1. Dust Off Your New Year’s Resolutions
We get it: New Year’s resolutions get stale as soon as the calendar hits February. But this was the year you were really fired up and ready to conquer the world.
Why sell yourself short when your goals are actually within reach?
Do it today: Dig out that paper with your New Year’s resolutions and go through your financial goals one at a time. Did you overreach? Were you irresponsible? Tweak and adjust your list as necessary and create a new tracking system if the existing one isn’t working. Then, get out there and own those goals!
2. Sweep Out Your Monthly Budget
Now that you’ve taken stock of your resolutions, take a good look at your monthly budget.
Do it today: Review your monthly budget and choose one area to trim. Create concrete and realistic steps to make this happen. For instance, try the money envelope system to keep you on track, or stick to cash-only so you don’t slip up. Your budget will thank you!
3. Freshen Up Your W-4
You might be celebrating a generous tax return this year, but that only means the government has been handling some of your money all year long instead of it earning more for you. It’s almost like giving the government an interest- free loan! You could have used those funds to start investing, add to an existing emergency fund, and launch a business or to save for your dream getaway.
Do it today: Spend some time researching your best withholding options or ask your accountant to help you work out the numbers. Adjust your W-4 accordingly and submit it to the payroll specialist at your workplace.
4. Pile Up Your Savings
On a monthly basis, put some of your paycheck aside, and become a saver! It can be a small amount of 1 to 5 percent of your pay check or a larger goal but start now. You can add to a savings account, Money Market account, or a Certificate of Deposit account and start investing. You have so many great options to become a great saver today!
Do it now: After choosing a savings option, stop by North Jersey Federal Credit Union to set up a direct deposit. Each month, your funds will be automatically transferred from your checking account to your savings account. It’s the ultimate set-it-and-forget-it method to saving!
5. Toss Your Debt
Start by focusing on a debt to pay off. It can be the debt with the smallest amount or the one with the steepest interest rate. Find a way to double down on your payments toward that debt. You can do it by taking on a side hustle, seeking a promotion at work or trimming existing expenses. After you’ve paid down this debt, move onto the next one. Accelerate the payoff by applying the total payment amount from your initial debt to the new one. Keep going until they’re all gone. It might take a little time, but eventually, you’ll kick all of your debt to the curb!
