Give your 2017 New Year’s Resolutions a Boost

Posted by Bank Mutual on Dec 21, 2016 22:00:00 PM

Topic: ALL

Woman holding a cup of tea

A dose of vitamins for better financial health

If you’re like nearly half of the US population, you’re already thinking about your 2017’s New Year’s resolutions. And, getting healthy is likely at the top of your list. Perhaps you’re planning to really use that new juicer and eat more organic fruits and vegetables. As you commit to eating better add in a dose of vitamins for a healthier financial you.

Vitamin B:

Budget The best intentions don’t make a budget happen. Spending 30 minutes now to review 2016 savings and spending habits will go a long way in setting a realistic plan for 2017. Free apps like Mint, Goodbudget and Spending Tracker simplify setting up a monthly budget and can keep you accountable and on track. Bank it
What vacations are you planning for 2017? Is a down payment for a home, condo, or new car on the horizon? Redecorating or remodeling? Can that appliance really last another year? Giving some thought to possible 2017 purchases can help set realistic and achievable savings goals. The more detailed you can be, the better. A resolution to save 5% of each paycheck is more likely to happen than a vague intention to just "save more."

With your list of likely 2017 expenditures, be a smarter consumer to make the most of your spending. In addition to watching for sales and deals, check consumer guides and reviews and set a dollar limit now on those impulse purchases you’re bound to make.

Vitamin D:

Reducing and managing your debt is another area where upfront planning will pay off at the end of the year. Instead of glancing at emails or throwing away notifications from your credit cards take time to read the fine print. Rates and point programs can change so it’s important to periodically take a look at the terms and make sure your debt isn’t costing you more than necessary. Just like budgeting for bills and savings, resolve to increase monthly debt payments on high-interest loans and credit cards. Coupled with more careful credit card spending, paying a little more each month than the minimum payment due will make a dent over the course of the year.

New Year’s is a great time to protect your identity by updating your passwords and PINs. Remember to make a note of them and keep the list in a secure location away from your computer.

Vitamin C:

Have you checked your credit rating lately? Or reviewed who has? The major credit reporting companies such as Experian, Equifax and TransUnion offer at least one free report per year. Keeping an eye on your rating and inquiries from other sources can give you peace of mind heading into the new year.

Taking a few minutes to review your home, auto and health insurance policies can alert you to increases in rates and decreases in coverage. Shop around. The market is competitive and you could find opportunities for savings.

Now that you’ve taken control of your financial health for 2017, think bigger. Your Investments, and planning for retirement and lifelong milestones need period attention and you can easily make it part of your new year routine.

What’s topping your list of resolutions for the new year? We’d love to hear about them. #milestone2017resolutions