Research shows that only 10% of individuals that make New Year’s Resolutions, actually keep them. We at Legacy Insurance & Investment Group LLC want you to be a part of the successful 10%! Here is a list of simple things that you can do to make that happen:
Plan for your financial future today. Be diligent in following your New Year Resolutions. Reap the benefits in the future. You will be happier and less stressed in the end.
If there is anything we can do to help with your financial New Year Resolutions, do not hesitate to give us a call at 708-572-7181 Monday through Friday.
May you and yours have a prosperous 2017!
- Know your debts. No, this is not the most enjoyable thing to do, however it is important to get on this task. Taking the time to calculate your current debt load can make it easier to prioritize your debt repayment plan and finally get ahead this coming year.
- Lower your monthly bills. It is a great time to review your monthly bills. See if there is anywhere you can save money from utility bills to your mobile phone bill. Is there anything you can do without? Do you really need those extra channels on your cable package when you have Netflix? Can you get a better deal at the other mobile phone company?
- Simplify your accounts. Evaluate if you need those multiple checking accounts or savings. Are you paying service fees on all of them? Can they be consolidated to avoid fees? What about your IRAs? Can they be consolidated? Have you rolled over your 401k from your former employer? Consolidation can save you on fees and stress.
- Automate your savings. Pay yourself first without thinking about it! Is there a way your employer can automatically withdraw and amount from your paycheck? Does your bank have recurring auto-transfer capability? Utilizing these features can help you bulk up your savings for a rainy day, or that dream vacation.
- Build your emergency savings. Everyone should have an emergency savings in the equivalent to keep you going for 6 months or more. The loss of a job, a family emergency, or an unexpected illness can be financially catastrophic. There is no worse feeling than not knowing where that next mortgage payment will come from, not knowing how you will pay for the new heating system in the dead of winter or not knowing how to fund that unexpected expensive car repair. Saving can be done on the most modest of budgets. The important thing is to start as soon as you can.
- Reduce your interest. If you are paying more than 4% on your mortgage loan, shop around. Unless there are extenuating circumstances, you should not be paying more than that at the moment. How are you credit card rates looking? Did you get that offer of 0% for a balance transfer? Do it!
- Raise your rate. Check on your Certificate of Deposit or that savings account. Keep some liquid reserve on hand but make sure you are getting the best rate. Shop around. Then again, do you need that entire balance in the savings account paying less than 3%? If not, talk to a financial planner to see what you can do to increase your rate of return.
- Track your investments. If you already have investments, evaluate the cost of those investments. Can you get a better rate? Ask your financial planner about the rates. Review your investment portfolio to see if it needs to be rebalanced. Sell high and buy low. Move things around if it will benefit you.
- Invest in your health. Don’t be afraid to shop around for the best rates on insurance. Compare coverages. Consider your age, family history and physical activity and compare to each insurance coverage options. Join a health club and go at least for 30 minutes three times a week. Eat deliciously healthier. Investing in the latter can help you stay healthy and prevent costly health and medical problems down the road.
Plan for your financial future today. Be diligent in following your New Year Resolutions. Reap the benefits in the future. You will be happier and less stressed in the end.
If there is anything we can do to help with your financial New Year Resolutions, do not hesitate to give us a call at 708-572-7181 Monday through Friday.
May you and yours have a prosperous 2017!