It is our Season of Savings and the new year is a chance to get financially fit.
If you need a money makeover, there are ways you can start the year 2020 on the right foot. If your goal is to chip away at debt, prioritize your payments based on which one has the highest interest rate.
If you are paying a lot on your credit card, make that the first to go. But regardless of what your resolutions are, write them down and rank them based on what is important to you.
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“Maybe 2020’s gonna be the year where you want to focus more on retirement planning,” said Stefan Contorno, a partner at Touchstone Wealth, “then it would be a good time to go see your financial advisor and actually have them design a financial plan for you.”
So you want to pay yourself first. Put a least 20 percent, if not more, of what you are making toward debt and saving for the future. If your company does not offer a retirement plan, start an individual retirement account or IRA.
Lastly, stop spending where you can. The U.S. News and World Report suggest committing to “no spend” days or weekends once a month, where you could opt to eat at home, find free entertainment and skip shopping.