Will You Be Making Financial Resolutions for 2018? – Richard Banks & Associates, P.C.

It seems like every year around this time folks begin thinking about the upcoming new year and the resolutions they may make. Losing weight, establishing healthier eating habits, not procrastinating, getting more sleep, saving money—these are all New Year’s resolutions that are commonly discussed. It’s the money aspect that our team at Richard Banks & Associates, P.C. would like to address this year!

2017 will be over in a matter of weeks so the prime time to start making plans to change up your finances is now! What will it be—will you begin setting aside some extra cash for a savings account or pick a credit card to pay off? It can be hard to narrow down your financial resolutions, but we’ve compiled a list of helpful areas to start with!

1. Know your goal. Are you just treading water in the debt pool, or would you like to put away $2,000 in a savings account this next year? Identify that goal and write it down! It’s one thing to provide lip service for your resolution, but actually taking the extra few seconds to write it down can make it seem more official! You can add to this by posting that resolution somewhere that is regularly visible.

2. Collect change. We tend to fixate on those dollar bills, but emptying out your change purse every week or so is a great way to get on the right track to saving! The Balance suggests throwing those coins in a large container, such as a water jug, and using it as your grown-up piggy bank. Let that change pile up and don’t touch it—you may be shocked and pleasantly surprised when you go cash in all that change a year later!

3. Take advantage of personal budget programs. The joy of living in the smartphone world is that practically anything is available with the swipe of a finger, including budget tracking apps. It’s easier to stay on track with your money if your budget is regularly being monitored, and with so many apps and programs available today, there’s really no excuse to not be staying on track!

4. Prioritize your debt. If your goal is to eliminate debt from your life, wisebread.com suggests taking a strategic approach to it. Cut down your spending and use that money to make a bigger dent in your debt. Also, figure out which bill has the highest interest rate and be sure to attack that first!

New Year’s Eve will be here before you know it, so we hope that these tips can help you hone in on just what sort of financial resolution you’d like to make for 2018!

If your resolution needs to involve bankruptcy to truly make a difference on your financial situation, the Richard Banks & Associates team is here to discuss all the options with you.