The new year is going to be here before you know it. Don’t have a new year’s resolution yet? Let us give you an option. Make your financial situation in 2018 better than it is now in 2017. It’s good to set up goals to stay on track and to keep your financial situation healthy.
Here are some goals that you can set:
Get out of debt (completely)
Getting out of debt completely won’t happen overnight, but it is doable, regardless of your income. Doing so will not only free you from the stress and worry you carry, but it will allow you to have more money for savings and investing. A great way to start helping you get out of debt is to budget, which leads us to our next point (goal).
Budgeting is always important when it comes to organizing how much we spend and save. It helps us stay on track with our monthly payments, how much we spend weekly, and keeps us on a financially stable path. This can be a long and tedious process, but there are apps available on our phones (that are FREE) to help us keep track with our budgeting.
Open a 529 college savings account
College tuition is going to continue to increase and it’s best for you to be prepared for that situation once your kids go off to college. It's never too early to start saving for a college education. Starting a 529 savings plan will ensure that you will be prepared for that moment, so your kids won’t have to end up taking out a lot of student loans.
Get life insurance
If you have a family that depend on your income, then it’s best to get life insurance, just to be on the safe side. Life insurance will provide for your family in case you pass away prematurely. Turning to your insurance broker will allow you to find the best price of a policy that will suit your needs. If a situation arises where you are unable to work, there will be a waiting period between that time and the time your insurance benefits start paying out, which is a good reason why you should also have an emergency fund saved up. It’s important to have these planned out, because you don’t want to be in a financial crisis if something unfortunate happens to you.