New Year, New Financial Resolutions
With 2021 ending and 2022 right around the corner, now is the time to start making those resolutions for the new year. And what better place to start than with your finances?
Kelly Slocum, Eaton Family Credit Union CEO notes, "While getting financials in order at the beginning of every year is a ritual for most, it doesn’t hurt to keep things fresh with some out-of-the-box resolutions." The average American calls their resolutions quits by the time February rolls around (or never follows through with them in the first place), according to the New York Post. So, a new perspective might just be the ticket to sticking to the financial plans you intend to make.
An article published by Wallet Genius takes a new perspective on classic financial goals with suggestions that include talking to your children and spouse about money, not confusing spending less with saving, considering money as a tool instead of a goal, and even volunteering.
Use these
helpful solutions from CNBC to stick to
your financial goals throughout the new year and beyond:
- Set up autopay
for everything: From your utility bills to your rent, automate
payments so you never have a late fee. Plus, excellent payment history will be
reflected on your credit score. You can also automate money directly from your
paycheck to your savings, so you won’t even know you’re missing it while saving
at the same time.
- Give your
budget a makeover: If it’s been a
while since you’ve tweaked your budget, take the time to restructure it to fit
your most current lifestyle.
- Match savings
to spending: For one month, try this savings
technique that allows you to save as much as you spend. Simply add a dollar to
savings for every dollar you spend. Or you could put a cap on it, like saving
$5 for each purchase made throughout the month.
- Try a “savings spree”: Save the dollar amount of each calendar day for one month. Start by saving $1 on the first of the month, $2 on the second, and so on. You could end up saving around $500 for the month!
- Bump up your
retirement contribution by 1%: A little goes a long way. Investing
a few extra dollars per month into your retirement account could pay out big in
the end.
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