This time of year, most people are busy putting their plans together for the new year. Some like to plan for how much weight they are going to lose while others focus on how healthy they are going to eat. Unfortunately, according to Barron’s, over 58% of American fail to put that same thought into budgeting and planning their finances.
As we head into 2017, let’s look at some practical tools to be and stay more fiscally responsible:
FOLLOW A BUDGET- Find what works and put it down on paper. If putting ink to paper is not your preference, there are convenient apps that track spending. Remember there is no right or wrong approach here. It’s the effort that counts.
PUT A PLAN IN PLACE- Normally #1 and #2 work well hand in hand. Take time out of your year to organize your financial life. We look forward to seeing you and making sure your financial life is in order.
DIRECT-DEPOSIT SOME SAVINGS- Arrange a portion of your funds to go directly into a savings vehicle. You won’t see the money, so you won’t miss it.
PAY CREDIT CARD BILLS AUTOMATICALLY- Set-up your credit cards to automatically withdraw the full amount of the payment each month directly from your checking account. This will help with budgeting and avoid spending more monthly.
RAISE YOUR LIMITS- According to Creditcardinsider.com, for people without credit-card debt, and I repeat WITHOUT credit card debt, upping the credit limit without using it will help with credit utilization percentages, which is a big factor in credit scores.
These are just a few helpful tips, and of course every person’s situation is unique. This may be helpful to some directly, or it can be something to be shared with children/grandchildren. In either case, my team and I are available to offer guidance and direction.