Can you believe it? We’ve made it through another decade! 2020 is upon us. Besides taking a moment to let your mind be blown by the increasing rate of passing time as we grow older, perhaps it is also time to take a look forward, and see what you can do in the next year. Making sure that your future is assured, means you have to be on your toes all the time and constantly reevaluating what the priorities are and what your best plan of action is, especially when it comes to your finances.
“Why do New Year’s Resolutions fail? Mainly, because they are only a statement or what we wish for in the coming year. There are usually no action plans, no deadlines, no backup plans. Sometimes they are unrealistic resolutions, with no other thought or plans beside the statement.” -- Catherine Pulsifer
No matter what your resolutions are for the coming year, here are some things that you can add to your action plans, so that those wishes may become a reality.
Fifty percent of Americans have less than one-month’s income saved for a rainy day. Finding a trustworthy personal finance advisor who can help you ascertain what the best steps are for investing or planning for retirement or even a making a deposit on a home, is an excellent plan. However, if you are not quite ready to jump into the investment market, then simply putting a sum of money aside as often as possible will very quickly pay off.
Making sure you have a budget is the best start you can make to a new year. Setting all your costs out and making sure it is all being confronted and addressed means there will be little or no surprises throughout the year, as you have been conscious of what is needed. Shockingly, about only 32 percent of U.S. households prepare a monthly budget. That’s a pretty revealing statistic seeing as how  a full two thirds of Americans would be hard pressed to come up with a $1,000 in an emergency. Having a budget and knowing where you stand financially means you can then plan to improve your situation
Making sure you understand your money, where it is and what it is doing, is very important. It's also very important to be able to think clearly about your money and your plans, so being financially literate is a huge step in the right direction. According to a study, only 24 percent of Millennials demonstrated basic financial literacy.
Taking control of your financial affairs and understanding them completely is the best way to move forward into the New Year. Setting a budget and making sure all your bases are covered means that next year should be far better than the previous one.
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