2017 is finally upon us, and if you’re like the majority of people, you probably have some goals in mind for making this the best year yet. Whether that includes shedding some pounds or getting a new job, you should definitely also add improving your finances to the list.
Getting in better financial shape in 2017 will do more than just allow you to have more money in your checkbook, it can help you reach your goals and dreams.
Here are some of those smart financial resolutions for 2017 that can brighten your financial future:
Pay off your debt for good
Unfortunately, no matter your income, the wrong type of debt will keep you from reaching your financial success. Dirty debt – that is, high-interest debt – can quickly snowball and become insurmountable. That’s why one of your smart financial resolutions should be to come up with a gameplan to evaporate that debt for good. Consider trying to not miss any payments, and to tackle the highest interest rate debt first.
Start creating an emergency fund
Accidents do happen, and they are unpredictable. While you can’t plan for every situation, you can have a financial cushion to cover any expenses incurred. That’s why one of your smart financial resolutions for 2017 should be to have an emergency fund. Better than a new pillow; this fund will allow you to sleep easily every night, knowing that you have a cushion to protect you from emergencies or the unexpected. I recommend having 6 to 8 months of bare-bones living expenses stowed away for this fund, but every single penny counts.
Start investing for retirement
Thanks to the enormous value of compound interest over time, investing for retirement now is one of the greatest financial resolutions for 2017 you can do. Even putting away tiny amounts of wealth now can reap large benefits in the future. If you haven’t started doing this already, consider using my 20-30-50 plan to free up cash towards this resolution.
Learn more about creating smart financial resolutions for 2017
If you’d like to learn more about investing, feel free to reach out to my firm, LexION Capital, today.