Monday, January 6, 2014

5 Financial Resolutions Anyone Can Achieve

With a new year beginning, Community Financial encourages you to add some financial resolutions to your list. Here are the top 5 financial resolutions suggested by our team members.

1.  Reduce outstanding debt.  
Making payments on time and paying more than the minimum amount will reduce the amount of interest you pay over time. Make a resolution to apply a little more money towards each payment than in previous years.

2.  Look for deals. 
Take a few minutes to look for deals.  It’s not uncommon to find savings of 60-80 percent on almost anything with apps from Groupon , LivingSocial and the RetailMeNot. These apps are perfect for getting instant mobile coupons for savings and freebies while you are in the checkout line.*  

3.  Plan weekly meals.  
You’ll find yourself eating out less and spending less time in the drive-thru when you plan your meals and eat at home. Make a list of what you want to eat during the week and stick to purchasing only those items at the store. Cooking at home is most often cheaper and healthier than fast food. Sticking to your grocery list will help you avoid grabbing items you don’t need.

4.  Build an emergency fund.  
Setting aside small amounts of money each month can really help in the time of need. Hospital and physician office visits that result in immediate surgery or long-term health care can be burdensome on one’s finances. Additionally, unplanned pet care visits can take your bank account by surprise, especially if you don’t have pet health insurance. Setting up a vet fund for your furry family members can help ease the stress of vet bills.

5.  Save for retirement.  
Contribute to your 401(k) or 403(b), especially if your employer matches a certain percentage of your contribution. If you don’t have an employer-provided retirement plan, you may be able to open an individual retirement plan or IRA through Community Financial. Check out our IRA webpage to see the options we offer. If you’re already contributing, consider adding one or two percent more to your contribution this year. ^

*Not all retailers honor mobile coupons. Inquire with a staff person at the store before making your purchase.
^Consult your tax advisor regarding IRA eligibility.

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