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Some suggest starting financial resolutions early. This means that instead of vowing to curtail spending in February, do so in January. Being upfront about one’s financial standing is a powerful starting point in getting finances on the right track.
Other exercises that can get one financially fit in the coming year include:
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1. Prioritizing goals. If there are several financial goals for 2013, it is best to write then down in order of importance, and start with one or two. Trying to tackle too many at once may leave one feeling overwhelmed or discouraged.
2. Sticking to a budget. If there is one advice to follow, it’s “Don’t deficit spend.” Financial experts recommend creating a budget and reviewing it each month. Studies show that successful savers have a dedicated and disciplined approach to spending and saving money.
3. Increasing savings. These include saving for educational expenses with tax free earning in a 529 plan and reducing income taxes by starting or saving more in a workplace plan, like a 401(k) or 403(b). Financial advisors explain that there is no best time to save and prepare for the future than today.
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Kelly Ruggles’ Spokane, WA-based American Reliance Group has helped people meet their financial goals and retire with peace of mind. Learn more about the company’s services by visiting this website.
