Five Financial New Year’s Resolutions You Can Achieve in 2016!
New year, new you. Isn’t that the high hope that so many of us set during this time of year? Whether your focus is on improving your fitness, finances or even flirting in 2016, if you’ve already set the goal, you’re one step closer to achieving it! 2. Make Financial Management a Family Affair. In some households, one spouse may hold the financial reigns while the other carries other important responsibilities, like maintaining the home maintenance or cleaning schedules. But, you know what’s easier than sticking to a budget alone? Having a little accountability when it comes to those spending and saving habits! Next year, co-parent those budgeting responsibilities for a better shot at success. 3. Tackle Your Debt Like You’re an NFL Linebacker. If you’re finding that the whole teamwork thing isn’t working out so well when it comes to your budget, try a competition! Since debt is a major hindrance in seeing a clear financial picture, vow to put an aggressive amount of your income toward debt each month, no matter how many birthdays, dinner dates or happy hours you’ve got planned. Then, give you and your spouse a little monthly allowance. Put any leftover money from those allowances toward your debt. Which partner will contribute the most? You’ll both be happy when the debt is gone and there is no reason to be miserable while you’re paying it off – a little competition may just make it fun! 4. Build an Emergency Fund. We’ve all been advised to save enough money to cover six months of our expenses in the event of a job loss or other life-altering situation. But, let’s see a show of hands… how many of us have six-months’ worth of money saved up? (Don’t worry; no one’s really looking to see whether or not you’ve raised your hand.) This resolution may take some time, particularly if you’re also working to aggressively pay down any debt, but those are no excuses to let this resolution fail before you even begin! Work your emergency fund allocation into your monthly budget to ensure you begin building it up in 2016. 5. Make More Money. No, we haven’t completely lost our minds on this one. And, yes, we know that just about everyone would love to magically make more money. Of course, it is not always that easy, but a fairly sure-fire way to increase your earnings is by investing. In hopes of increasing your wealth in 2016, talk with a financial advisor about possible bonds, stocks or mutual funds that may be worth considering. And, for goodness sake, if you’re not contributing toward your 401K yet, put that resolution on the very top of your New Year’s list!
Now, we may not be able to comment (at least not intelligently) about fitness or flirting goals; but, we can give a bit of advice on figuring out your finances. So, for anyone hoping to make their 2016 a little more “green” (or hoping to make a little more green in 2016), we’ve compiled a few financial New Year’s resolutions:
1. Budget. Budget. Budget. The date on the calendar may be changing, but this first piece of financial advice is one tried-and-true tip that continues to survive the times. Most financial institutions include a handy budgeting tool on their website, but online sources like Mint.com, BudgetTracker.com and many others also offer great visibility into your financial picture. Make 2016 the year that you get familiar with your finances; select a budgeting tool, make realistic monthly budgeting goals and stick to them.
Here’s to a happy, financially healthy 2016! From everyone at Pennsylvania Preferred Mortgage to you, Happy New Year!
This post is sponsored by PA Preferred Mortgage:
Pennsylvania Preferred Mortgage is a full service mortgage banker and is a member of the Prosperity Home Mortgage, LLC family. Specializing in residential and refinance loans, Pennsylvania Preferred Mortgage offers a wide range of mortgage products, including fixed and adjustable rate mortgages, jumbo loans, Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, and renovation financing. Learn more at www.papreferredmortgage.com
