New Year, New Plan

The Starting of the New Year has many of us making resolutions to make changes in some part of our lives.  Whether it is health or money related, starting the New Year off with a plan feels good!  Even though 80% of New Year’s Resolutions fail by the end of first quarter, having ‘resolutions’ is a positive thing; keeping them helps you change. https://www.nytimes.com/guides/smarterliving/resolution-ideas  These proven steps will help you in your planning process to keep your resolutions, and meet your goals:

  1. Keep it simple.  Make resolutions easy (not complicated) with a simple plan, and take ‘baby steps’ as needed.
  2. Chart it out.  Like a financial plan, write down your resolutions or chart it so you can see your progress.  Secondly, plan a start date and an ending date for your resolution (goal)
  3. Make relevant and realistic resolutions. If you intend to save more, set up automatic savings options out of your paycheck or bank account.  If you plan to exercise each day, start out with a few days a week that may be more realistic for you until your exercise becomes habitual.
  4. Believe you can achieve your goals.  If you intend to reduce your debt this year, believe in yourself and resolve to quit spending.
  5. Share it.  Sharing your resolutions with someone you trust that will keep you on track makes you accountable.  Tell others about your progress, and you’re failures when you fall away from your plan.

If you haven’t drafted your list of 2018 Financial Resolutions, it’s time to get started.  Without goals being met it may be difficult for you achieve long-term financial goals:

1.  Get Out of Debt.  Carrying a balance on your credit cards will cost you in the long run.  The average US household has $8377in credit card debt, and 38% of households carry that debt long-term. 

https://www.cnbc.com/2017/05/17/how-much-the-average-us-family-has-in-credit-card-debt.html

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2.  Follow A Budget.  People that are aware of their spending are aware of how much they need to save for retirement and other financial goals.  Without budgeting you are more likely to ‘splurge spend’ more than you should.    https://www.thebalance.com/reasons-to-budget-money-2385699 

3.  Save and Invest.  An estimated 69% of Americans have less than $1000 in a savings account, and roughly one-third have zero in retirement savings.  If this is you, make it a priority to increase your savings (and have an emergency fund) and retirement savings.  If you are already saving, increase your savings at your financial institution and your retirement savings contributions.  http://www.bankrate.com/calculators/retirement/retirement-plan-calculator.aspx

If you need help or have questions regarding your financial goals for 2018, contact our Las Vegas Financial Advisory office for a meeting.  Let’s make 2018 a great financial year!

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