Yes, it is that time, again. Time to consider how to improve some facet of our lives in the context of New Year’s resolutions. Research indicates that the top three resolutions people make tend to include eat healthier, exercise more, and save money. We at Regions agree that the start of the new year is a good time to reboot personal finance habits. Please allow me to suggest three for your consideration—reduce debt, save for retirement and organize finances.
Regions has several tips on how to improve your financial health and accomplish one, two, or all three of these possible New Year’s resolutions by breaking down your financial goals into simple, achievable steps.
In addition to a mortgage, most Americans owe money on credit cards, car payments, and student loans. The average American household with credit card debt owes around $16,000. To reduce debt in 2020, break down your debt-reduction goal into something that is actionable, attainable, and measurable.
Start by writing down a well-defined, quantifiable goal, like paying off your credit card by the end of the year. Then figure out how much you’ll need to pay off each month.
Once you understand how much you want to pay monthly, evaluate your budget to see where you can easily find the money by cutting down on some discretionary expenses. Some easy ideas might be to eliminate the daily $5 gourmet coffee or purge your subscriptions. If your debt is high, you may need to take more significant…