Start 2017 Off on the Right Foot Financially

With 2016 fast approaching its end, the time to figure out 2017 New Year’s resolutions is officially upon us. You could stick with the traditional “lose 20 pounds” resolution, or you could decide to go a different route and choose a resolution that will help your financial health!

Since New Year’s Eve is only two week away, why not take the time to think about how these good money habits could positively impact your 2017?

According to Forbes magazine, things such as establishing and sticking to a budget, creating a plan to pay off debt, and finally starting to set money aside for retirement are common financial resolutions that are made by folks before the ball drops. The application of those resolutions is often where the true problem lies.

Life comes at us fast and usually brings along a number of unplanned expenses and emergency situations. We want you to be able to actually stick to your financial resolution this year, so here are a handful of ways to ensure a successful follow-through!

1. Build an emergency fund. Just about everyone harps on this topic and for good reason! Having an emergency fund established can help tackle those unplanned situations head on. Typically, it’s suggested to stash away $1,000 in your emergency fund. If you can, aim higher—store away money for six months’ worth of expenses.

2. Don’t be an impulsive spender. A little research can go a long way, whether you’re considering home ownership, looking at a new car or even thinking about investing in something. Take your time, do your homework and don’t just impulsively jump into your next big expenditure.

3. Pay down debt. A staggering number of Americans are living with a massive amount of debt. Before you even think about making that big ticket purchase, perhaps invest that money elsewhere, like your credit card bill or student loan repayment.

We here at Richard Banks & Associates hope that you have a fantastic holiday season and are able to get your 2017 off to a great start!