Sticking with Your 2016 Financial Resolutions
Jennifer Profitt/WSMH-TV/FOX (Flint, MI)
January 4, 2016
We all know the drill; New Year, new you, you make a resolution and then you forget about it a week later. However, it doesn’t need to be that way, especially if your resolution is financial in nature.
“If you want to make a financial resolution, really number one, identify your goals,” said Midea Porterfield, Financial Counselor with GreenPath Financial Wellness in Saginaw Township.
Porterfield said to be specific with your goals. Do you want to save more money? If so, that’s fantastic – but how are you going to get there?
“You have to create a budget, if you have a budget, make sure it’s an all-inclusive budget so that you’re including things like gas and groceries, not just your fixed expenses like your house payment,” Porterfield said.
Also, it’s not a bad idea to start shaving off those expenses you don’t need and sticking those funds somewhere safe. You could make it easy with direct transfers into a special savings account.
Next, with a New Year and a new you, Porterfield said to make sure you’re doing this: “being brutally honest about the budget.”
Another poplar New Year resolution is getting out of debt.
“If you have credit card debt, take into account that it’s not just the minimum payments you’re paying. If you want to be debt free in five years you have to pay more than the minimums on those credit cards,” Porterfield said.
A study by Fidelity Investments found 56 percent of people who nearly or completely achieved their 2015 resolution are in a better financial situation today.
A little budget-crunching now can help turn your goals into a reality next new year.
To see the entire interview with GreenPath Counselor Midea Porterfield, watch below.