New Year's Resolutions
Important Goals that Will Make the Coming Year Safer and Healthier
Pursue goals this New Year that will help you build a better financial future, protect your family, and be healthier.
When you make your New Year’s resolutions this year, some items on your list will be more worthy of your passionate attention than others. Reserve your energy for goals that will make the coming years more satisfying and secure.
Eating Right in the New Year
Well, you knew it was coming, the edict to change your eating habits. The problem with most New Year's diet resolutions is that they are too restrictive. Arm yourself with good information and realistic goals. Even small changes can reap big rewards over time; so, don't derail your weight loss train before it leaves the station by going for the easy fix and trying another crash diet. Online tools like portion control lists, body mass indexes, and fast food guides can help keep you on track. The Mayo Clinic has a great weight loss site that will help get you started with free tips, calculators, and weight reduction strategies.
Shrink Your Credit Card Debt
One of the biggest impediments to achieving your short- and long-term financial goals is credit card debt. This year, resolve to reduce or eliminate that debt.
Maintaining an unpaid balance means you are locked into paying finance charges every month. If you pay the minimum amount due, it's likely that your existing debt will stay with you for years. To put this in perspective, it's possible that you are still paying finance charges on items that you discarded long ago. Going forward, limit your credit card purchases, and pay off your balance at the end of every month.
Review or Write Your Will
If you have children, it's critical that you have a will in place assigning guardianship and providing for the distribution of your assets. In the absence of a will, the state will step in and determine who will take care of your children and how your assets will be awarded. Consumer Reports has estimated that well over 50% of people are living without a will. There is inexpensive software available that will help you create a legal and binding will easily and economically. Make sure that your wishes are known and your affairs are in order by preparing this very important document.
An outdated will could leave important questions unanswered and may not reflect your current wishes regarding the guardianship of your children and the dispensation of your property. Make a habit of reviewing and updating your will periodically to keep it current.
Start Saving for Your Future
It’s never or too late to save for your future. Most people underestimate the time value of money and how quickly money can grow. Reduce your credit card debt, and take what you would pay in interest and set it aside for a regular or Roth IRA. Make the maximum allowable yearly contribution if you can.
Make contributions to any 401(k) or investment plans available at your work, and take advantage of any matching fund opportunities. Explore work-related stock purchase plans that can maximize the value of your investment dollar.
High interest savings plans, CDs, mutual funds, and the other investment savings opportunities are available to investors at all levels. Begin learning good money and savings management practices to start building a better future.
Update Your Insurance
It's easy to let your insurance policies become outdated. Make a resolution to review all of your policies this year. Needs change and grow over time, so make sure that you are covered for the things that are important at this stage in your life by looking at your home, auto, medical, and life insurance policies and keeping them current.
Make a plan, and start working to make next year the year that these items don’t have to be on your list of resolutions.
