With the New Year only a few short weeks away, have you thought about what your New Year’s resolution is going to be? The beginning of a new year is a great time to take a fresh approach to something you want to improve in your life, such as your finances.
Northeast Security Bank suggests making a commitment to a financial resolution in 2015. Consider saving more towards retirement, your mortgage, or even a family vacation. Today we are going to discuss some financial New Year’s resolutions to consider.
Financial New Year’s Resolutions:
- Set a debt reduction goal. Whether you are looking to pay off your car loan or your mortgage, setting a goal to reduce it can help you pay it off sooner. Not only will you be done with payments sooner, you will be spending considerably less on interest.
- Consider putting more into your retirement account. It doesn’t matter if you have 20 years left until retirement or five, saving more is always helpful. An IRA can help you save a little bit more each year until you meet retirement.
- Eliminate wasteful spending. There’s no need to go out to eat several times per week and you don’t always need that new pair of shoes that are on sale. By eliminating wasteful spending, you can save more money in the long run.
- Stick to a budget. This task is easier said than done, but a budget can save you a tremendous amount of money. There are many great safe and secure tools on the internet for budgeting, like com.
- Build an emergency fund. Accidents and health issues usually come on without warning. You want to be prepared if anything happens, so it is good to have a chunk of money saved away for emergencies out of our control.
The biggest obstacle most of us run into with resolutions is sticking to them, especially when things get difficult. You have to commit to a change not just on paper, but in your attitude and your behavior when it comes to your money. Northeast Security Bank is ready to help in any way we can, so come see us today!