Make better decisions with your money

Your financial health has an impact on your overall well-being, so here are some serious and fun ways that you can make better decisions with your money.

MAKE A PLAN TO REDUCE DEBT

• Determine a realistic budget and set achievable goals with a financial plan.
• Log your income vs. expenses to show you the areas that need help.
• Make sure your family, partner or spouse is on board and willing to follow the plan.
• Start paying down debt.

INCREASE 401(K) AND SAVINGS CONTRIBUTIONS

A 401(k) is a primary source for retirement savings. Increase your contribution this year – it should only take a couple of pay periods for you to adjust. Adding just 1 percent to your 401(k) contribution can provide surprising results.

MAKE EXTRA PRINCIPAL PAYMENTS ON YOUR MORTGAGE

Making a single principal payment to your mortgage each year can shed about six years off the term of a 30-year mortgage. It’s a hard thing to do, but there are ways to set up your payments or use special monetary gifts to make years fall off your mortgage.

PICK SOMETHING TO SAVE FOR, SUCH AS A TRIP, EXPERIENCE OR REWARD

It can be quite rewarding to determine a special trip or experience, then put aside money monthly and pay for it in full. The planning and anticipation can help extend the scope of this special reward. Make sure it fits within your financial plan, then make it happen.

Contact us if you’d like help implementing these ways to make better decisions with your money.

BEGIN ESTATE PLANNING AND UPDATE BENEFICIARY FORMS

Discussing estate planning topics such as children, marriage, divorce and death is difficult but absolutely necessary. Meet with a legal professional and financial advisor to determine how your estate will be managed in the future. Check and update your beneficiary forms, especially if your marital status has changed. And don’t forget to check in with your financial advisor or your company’s retirement plan administrator about retirement accounts and insurance policies.