Every year millions of people start the New Year with resolutions such as: quit smoking, lose weight, get healthy, save money, etc. According to the University of Scranton, Journal of Clinical Psychology, financial resolutions make up about 34 percent of New Years Resolutions. This year make a resolution to tidy up your own finances and then resolve to stick to it.
Don’t just make a vague resolution to save money. According to Psychology Today, of the millions of American’s who make a New Years Resolution, by January 31st, 40 percent of them have already failed.
Don’t let yourself become one of these statistics. Here are some great things to do to help you tidy up your finances for 2013.
Insure Your Life and Your Property
Hurricane Sandy affected 17 different states and took millions of people by surprise. Take the time to insure that what you have worked hard for is protected from natural disasters. Make sure your property, as well as you and your family, is properly insured.
Stop throwing your receipts you’ve been meaning to file in a pile on your office desk. Make different files for your important receipts, pay stubs, bills, etc. This will make it easier to keep track of your paperwork year round and will then ensure you are ready when tax season rolls around.
Want less stress in April? Don’t procrastinate with your taxes. File your tax returns early this year. This will put you ahead of the game from all those people who do wait until the last minute to file in April. And as an added bonus, if you are getting a refund, you’ll get that earlier too.
You aren’t going to afford that trip to Tahiti if you keep living paycheck to pay check. Setting up a monthly budget will help you save money, not over spend and allow you to see how much your household needs to survive each month.
Create a Savings Plan
Now that you have a household budget, you can start putting that extra money in a savings account. There are many different kinds of savings accounts and ways to invest your money. Consult a financial advisor to see which suites you best.
Plan for Retirement
It’s never too early to start planning for your retirement. Proper planning requires careful preparation and realistic goal setting – determining where you are now, where you would like to be in the future and what you may need to help get you there.
Create a Will
While planning for after you are gone is not the most pleasant activity, it is probably the most important one to do to protect your family. Do you know what will happen to your business, home, savings, etc. after you’re gone? Plan for that now so your family will be taken care of in the future.
Make an Appointment With a Financial Advisor
Planning for your financial future can be overwhelming so let a professional help you take the right first steps. With over 100 years of combined experience among its dedicated staff, Independent Financial Services provides a variety of financial services to its clients, including comprehensive financial planning, ongoing active money management and investment management. The all-women firm specializes in four key areas: women and investing, retirement planning, divorce planning and small business solutions. Visit www.independentfinancialservices.net for more information.
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