Five Tips for Keeping Your Financial Resolutions
Here are five tips for keeping your financial resolutions:
1. Form new habits by tying them to current behavior
If you have a regular system for paying bills, make a “bill” for your financial savings goals and pay it (by making a contribution to your retirement plan, college funding account, etc.) while you pay the other bills.
2. Put them on autopilot
One of the easiest ways to keep saving and investing goals is to set up automatic deposits or investments. Payroll deduction for 401(k) contributions or reimbursement accounts are great examples – you never have possession of the cash, so you don’t feel the pain of taking it out of your spending money. Contact your human resources department now about starting or increasing your contributions.
3. Make your resolutions achievable and realistic
Many people make resolutions without much planning or forethought – and fail the same way. If you are serious about your financial resolutions, do some homework, crunch some numbers and put your plan in writing.
4. Break them down into small steps
Trying to keep too many resolutions at once will leave you feeling overwhelmed. Instead of making or implementing resolutions for the whole year now, break them down and add one or two each quarter.
5. Work with an accountability partner or coach
Anyone who has tried to implement a weight loss or exercise plan knows that a buddy system increases the odds of success. If you need help sticking to your financial resolutions, we can work with you to create a plan for keeping your resolutions, whether they include college planning for your child or grandchild, or funding your retirement.
Throughout the past two and a half months I have continued to ask myself, did we jump off a financial cliff? The answer was no. How did I know? The answer, while somewhat complex, is profoundly simple.
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Under the Families First Coronavirus Response Act (FFCRA), private-sector companies with fewer than 500 employees and certain public employers must pay qualifying employees up to two weeks, or 80 hours, of emergency paid sick leave.
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Securities offered through Securities America, Inc., Member FINRA/SIPC. Joseph Davis, Registered Representative. Tax services provided by Davis Tax & Associates. Advisory services offered by Beam Asset Management. Joseph Davis, Investment Advisor Representative. Davis Financial LLC, Beam Asset Management, Davis Tax & Associates, Fit Divorce Planning and Securities America, Inc. are separate, unaffiliated entities. CA Insurance Lic. #0I00447.