Nearly half of all Americans make resolutions for the new year. Of those, according to Forbes and Daily Finance, 33% of goals are related to financial health.
Saving money, reducing debt and spending less are the top three goals, but like anything worth doing, these aren't easy to achieve.
Aspire Financial Services in Tampa gave us these five tips so you can take action for your money.
- Get real about your goals. Envision what you want, as specifically as possible
- Attach numbers. Investigate how much money you need for your goal, determine a deadline, and come up with a plan for how much you need to save each month to get there.
- Participate. Take full advantage of your employer’s 401(k) plan, contributions are pre-tax, you won’t miss the cash as much as you think. If you earn $60,000 a year for example, upping your 401k contribution from 2% to 5% will only decrease your weekly paycheck by $27 a week
- Automate. Directly out of your paycheck into the account into employer’s plan or other savings plan.
- Escalate. Increase your savings rate by an amount you choose (usually between 1% and 3%) on the same day every year. Set a calendar alert reminding you to bump up contributions by a percentage point or two every year.
To learn more about how you can plan out your financial future, visit Aspire Financial Service online by clicking here.
NEARLY HALF OF ALL AMERICANS WILL MAKE A NEW YEAR'S RESOLUTION...
AND A THIRD OF ALL 2016 GOALS WILL HAVE TO DO WITH MONEY.