Money mistakes are a dime a dozen.
Except, you know, they end up costing us a bit more than that.
Think More Critically About Your Resolutions
Dont make News Years Resolutions.
Set your goals now, or in early January (after the holiday).
The goals need to be realistic.
If they are too hard or not remotely achievable, most folks give up before they even start.
When setting goals, start small, then move up.
Then plan six to nine months down the road to increase it to five percent.
Small steps that are actually implemented have a much higher chance of staying implemented.
Then you could go from there and again, slightly raise the goal.
The other thing people need to do is check in with their goals.
This doesnt mean following every movement in the stock market.
This means reviewing your progress.
This should be quarterly.
Thomas Scanlon, CFP,Raymond James
Hey, Tom,thatsoundsfamiliar!
Markets have historically gone through periods of decline and subsequently recovered.
Many filers choose to take the standard deduction for simplicity.
These still mostly pay only tiny amounts of interest.
Many online savings banks are paying 1.9 percent or more, with FDIC insurance.
Why not earn more interest on those savings?
Statistics show most active managers lag, and trying to time markets presents more risk for individual investors.
Check your credit card accounts online daily and ensure each transaction is legitimate.
And dont forget to check your free annual credit reports, too.
Its helpful to get a credit report from one of the bureaus once every four months.
That way, you get a glimpse of your credit report throughout the year.
Beverly Harzog, consumer finance analyst atU.S.
News & World Report
Hereshow to check your credit reports, and hereshow to protect yourself from scammers.
One step you should definitely take:Freezing your credit accounts.
Just dont forget to check in on the financial accounts that dont appear on your credit report as well.
Theres a simple
calculator at this link
that demonstrates the impact.
In todays world, we are all responsible for ourselves.
We dont have that anymore.
It is every man for himself.
Social Security will not save us.
The government will not save us.
If its too much you may get a refund; too little, you could have taxes due.
If thats the case, theyll likely see a lower refund than theyre used to.
Take Advantage of Credit Card Rewards
Many consumers dont take advantage of their credit cards rewards programs.
If it still seems unclear, then call your issuer.
The More Specific, the Better
Have a specific financial plan - specific being the operative word.
Instead, have clear and measurable financial goals.
This makes it easier to track progress, stay motivated and adjust your plan if needed.
Bethy Hardeman, personal finance expert atTally
Prioritize Your Savings
Save 15 percent of your income off-the-top.
Have it deducted automatically so you never see it in your checking account.
Especially if youre younger than 55.
David J. Haas, CFP,Cereus Financial Advisors
Heres more onRoth 401(k)andRoth IRAs.
NEVER leave the beneficiary on an IRA to The Estate.
This disallows the option for your heirs to stretch those un-taxed earnings over their lifetimes!
