There are plenty of resolutions out there and with New Years around the corner, what better way to start 2017 off then getting financially fit! Here are 3 tips to ensure financial wellness in the new year.
1. Use credit only if...
you can pay it off before any interest is charged. Know how much you’re spending and pay it off with cash before it starts costing you.
2. Save BEFORE the holidays.
The desire to overly treat others (and ourselves) during the holidays can snowball quickly and leave you struggling come January. If you’re planning to spend big this holiday, you should have already saved that money leading up to now.
3. Start building your retirement investments come January 2017.
The beginning of the year is the best time to start monthly automatic contributions into your retirement account. This way, by the end of the year, you will have gained a years worth of financial (interest) growth. Setting up automatic contributions is seamless and will prevent you from skipping out.
Me, I stock away a little extra from each paycheck and into a separate Holiday Savings Account earlier on in the year, then I begin shopping as early as Sept/ October. This prevents me overspending on last minute desperate purchases (and avoids a lot of stress as well!).
In the end remember that the holidays are about spending quality time with the people you love. The focus should not be on gifts so much so that your putting yourself into a financial crisis come the new year. Enjoy your holidays and start the new year right with a resolution to getting financially fit! (Read more on How To Get Financially Fit here.)
For this and more financial wellness tips, click here.
Have a tip of your own that could help others? Please comment below and be sure to share this with your friends!
