Resolutions for spending less, saving more and figuring out your taxes are all great, but they usually end up forgotten, pushed aside or delayed. We highly recommend the following tips to keep you on track with your finances for the new year.
Resolution #1: Know where your money goes
If you don’t know how much you spend, or where it goes, consider setting up a system to stop any “budget leaks.” Going over income and expenses will also give you a head start on filing your income taxes (because who doesn’t like making taxes easier?).
Resolution #2: Pay less in taxes
Year-end pay stubs give you a quick summary of last year’s income and the taxes you paid. Consider calling your Money Coach for a tax planning consultation to see if there are any additional tax credits or deductions you can legally claim (which would mean more income for you!).
Resolution #3: Save more
Saving more often begins with cutting back on expenses. Try going one week without buying anything except what you absolutely need. (And, yes, that includes rethinking your afternoon pick-me-up from Starbucks.) This exercise can help you determine which expenses can be reduced or eliminated from your budget.
Resolution #4: Pay less for insurance
If you haven’t shopped for insurance rates in the last three years, check with other insurance companies to make sure you’re paying a competitive premium—particularly with auto and homeowner’s coverage. First, visit your state’s department of insurance website and get a list of preferred companies. Also, consider increasing your insurance deductibles to lower your premium. You can often do that with a simple phone call to your insurance company.
Resolution #5: Set financial goals
To help your finances stay on track, identify the goals that will help shape your future. Because families often encounter problems when there is disagreement about shared financial goals, discuss goals with family members to determine what’s important to everyone. Shared family goals provide a greater incentive, and it’s much easier to forgo discretionary spending when everyone understands that another more important dream moves closer to realization. (For example, it’s easier to skip Starbucks when it means you’re saving for Disneyland.)
Whether it’s establishing a workable budget, paying less in taxes, saving more or setting financial goals, check with your Money Coach for easy ways to make your New Year’s resolutions come true. Even if it’s the middle of July, it’s not too late to accomplish resolutions and fix your finances. Call a Money Coach today at 1-888-724-2326.
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