New Year’s Financial Resolutions

 

First of all, Happy New Year, 2016 is here! If you haven’t yet, you’re probably thinking about some New Year’s Resolutions. And, statistically speaking, you probably have at least one financially related resolution that may include saving more, spending less, investments, loans, etc.

If you haven’t figured out exactly what you’d like to work on financially in 2016, here are a couple of things to think about:

1.       Did you have good saving habits last year?

It doesn’t matter if you make 20K or 100K, you can’t accomplish your financial goals if you spend all of your money. The best way to increase savings is automatically making payments to yourself. Have a set amount or percentage automatically go into your savings account from every paycheck you receive.

2.       Were you financially responsible?

Late or skipped payments not only generate fees and interest charges, but they also can damage your credit score. A low credit score means higher interest rates on future financial endeavors, denial of loans, and a lot more negative stuff. Be responsible in 2016- always make payments on time, or better yet, make these payments automatic, too!

3.       What’s your debt like?

If you’re like the majority of Americans, you probably have some sort of financial debt. If you carry too large of a debt balance, and only make minimum payments, this can negatively impact you as well. Try working with a financial planner to get yourself on track, spend less and save more, and make a budget, and stick to it!

Follow these tips, and you could make 2016 your best financial year yet!

Don’t forget to follow us on twitter @honorcu and let us know what you want to hear about next week using #askhonorcu! 

To hear 97.5 Y-Country's Mark Durocher and Honor's Kaylee Williams talk about New Year's Financial Resolutions, click on the Mason Jar Monday episode below!