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SPONSORED: How to Make Your Financial Resolutions

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A new year—12 months ahead to plan and reach goals that can help you achieve your financial dreams. It’s a great time to think of the four or five most important financial goals you have for the coming year and how you can make major strides in reaching them.

There’s something about a new year that makes us want to focus on the future. It’s a great time to rethink how to best use your income and how to plan to save and spend it in ways that will put you on the path to achieving financial success. 

Suggested financial resolutions for the coming year.

REDUCE DEBT.

According to Nerdwallet.com, American families owe an average of more than $15,500* on credit card balances so 2015 may be the year to get your credit balances paid off.

1. Take advantage of a low-rate card. Check out available options to lower your cards’ interest rates and pay off the balances faster.

2. Consider taking out a personal loan, with a lower rate, to pay off your credit card.

3. A home equity line of credit (HELOC), which usually carries a rate that is considerably lower than card rates, can be used to consolidate and pay off card balances.

CHECK YOUR MORTGAGE RATE.

Mortgage rates are still low. It is amazing the difference that a one or two percent reduction in your interest rate can make in lowering your loan payments.

1. Refinance at a lower interest rate and look at reducing the term of your mortgage from a 30-year to a 20- or 15-year term. The amount of money you can save in interest can be quite surprising. 2. Make extra principal payments to pay off your mortgage faster.

SAVE MORE. To increase your savings, spend less or earn more. Or better yet, spend less AND earn more.

1. Track your expenses. Know where all your cash goes.

2. Automate your savings. Set up an automatic savings deposit from your paycheck—this is one of the most effective ways to build a savings account.

3. Evaluate needs versus wants. Before you buy, ask yourself if you really need it or just want it.

4. Save your raises. Each time you receive a pay increase, consider adding the amount to your savings rather than spending it to increase your lifestyle.

5. Build your retirement nest egg. You’ll need an average of 10 times your final salary saved for retirement so now is the time to build the momentum needed to reach your goals. You can get financial advice from one of Mountain America’s experienced wealth advisors.

Call Mountain America at 1-800-748-4302 for help reaching your 2015 financial goals.

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