Financial Planning tips for the New Year
Roughly 80% of Americans planned to make New Year’s resolutions for 2020, according to a WalletHub survey. But fewer than 50% of those resolution-makers were expected to keep their vow for a full year, which is not a good sign for hopes of improved money management.Start your New Year off with a new resolution in the right direction with a plan, a financial plan! Be sure to begin with small realistic goals first so you can move toward your larger goals. First look at a large goal such as buying a house or retiring early and then look at the things you will need to do to reach that larger goal. Regardless of your goal, it is wise to set up a support system[LJ1] to make it easier to reach your financial goals and Origin SC is ready to help you. It is also important to measure your progress periodically throughout the year. Here is what Tavia Watson, the licensed and HUD certified coach at Origin SC suggested. “Develop financial goals (short term and long term) navigate a plan to achieve your goals Budget monthly include all expenses: fixed, variable and periodic expenses. Open a Christmas fund with your bank and use this account for a savings (not technically for Christmas gifts) but for things related to your goals: Purchase a home, car, pay off debt, go on vacation.”
Here are 4 more tips to begin your journey down the right path to successful finances.
1. Start a budget – create a monthly budget and reduce spending in specific categories as each month goes on. Your budget should include your monthly fixed, variable, and periodic expenses. Examples of fixed costs include rental lease payments, salaries, insurance, property taxes, interest expenses, depreciation, and potentially some utilities. Variable costs can be general expenses such as clothing, groceries, and car maintenance, or resource expenses such as fuel, electricity, gas, and water. Periodic expenses are things like car repairs and costs that happen every so often.
2. Work towards getting out of debt– set up payment plans, reduce spending, and contact Origin SC’s Debt Management program!
3. Start saving $- stop eating out, less frequent visits to coffee shops (make your own at home), find ways to save on utilities, and set a monthly savings goal.
4. Learn about money & finances- It will help to learn more about how to successfully manage your money. Every year at Origin SC, we help thousands of people gain control over their financial future. Our licensed staff in the Financial Education &
- Financial Coaching
- Credit Improvement
- Debt Management
- Bankruptcy Counseling
- Financial Education Workshops
- Student Loan Counseling
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