As part of our 2021 New Year's Resolution each 1st Monday we are taking steps to make this your best financial year ever! Here are your touch points for February - you don't have to finish them all today - but you need to resolve to complete each of them! Check them off! It will make you feel great!!
- Automate your savings: Once you have your budget in place and know how much of your paychecks go toward essentials, it pays to arrange for a portion of your earnings to transfer automatically from your checking account to your savings account. That way, you won’t forget to make those important transfers happen. This is step one in making sure that you have at least six months of earned income in your savings account for emergencies.
- Start planning for vacation (or other goal): Whether you are planning a vacation or have another large expenditure on the horizon (replacement vehicle, first time home purchase or adding on to your home) start a second savings account earmarked for the goal so the funds are separate from your emergency fund. Having accounts earmarked will help you align your goals with your accounts and help so you don’t rob Peter to pay Paul!
- Evaluate your budget: Remember that New Year’s Resolution? We were going to work on your budgeting this year. Once a month you need to revisit the budget and check on where the dollars are going… have you paid down debt accumulated over the holidays? Are you adequately saving? Have you increased your annual retirement savings? Each of these steps are important easy steps that you need to secure financial freedom.
Don’t forget to access our Financial Organizational tool located at www.investors-choice.com/useful-links to help you make this your best financial year!
No matter your stage in life, the premise stays the same, write down your goals, review and repeat them aloud on a regular basis (FYI – this is for all of your New Year’s Resolutions – not just your financial ones).