Harris Private Bank Managing Director, Mark Johannessen gives 5 finance tips on how to bring in the new year.
1. One of the best gifts you can give yourself this year is a financial assessment. Working with a financial planner can help you define and commit to your financial goals and determine what amount of time and effort it will take to get there.
2. One step in recognizing your financial strengths and weaknesses is hand delivered to you each month — your bank statement. Make a resolution to track your bank statements for three months to see exactly where your money is going.
3. As you are wrapping gifts this year, think about a budget for next year’s gift giving. Many Americans go into debt to foot the bills for their holidays.
4. And speaking of credit cards, they can both help and hinder your progress to a secure financial future. If you pay off the cards each month, they can provide you with a detailed summary of your purchasing patterns, helping you to budget accordingly. However, if you continue to roll over a balance, then credit cards — no matter how low the interest — are taking money out of your pocket.
5. Many companies increase employees’ salaries beginning with the first paycheck in January. If you are expecting an increase this year, commit now to immediately siphoning the bump in pay right into your 401k plan or retirement savings vehicle.
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