The start of the New Year is our favorite time to make resolutions. When considering the goals you want to set for 2013 after an expensive holiday season, be sure to consider your finances. A few small changes could make a bigger impact than you might think. We’ve shared a few of our favorite financial resolutions for 2013 that could help you improve your financial situation.
- Get into the habit of saving money. It sounds simple, but saving a little each week can make a big difference by the end of the year. If you save $40 per week, you will have saved more than $2,000 by the end of the year. You can use that money to pay a little extra off of your credit card debt or put it towards your car payment.
- Simplify your day-to-day finances. Take advantage of services such as Delta Community’s Online Bill Pay. Studies have shown that overall, people who pay bills online are happier. Paying your bills online also makes it easier to keep track of where your money goes. Savings can be automated too – be sure to take full advantage of your 401(k) and IRA options and reduce the number of retirement funds you have from past employers into one rollover IRA.
- Make a conscious effort to be a smart spender. Keeping track of where your money goes for just one week can be enough to help you identify ways to cut back and start saving. Exchange one night of eating out for eating at home and you will not only save money, but probably some calories – which could help another resolution!
- Pay more than the minimum on your credit card bill on the accounts with the highest rates and make your payments on time. Bankrate.com’s credit card minimum calculator can show how just paying a little more each month can dramatically reduce overall payback time.
- Make 2013 the year to focus on financial literacy. Invest in yourself and your future – take advantage of investing help and financial advisors offered by your financial institution or employer. Delta Community Retirement & Investment Services offers free financial education workshops throughout the year on a variety of topics that can help you be more prepared for a successful financial future. Visit the Events page under the Community tab on Delta Community's website for the latest on workshop dates, times and locations.
Start 2013 off right by taking a fresh look at your finances. This is a great time to make resolutions to save and spend your money in a smart way throughout the year. Remember that Delta Community is always here to support you along the way, so please contact us if we can help with financial planning for you and your family.
Submitted by Jeff
