Important Financial Resolutions To Make

Published on

The Millstone Times January 2019

By Lauren Kolacki

Keeping on top of your finances requires many of the same actions year after year. Make it a tradition to find out where you are financially—and what your goals are.

1. Make a 2019 budget.

Take a fresh look at your essential and nonessential expenses. Make sure that retirement and other savings are included as essentials.

2. Reduce debt.

Not all debt is bad (for instance, a mortgage), but there’s really nothing good about carrying a credit card balance. Systematically pay down bal- ances by focusing on higher interest cards first

3. Build an emergency fund.

Everyone’s situation is different, but bad things—an illness, the loss of a job—can happen to anyone. It is important to protect yourself.

4. Review your insurance coverage.

Make sure you have adequate coverage for the essential types of insur- ance: health, car, homeowners or renter’s insurance. Also look into dis- ability insurance (especially if you’re in your peak earning years) and an umbrella policy if you have significant assets and life insurance if you have dependents.