would you be better served by term or permanent life insurance? What about disability insurance? For the latter, make sure you have enough coverage. Life happens. It’s always best to be prepared.

Refresh Your Retirement Savings

If you work for a company that offers 401(k), 403(k) or 457 plans, consider asking your employer to withhold enough through salary deferrals to make sure you reach the maximum limit each year. If you’re over 50, you can raise the amount to make catch-up contributions. If you’re self-employed, you can contribute to a SEP IRA, profit-sharing plan or independent 401(k) plan. Making retirement deductions from your paychecks, especially when they’re maxed out, might take a bit of getting used to. But once you’ve retired, you’ll be very glad you had the foresight to act now.

Truth is that the above resolutions are just the tip of the moneyberg. You can go deeper into each area. If you want further assistance, consult a financial planner or your accountant. But the biggest takeaway from all these suggestions is simple: begin now, or as soon as you can. When you’re making the most of your money today, you’re working toward a more secure tomorrow.

Sources

https://www.investopedia.com/articles/pf/06/newyear.asp

https://www.psychologytoday.com/us/blog/modern-mentality/201812/why-new-years-resolutions-fail

https://www.investopedia.com/terms/c/catchupcontribution.asp

https://www.nbcnews.com/better/business/4-tech-tools-help-you-get-out-debt-faster-ncna828351

https://www.transunion.com/article/3-free-credit-reports

https://www.investopedia.com/terms/t/termlife.asp

https://www.investopedia.com/terms/p/permanentlife.asp

https://www.investopedia.com/terms/d/disability-insurance.asp

https://www.investopedia.com/terms/s/sep.asp

https://www.investopedia.com/terms/p/profitsharingplan.asp

https://www.investopedia.com/terms/i/independent_401k.asp

Get this Article  Get this Article & Suite of Tools

 

These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.

Protected by Copyscape Plagiarism Finder

Dynamic Content Powered by Service2client.com
SEO Content Powered by DynamicPost.net

 

ICFiles
SOC 2

content

Secure File Transfer Soc 2 starts at $1 per month

Join Us

 

content

 
website bundles

MyWeb, WordPress
1 Click Hosting
Install free themes

websites

Hosting Bundles

 
 
Electronic Commerce

Copyright © 2024 Service2Client, LLC All Rights Reserved.
Terms of Service  |  Privacy Policy

CPA Website Content Powered by Service2Client.com


 

CLOSE