Five Money Issues To Deal With In The New Year.
Here are five financial issues to address to save more, be smarter when spending money and protect your identity in the new year.
1 - Savings: Stop saving what you have after you've done all your spending. Don't wait till the end of the month to put something in savings. Pay yourself first! 10% of your pay is a good starting place
2 - Credit: Opt OUT of the 'painless payment'. Pay up front with cash. If you can't afford to pay for it today and its not a life/death emergency, don't use that credit card.
3 - Finacial Conversation: Start talking about money. Discuss things like retirement savings with your family and advisors. Consider talking to close friends about their plans. And don't forget about Life Insurance and Property Insurance!
4 - Bulk Buying: Beware of wholesale club shopping. Studies have shown you spend more and eat more by shopping for food at wholesale clubs. Make a list and stick to it if you do go. You should use wholesale clubs to stock up on long term supplies like toiletries, cleaning supplies, and consumables, but shop for food regularly at local supermarkets to keep costs and calores down.
5 - Identity Protection: Keep your credit score to yourself. Consider putting a credit freeze on each of the major credit bureaus. This will prevent fraudulent accounts being set up.