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Financial New Year's Resolutions

Financial New Year’s Resolutions

 

Each New Year is a great time to review habits we would like to add and habits we would like drop.  The same is try of financial management habits.  In what ways do you manage your money that yields the results you want?  What management or mis-management styles do you wish you could change?  Consider some of the following financial resolutions for a happier new year for you and your finances.

-Reduce credit card debt – Paying off your entire credit card balance each and every month is ideal, but it isn’t always possible.  Resolve to always make the minimum payment due and to work at paying down any balance as soon as possible. The amount you save on interest will be amazing!

 

- Aim higher for contributions to 401 K or IRA plans.  Again, an ideal would be to max out on the amount you can contribute but as other bills and commitments might not make that possible, at least move the amount you contribute each year upward.  

- Review insurance policies of all types.  Life, health, car, home – the typical American carries several different types of insurance policies.  Do you know where your policies are located?  Does your spouse or significant other?   When is the last time you checked the beneficiaries?

- Prepare a will and review estate planning.  Whether you have a family or you’re a single person, setting up a will and an estate plan is a wise move. Resolve to meet with an estate attorney and an investment advisor to get your will in place and an estate plan laid out.

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