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New Year’s is a time of goal setting. Unfortunately, less than half of those who make New Year’s resolutions keep them. A recent study suggests that planning increases the chances of success. Think about your goals and why you wish to achieve them. Devise a plan and revisit that plan frequently. Remind yourself why you set the goal and remain flexible. With vigilance, you can improve your chances of meeting financial goals.

Plan a Regular Financial Review

Define your financial journey before setting out. Think about what you wish to achieve and why. Project how success will feel. Review your plan regularly. Set aside time every month to go over your financial plan. Be flexible and adapt. Improving economic well-being may require tweaks along the way.

Avoid Credit Card Debt and Fees

Credit cards are convenient, but they can be dangerous to your financial health. Resolve to reduce credit card debt and avoid fees. Lowering credit card debt will increase your credit score. Treat your credit card like a debit card and pay off charges immediately. It is not necessary to wait until the end of the cycle to pay your credit card. Make frequent small payments to keep your balance low and reasonable.

Save Money by Doing Things Yourself

Pack lunch and brew coffee for the road. Do your manicure. Pick up take out to avoid delivery fees. Learn to make small repairs. Identify things that you can do yourself to save money. Then, use the savings to pay off debt. Small yet consistent payments add up.

Pay Yourself

Do not forget to pay yourself. Build up a savings emergency fund. If your employer offers a 401{k}, open an account or increase your contribution. Review the 401(k) plan and utilize available employer matches. If you do not have an employer 401(k), open an IRA. Most banks offer investment services and will help you get started. The IRS has no minimum amount required to open an IRA. Small contributions will add up to substantial savings over time.

Think about the financial goals you wish to achieve, then create an action plan. Review it regularly. Small actions over time add up to significant results!