New Year’s resolutions
Did you include financial goals?
It’s that time of year when we begin to think of our New Year’s resolutions. Have you started writing down your New Year resolutions? If so, did you include improving your financial health? If not, now is the perfect time! According to the Consumer Federation of America, consumers plan to spend more this year during the holidays than in previous years. If you were not financially prepared this year, what better reason to include saving as a part of your New Year’s resolutions?
America Saves Week is February 23-28, 2015 and you can sign up now to take the pledge to begin saving. When you take the pledge you can designate how much you want to save and for what (i.e. car, emergency fund, retirement, house, Christmas fund, vacation fund, etc.). It is important to write down your savings goals and put them somewhere you will see them daily like in your office, on your refrigerator or bedroom mirror. Seeing your savings goals daily provides a gentle reminder to save and may help you stay motivated to reach your goals. It is important to include your savings in your monthly spending plan (budget)…pay yourself first! Additionally, it may be helpful to have funds automatically transferred to a savings account every pay period.
Planning ahead will help you prepare for next year’s holiday expenses or whatever your savings goals may be and provide a sense of security if any unexpected event occurs. Be sure to think about your financial goals not only at the beginning of the New Year but throughout the year. Take the Financial Health Survey and discover more ways you can improve your financial health. Be sure to check out Michigan State University Extension and MI Money Health for more great tips on improving your relationship with money. Create your saving goals, write them down, and enjoy saving. Happy holidays!