Are you the resolving type? How are those New Year’s Resolutions coming along? Resolutions made in January have such a bad reputation, I’ve stopped attempting them. However, goals are important at all times of year – not just in January. No matter what you call them, it’s important to set aside time to review where you are and where you’d like to be. This is especially true of your finances. Do you have more debt than you’d like? How does your emergency fund look? Does it exist? You don’t need to make a lot of money to pay down debt and save successfully. It’s all about starting small and thinking BIG!
Here are 5 Resolutions worth making – no matter the date!
The best way to be in control of your money is not to owe it to anyone else! How do you do it? Find ways to cut back so you have more money to pay down debts. Check out Power Payments for help with a schedule to become debt free.
Having money to fall back on is the difference between families who succeed and those who struggle when times get tough. Credit lines are not emergency savings. How can you get a jump start? Save a portion of your tax refund this year!
Do you have a work-related retirement program, such as a 401(k)? If your employer will match some of your contributions, be sure to take advantage of this free money! No work retirement plan? Open up a Roth IRA and decide a percentage of your paycheck to contribute each month.
It’s much easier to save money when it’s not available to spend. Out of sight really can help money be out of mind! Set up an automatic deposit to your savings account whenever your paycheck is deposited.
5. Buy a Home and Pay Off the Mortgage Before You Retire
For many middle-income families, their home is their largest investment. Once that mortgage is paid off, housing costs are much lower. Everyone can afford a home with patience and a plan. Develop savings for a down payment to buy a home, for moving expenses, and for emergency needs (home repairs!) after you’ve bought that dream home.
Would you like more savings resources and motivation to stay on track with your savings goals? Check out America Saves for tons of free resources. You can also register to be an America Saver for monthly newsletters with savings tips from financial experts.
Make 2013 your most successful saving year yet!
Written by: Betsy DeMatteo, Extension Educator, Ohio State University Extension
