13 Financial New Year’s Resolutions You Should Make Now
December 27, 2016
As we get ready to start a New Year, let this be the time for a new financial YOU! Here are 13 financial New Year’s resolutions that you should make now to start 2017 off right.
- Follow a Budget (visit our “Resources” page to download our RISC worksheet that can help you identify fixed income and expenses and variable income and expenses.)
- Have a financial plan created for you.
- Direct deposit some savings.
- Get serious about an emergency savings plan.
- Pay your credit cards automatically through an electronic funds transfer.
- Swear off interest by getting your credit cards down to zero.
- Verify you are not over paying checking account fees.
- Raise your credit card limit as this will enhance your credit card utilization percentage.
- Optimize your credit cards to ensure you are earning at least 1.5% cash back on purchases.
- Fund your traditional or Roth IRA
- Increase your 401k contributions
- The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $18,000.
- The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $6,000.
- The limit on annual contributions to an IRA remains unchanged at $5,500. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.
- Refinance your mortgage if you can.
- Make a list of the things you did right and the things you did wrong with your money in 2016.
- BONUS GOAL: Set new financial goals for 2017, i.e. pay down on specific debt, start a college savings account, improve your financial literacy, etc.