December 28, 2022
January is the traditional time for many to make resolutions, including financial promises to oneself that can pay big dividends in the coming year. These financial resolutions do not have to be complicated or elaborate. Sometimes the best financial solutions are also the simplest. With the help of the FirstLight BALANCE Program, here are five financial resolutions for 2023.
1- BETTER BUDGETING: A helpful percentage-based budget is the 50/30/20 rule. The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings.
2- INCREASE RETIREMENT: Increase retirement plan contributions by 1% (or more). Raising retirement contributions by 1% in the year to come is a good starting point. Of course, it can always be increased as the year progresses, but starting with 1% is an easy thing to do.
3- INCREASE SAVINGS: The 52- week money challenge is a savings challenge in which you deposit an increasing amount of money every week for 52 weeks. At the end of the 52 weeks, you should have at least $1,378 saved up in your account.
4- TRY TO NEGOTIATE: Choose one bill a month and negotiate it down. The ability to negotiate with a cable company, internet service provider, the cellular company, and more may improve your finances in the coming year. Choose one bill a month and see if you can get a better deal or rate.
5- MEET WITH FINANCIAL PLANNERS: Financial planners can help your money earn more money. In fact, it is a myth that you must be a millionaire to use financial planners. At FirstLight, our financial planners are available to speak with you about retirement, social security and so much more.
Making resolutions is a common activity this time of year as people everywhere look for ways to improve their lives and their finances. The five resolutions outlined above may be a way to enjoy a better today and a better future.
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