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 2015.
- No matter how much you’re currently saving, you can always be saving more. In fact, there’s a great phrase to remind you of this financial resolution for 2015. Just 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 to which you don’t have direct access to transfer funds out electronically or write checks). Looking for a good Savings Account option? Check out our GMB products here.
- Cut down expenses. With the holiday season fresh in your head, you’re probably wondering, “Where did it all go?” Spontaneous purchases made in 2014 more than likely contributed to your current feelings of financial instability. To improve upon this for 2015, before making that luxury purchase ask yourself, “Do I really need this?” Challenge yourself to shop online without buying – sleep on any purchase over $100 if you can – just leave it in your cart and come back the next day. Or walk into a store and browse. Walk out without buying and come back when it’s convenient.
- “A goal without a plan is just a wish”. This saying from French writer, Antoine de Saint-Exupery, can certainly be applied to budgeting one’s finances. Nobody is going to plan your budget for you. In formulating a plan, it’s important to create realistic targets. Once you’ve created a plan, it’s important 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 just to get into the regular habit.
- Plan for retirement. Whether you’re just starting your career or you’re 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. Ask our own Dan Murphy for advice along the way!
- 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 this year’s tax refund. If you’re interested in a ballpark estimate of your refund, use your last paystub to calculate it with this great tool from Turbotax. It’s also available as a Smartphone App. Sleep comfortably knowing that you are prepared no matter what curve balls the future has in store for your finances.
If you’re not already doing so, make sure you start following us on Twitter. We frequently post helpful tips and share great advice on how consumers can reach financial goals such as these and achieve stability. Don’t worry, we’ll be sure to check up to see how you’re doing…
Here’s to a successful and prosperous 2015!