Certain not.
The key, however, is your commitment to keep any resolutions once you make them.
So, how do other folks fare when it comes to keeping money-related resolutions?
According to a 2015 Fidelity survey, 29% of people who made money-related resolutions at the start of 2014 actually achieved their goals. Some 74% made it at least halfway to there goals. And, as a result, about half of those surveyed believed they were better off financially.
Such was the topic of a recent NewsMax article titled "Forbes.com: 5 Money Resolutions to Make in 2016."
Here is a quick summary of those five recommended resolutions:
Begin your budget.
You should know where your money is going, even though many folks do not enjoy seeing just how much money they are wasting.
Bolster your rainy day cushion.
Nearly 30% of people in the U.S. have no emergency savings, according to a Bankrate survey. Many of those folks who do have savings just do not have enough.
How much is enough?
Financial experts recommend having enough cash in the bank to cover three to six months of living expenses.
Make a plan for tackling debt.
Researchers have found that you are more likely to pay down your overall debt when you start by tackling the smallest balances first.
Why?
Those small victories keep you motivated to keep moving forward.
Get your retirement number.
Can you believe that fewer than half of U.S. workers know how much they will need to save for a comfortable retirement?
What is a good rule of thumb?
Aim to save eight times your salary before you retire to meet basic income needs. Try shooting for twice your salary by age 40, four times your salary by 50, and six times your salary by age 60.
Find out your credit score.
Those numbers matter. Big time.
A good credit score means you will pay lower interest on loans for a mortgage, a car, or college.
So, what steps can you take to score big?
It is elementary, my dear Watson.
Pay bills on time, keep your overall credit card balance below 30% of your total available credit, and do not close your oldest credit accounts.
Why? Because it will shorten your credit history.
In the end, this is also a great opportunity to review your financial portfolio and determine whether your asset allocation is still appropriate.
While it is normal to have some anxiety (especially after a year as volatile as 2015), try to keep focused on long-term goals.
Do not keep pulling up the plants to check their roots.
In addition to reviewing your investment options, you should review your retirement strategy and your estate planning.
Is there ever a fun time to talk about estate planning?
No, but even if you have an estate plan, it is essential that you review your will, trust and other estate planning documents periodically with your attorney.
Together you can identify any changes related to your health, finances, and relationships.
For example, a new marriage, additional children or grandchildren, or the death of a beneficiary may lead to a need for changes in your inheritance distribution planning.
In answer to the opening question posed in the title of this blog post, there is no time like the present.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
Reference: NewsMax (December 30, 2015) "Forbes.com: 5 Money Resolutions to Make in 2016"
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