The new year is always a great time to reevaluate your budget, set a tighter budget or update your financial goals. This process is best performed on a quarterly basis using your expected or budgeted number and comparing them to the actual numbers for the period. Sometimes the variances are astounding. Reviewing your budget more frequently allow you the flexibility to change and make the necessary corrections.
Let's take 2010 for example, 2010 is history and the most important take away is realizing what you did great and what we would like to change - financially speaking of course. Here are some
top ten financial resolutions to consider as we start 2011 - many of them are so important that
I tried to give myself a jumpstart - especially the one about protecting your credit rating.
1) Review your budget and make the necessary changes to accomodate your family's needs and
goals.
2) Save for the Unexpected. Make it a line item on your budget with a dedicated percentage
allocation each month.
3) Find easy ways to cut your expenses. We all have areas where we can cut.
4) Make a Plan and Pay Down Your Debt. Get help if necessary. In NYC, call 311 for help.
5) File your taxes early if you expect a refund.
6) Check your credit score with all 3 agencies: Experian, TransUnion and
7) Protect your identity.
8) If you qualify for Benefits, claim them - on your taxes and in life.
9) Open a safe bank account. All New Yorkers can open an NYC SafeStart Account - the City's
free bank account with an ATM card, no overdraft fees and no monthly fees if you have a
minimum of $25. Look for this in your area. In NYC, call 311 and ask about NYC SafeStart
Account.
10) Shop Smart - Buy only what you need and always look for sale. Eventually almost
everything goes on sale.
KNOW THAT WITH COMMITMENT - YOU WILL SUCCEED!!!!! Happy 2011 and Beyond!!!!
Sheila McKinney
