We often wish each other a prosperous New Year, and a recent survey suggests that the majority of people will make a financial resolution come December 31.
As the New Year approaches, independent Financial Advisor and Author Michael Minter (managing partner of Mintco Financial), is sharing his best advice for those looking for ways to improve their financial outlook in 2014.
- Evaluate your "extra" spending and make changes. Take a look at your spending habits and calculate exactly how much you are spending on "extras" like daily coffees, lunch outings with coworkers and happy hour cocktails. Once you see how much these purchases can add up, you can vow to cut down and save more.
- Focus on paying off debt. Sure it's not as exciting as splurging on a family trip or shopping spree, but extra funds are best spent paying down debts. The average household owes thousands on its credit cards, throwing money away on interest each month. Making a resolution to pay off debt can be the best one you make for your financial future.
- Start a 401K. Regardless of age, everyone in the working world should be planning for retirement, even if it is a small monthly contribution. Plus, many companies will match your contribution up to a certain amount. An advisor can tell you how to prepare now for the retirement you envision.
- Set a savings goal. Start small and commit to putting away 5 percent of your pay check each month. Setting up a direct deposit can help and the savings will add up. Plus, everyone needs an emergency fund.
- Read a good financial planning book. Many financial advisors and others who have achieved financial success have shared their tips in books, e-newsletter, blogs and more. Take a look on Amazon (where you will find my I-Plan), search online for a weekly e-newsletter and consider expert tips.
- Seek personal advice from an expert. Many believe they are saving and investing properly. Some are right, but all could benefit from talking to a professional and exploring their options.
-Talk to your family about money and estate planning. Most families avoid the topic of money altogether but everyone should have a plan in place in case of an accident and your family should know how you plan protect your assets.
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