Friday, December 30, 2011
New Year's resolutions: 6 financial goals
Trying to become more financially fit?
Resolve to make simple changes that can net big savings. Tami Rechtenbach, director of member services at Dupaco, offers six financial goals worth aiming for in the New Year:
- Get a Dupaco Money Makeover. A Money Makeover gives you the opportunity to review your total financial picture to see where you might be able to cut costs and build savings. It also offers a great opportunity to review your budget for the New Year.
- Practice systematic saving. Determine how much you can afford to have automatically transferred from each paycheck and deposited into a savings account. Consider this: If you opened a savings account with $50 and deposited $25 from every paycheck into your account, you would save $647 by the end of the first year (at the current 0.25 percent interest rate, and assuming you're paid twice a month). Not sure how much you should be setting aside? Check out these budget calculators.
- Review your debt. With the help of your financial institution, look at your debt - from home loans to car loans to credit cards - and find out whether you would benefit from refinancing your loans or moving credit card debt to a lower-rate credit card.
- Go green. If you haven't already, this is the year to embrace technology, especially when it comes to your finances. Take advantage of online banking, e-statements and smart phone apps that allow you to do everything from check your balances to transfer money.
- Teach your children to save. Dupaco offers a host of interactive tools to help kids get involved and excited about saving.
- Set up your Holiday Club savings account. You can allocate a certain portion of each paycheck to automatically be distributed into your Holiday Club. Around November 1, the money is moved into your checking account for holiday spending.
By Emily Kittle