New Year’s Money Resolutions Made Easy

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1516_6125612While the holiday season may be the time for spending, it is also the time of the year to start to consider how you want to change your habits with regard to your personal finances.

If keeping New Year's resolutions have always been a bit tricky, being very specific with actionable goals, at least with regard to your finances, is always the best case scenario.

To get you started, here are some money-saving ideas for New Year's resolutions you can feel free to use to kick-start your financial goals:

  • Look at your credit cards – One of the biggest problems may be in actually knowing your credit card interest rates and what you can do about them. Take the time to delve into the interest rates you are paying and then work with the companies to lower the rates if and when possible.
  • Put aside a set amount per payday – This is a great way to start a rainy day fund, fund your child's college, or even save up for a big purchase. Make sure to use an account that is a true savings account and pass on the debit card to the account if you are an impulse shopper.
  • Meet with your accountant – If you have investments and aren't sure what rate they are paying or what tax benefits they provide, now is a great time to review. By meeting with your accountant you can also set out a plan to minimize taxes and take advantage of deductions and credits for the upcoming year.
  • Talk to your spouse or partner – If you are in a relationship, working with your spouse or partner is critical. The best saving and budgeting is always when both people are following the same plan.
  • Limit credit and debit card use – While it is virtually impossible to be a "cash only" consumer these days, especially to take advantage of discounts online, limiting your credit and debit card use is important. Consider paying off and closing your credit cards and maintaining one card for use that provides rewards and points that help you to save.

Your accountant can help to set financial plans you can live by, so your best resolution may be to schedule an appointment and get in for the help you need.