Six Financial New Year's Resolutions For 2019

posted December 28, 2018 in Blogs

It’s a new year and hopefully you’re starting out strong with the resolutions you made for 2019! There are probably a lot of things you’d like to accomplish this year, and financial wellness may be one of them. According to a Fidelity Investments survey, the top three financial goals are saving more, paying down debt, and spending less.  If you have one of those goals, we have some tips that can help you succeed!

6 things you can do to help you along your journey:

1. Increase your savings. Even if it’s only by 5%, every bit adds up.  Anywhere you can save a little extra is something you will thank yourself for later.  If you find that $5 bill in your coat from a few months back, put it in your savings account.  Begin saving all the small amounts that you can, and a year from now it’ll look a lot more significant.

2. Cut out one impulse purchase a week.  Whether it’s that overpriced coffee you’re craving in the afternoon or that breakfast sandwich when you’ve got an extra 10 minutes before you need to be to work, just say no! If you cut out one $6 impulse purchase each week, that adds up to $312 after a year.

3. Trim your electricity bills by making sure your appliances are all running efficiently and conserving as much energy as possible.  A utility company can perform an energy audit for you, and many do them at no cost. The audit will tell you where you can cut back on energy use.  These changes may save you a little, or they may save you a lot!

4. Increase your marketability by learning new skills or broadening your knowledge in your chosen field.  Find ways to learn something new that will help you go further in your career. There may be a webinar you can join, a conference you can attend or a class you can take through your local community college to gain a certification. The more skills and knowledge you have, the more your earning potential increases!

5. Pay down your debt by making it a priority. When you get a bonus at work or someone gives you cash for the holidays, other than saving it, use it to pay down your debt! If you’re always putting more than the minimum towards your debt, you can reach the end a lot sooner.  There are different methods to paying down your debt, so do some research to figure out which will work best for you and then get to work!

6. Spend less on groceries by doing whatever it takes to make it happen: coupon more, cash in on rebates, and shop the sales.  Grocery shopping can be expensive, especially if you have a family. Take the extra time to plan exactly what you need to buy and then see if you can find coupons for those items.  If you have the option to buy something on sale, do it. Cutting down on grocery costs by having a plan each time you go can save you more than you think!

All of these tips can help you save money and be more successful in reaching your financial goals! Changing your habits and having a better plan for your money can help you to make big changes.

Greater Iowa is happy to help you reach your goals and have a prosperous 2019!  Call 1-800-296-9064 or stop by one of our branches today to learn more!

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