6 New Year's Resolutions to Consider
The Illinois CPA Society is making New Year’s resolutions a bit easier for all of us in 2011. They have suggested a number of things to improve your personal finances during the year. Check out this short list from the Society for things you might want put your financial house in order:
- Start Saving. Â Could you take the $50 you just spent on that sweater and save it instead? Â Cut back on downloads or dining out? Â Review what you spent money on in 2010 for ideas on places to cut back.
- Set a reachable goal. Â Whether it’s getting out of debt or buying a home, plan to accomplish something with your money in 2011. Put away a small amount each month towards your goal.
- Save it for a rainy day. My Grandmother always told me to put a little money back in case I needed it later. Apparently the Illinois CPAs agree! Â Prepare for a layoff or health emergency by working towards having three to six months worth of living expenses socked away.
- Make a will. Â Not pleasant to think about, but you want to make things easier on your family and protect your assets.
- Check your credit report. I bet like a lot of us you have been meaning to check it, but perhaps afraid to. Use it as a starting point to get your credit in good shape. Â Get a free report from www.annualcreditreport.com.
- Take steps toward retirement. Â Contribute to your 401K plan at work – at least enough to get the match if one’s available. Â If you’re already contributing, consider a 1 or 2 percent increase.
Need some professional help? Â Turn to the Society’s Find a CPA Directory online at www.icpas.org to locate a CPA in your community and to Twitter, @thriftitude, for money management tips from the Illinois CPA Society.
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