Financial Resolutions to Ring in 2017By: Robert J Semrad | Posted On: December 14, 2016
As we approach 2017, it’s time to start making New Year’s resolutions, and finances almost always are at the top of the lists. Below are some popular financial resolutions and some pointers on how to get started and stay motivated.
Create a budget—and stick to it. Take a look at your financial activity for 2016 and note where your money went. Then create a reasonable budget. A number of online tools exist that can help you analyze your bank accounts and spending, and set a budget that works best for you.
Save. After you’ve taken a look at your finances, include a line item in your monthly budget for savings. Put aside a certain percentage of your income each month into a savings account. Set up automatic transfers to simplify the process. Already saving? Think about increasing your monthly contribution, or ask about investment opportunities.
Pay down debt. For some, the task of paying off debt can be daunting. At the beginning of the new year, set a reasonable goal for yourself. Instead of trying to tackle all of your debt at once, be realistic and practical. For example, aim to pay off the credit card with the highest interest rate first.
Give back. For those in good financial health, think about donating a portion of your income to charity. Whether it’s a small monthly donation, or one large donation at the beginning of the year, giving to a charitable organization can be the most rewarding resolution of all.
For more tips on financial resolutions from a Chicago attorney, visit the Robert Semrad Foundation blog.