Written by: Stephen March, Financial Lending Specialist
Are you considering a financial resolution for 2017?
According to a study done by Fidelity Investments, 36% of Americans are considering a financial resolution.
The Top 5 financial Resolutions for 2017 courtesy of Forbes.com are to:
- Pay off debt
- Build an emergency fund
- Save for retirement
- improve my credit
- Buy a house
How to Stick to your Financial Resolutions
Now I know what you may be saying, “but I never stick to my new years resolutions so what’s the point?”
I’m so glad you asked because according to Fidelity’s study for 2016, 49% of the people surveyed actually stuck to their financial resolutions.
So how do you stick to yours?
Here are a few tips to help you keep your financial resolutions
- Write it down – Get your resolution out of your head and post it on something you see everyday like your bathroom door or fridge. Writing it down not only reminds you but also makes it more real to see it written down.
- Tell Someone – Tell your friends about your resolution or get a partner to hold you accountable. You’re far more likely to follow through if you’ve told someone about it because you won’t want to let them down.
- Focus on One Resolution – I know you probably want to pay off debt, build an emergency fund, and save for retirement all this year but you’ll most likely set yourself up for failure if you try to accomplish all of this at once. The good news is that you may actually accomplish some of your other aspirations by narrowing your focus to one area. For example, if you pay down your debt, you will also improve your credit score and will eventually be able to save for retirement once you have more money freed up each month with less debt.
- Break it down into small steps – Break your resolution down into small steps so it’s not so overwhelming. For example, if you want to pay off debt, your first step may be simply to find out how much debt you need to pay off. Your next step could then be to create a budget that will allow you to determine how much money you can afford to pay extra each month to pay down your debt.
- Take a class – Don’t know where to start? How about taking a class or webinar to learn more about the area you want to focus on? Neighborworks America offers financial capability courses and so do we.
If you’re interested in improving your credit, Join us for one or both of our Financial Capability courses in 2017:
Increasing Financial Stability with Credit Building – January 26th @ 10:00 AM
Rebuild Credit and Increase Financial Stability – March 16th @ 10:00 AM