Six out of ten American’s will make some type of financial-based new year’s resolution for 2020. Usually, there’s a triggering event like receiving your December 2020 credit card bill or spousal pressure to name two. Follow these tips;
- Consolidate Financial accounts: Close 1 or 2 existing financial accounts that you are not tracking or have insignificant monies in. This will save brain space, reduce statement clutter and avoid paying unnecessary fees.
- Increase your 401k/employer retirement contributions: Raise your contributions at least another 1% per year minimum. You won’t feel the difference however over time it can make a major impact when entering retirement.
- Develop a budget and/or expense statement: Review credit card, bank, and checkbook statements to get a handle on inflow and outflow of money. Start using a program like quick books or if old school draft a budget by hand and hang it up where you can see it. This can cause heavy emotional denial however better now than later.
- Set up a system to save systematic money: Either something informal like putting the $20 you are saving in gas on fill-ups in a jar. Formal ideas like buying a cash value life insurance policy or setting up an EFT through your bank account.
- Protecting your health saves your wealth: We all know about the escalating cost of health insurance and health care in general. Renew that gym membership, yoga studio or dust off that treadmill in the garage.
- Bring balance to your life: Take that vacation you have been putting off. The rest and rejuvenation will impact your health. Statistics show that one who works 46 weeks/year will out produce a 52 week/year worker.
It will give you something to look forward to and forces one to be very productive before leaving and when returning home. Use frequent flyer miles if need be.
You will be amazed by how much better you will feel by following these 6 easy steps!