Resolve to Get Real with your Finances this New Year

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Resolve to Get Real with your Finances this New Year

12/30/2019

Many people start the New Year resolving to get physically fit. This year, what about committing to get more fiscally fit? Yes, this can be an overwhelming thought, especially since November and December are huge spending months. But, the New Year is the perfect time for a financial reset.

This January, get real with your finances by taking a good hard look at the following:

  1.  Daily spending. Just where does your money go? Take a look at last year’s credit card or bank statements and examine your spending history.
  2. Saving - short and long term. Are you saving enough each month for retirement? (How much is enough, anyway?) Do you have an emergency fund for unexpected expenses? Even if money is tight, saving even a small amount each paycheck will add up. Click here to see if you are saving enough.
  3. Debt. Nobody likes to look this one square in the eye. But in order to overcome debt, you need to face it. Write down what you owe and the interest rates associated with each debt. Feel overwhelmed? Ask your Catholic Financial Life advisor for advice. He or she can steer you in the right direction to resources for debt reduction.
  4. Budget. After looking at the big picture, consider how you’ll handle your money moving forward.  Making a budget means being mindful of all expenditures. Commit to trimming spending and making smarter decisions. A Catholic Financial Life Advisor can help you get a handle on where you are now and where you want to go in the New Year and beyond. Contact us today and make this the best year ever!

Tagged: Finances

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