The new year is right around the corner- time to spend an evening ringing in 2018, spending time with friends and family, and of course, writing a few resolutions for the coming year. If one of your goals for the next year is to shape up your finances, Freedom Debt Relief Reviews has got your back- and we’re here to help 2018 be the year that your family finances take a turn for the better!
Create a family budget. If you don’t already have a family budget, now is the time to sit down and get your finances organized for the new year. A budget is crucial to better financial health because if you don’t realize where you’re spending and which expenses are eating up most of your income, there’s no way you’ll be able to cut back and understand where you can afford to save and splurge. While making a budget doesn’t sound like a lot of fun, Freedom Debt Relief Reviews recommends getting your children and spouse involved as well in order to encourage everyone towards a common goal of saving- for example, when budgeting for entertainment, fraction out a weekly spending limit and let children have a hand in choosing how they would like this money to be spent.
Maximize your retirement contributions. If you aren’t already doing so, Freedom Debt Relief Reviews urges you to take the new year as a time to start maximizing your retirement accounts. Deferring more of your income into your 401(k) or other retirement plan is simple- just give your human resource representative a call and tell him or her that you’d like to increase the percentage of your salary that is automatically deferred into your 401(k) or other retirement account. If you have a Roth or traditional IRA, you should also try to contribute the maximum amount allowed by law- $5,500 a year if you are under the age of 50, and $6,500 if you’re over 50. This will give you more money to work with later when you get closer to retirement, and you’ll be able to take advantage of your employer’s 401(k) match program if one is offered.
Take control of your debt. It’s time to leave your consumer debt behind in 2017. One of the best things that you can do in the coming year to increase the amount of money that you get to keep for your family is to begin to reduce the amount you owe in consumer or credit card debt. Paying down your debt sooner rather than later will save you money in the long run because you’ll pay less in interest. When you’re building your family budget, make sure you include debt payments as a necessary household expenditure; Freedom Debt Relief Reviews also recommends signing up for automatic bill pay with your local bank or credit union so you won’t have to incur late payments should you forget when one of your bills is due.
The beginning of a new year means a fresh start for you and your family- leave poor financial habits in 2017 with help from Freedom Debt Relief Reviews. By working together with your family members and building a reasonable budget that you can stick to, you’ll have more control over your discretionary income- and less stress about the bill arriving at the end of the month.