The beginning of the New Year always brings with it some gusto about reaching goals. Most people choose to tackle their health, either with weight loss or improving their fitness levels. Many others elect to tackle their finances, but fail to set smart goals.
At McCabe & Associates, our job is to help you create realistic, attainable, and smart financial goals, and assist you on the path to reach them. Over the years, we’ve worked with our clients to find some of the best goals can be the simplest.
- Stop Overspending: This seems easy to say, but is often so difficult to implement. While today’s world views many things as “necessary,” they are in fact luxuries! Do you have the most expensive cable package? Do you stick to a budget when you shop for gifts, or even when you shop for groceries? Get a handle on where your money is going so you can stop extraneous spending before it overwhelms you. Don’t know where to start? Try downloading an app like Prosper Daily that helps you categorize your expenditures so you can see exactly where each dollar is going.
- Start Saving More: Once you’ve stopped overspending, you need to start saving, and doing so intelligently. Do you have an emergency savings account? Most financial experts agree that having 3-6 months worth of living expenses is one of the smartest things you can do so you’re prepared for any sort of catastrophe. Are you thinking about your retirement savings? And are you putting as much as you can toward that huge goal? What about college savings? Or a second home or rental property? Don’t know where to start? It’s always smart to consult with your financial advisor on the best investments for you. Give us a call – we’ll be happy to help!
- Pay Down Debt: According to the U.S. Census Bureau and the Federal Reserve, Americans who carry credit card debt carry it at an average amount of $16,000*. Atop credit card debt comes student loans, business loans, mortgages, and countless other options available to the general public for borrowing. We suggest using the Stack Method to pay down your debt, tackling the loan with the highest interest rate first, and so on down the line. If you need assistance creating a budget or a repayment plan, we’re happy to assist you.
These goals are all attainable, but you should undertake them with the support and assistance of a financial advisor. Our job is to help improve your success rate. Contact us to find out how we can help you make and reach your financial goals.
* http://www.usatoday.com/story/money/personalfinance/2016/10/12/average-credit-card-debt/91431058/