Expert advice on sticking to your New Year’s financial resolutions
Total all assets and debt to get a clear financial picture
InvestigateTV - Making a financial resolution and keeping it are two very different things. According to a University of Scranton study, 60% of respondents had stopped keeping their New Year’s resolutions within six months.
Danetha Doe, the creator of Money & Mimosas, said there are three steps you can take to keep your money resolution realistic and attainable.
Pick one money goal to achieve this year: Is it save more? Invest more? Pay down debt? If so, how much. Write it down. Doe said focusing on one goal will make it more likely that you will achieve it.
Do a money clarity exercise: Total all of your assets and debt to get an accurate picture of where you stand. Then, compare that to where you want to be at the end of the year and build a plan on how to get there.
Know the reason for your goal: Does said during discouraging times this will keep you on track. She said staying motivated is essential to reaching your goal.
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