Greensboro, NC -- It's that time of the year! Whether you want to lose weight, get organized or quit smoking - more than 40% of us will make at least one New Year's resolution.
But only 8% of us will keep it.
Financial professional Craig Moser from Maestro Wealth Advisors is here with one resolution we all should all make this year - to get financially fit.
The good news is we don't have to do it all at once. Craig has laid out a plan for each month, a Financial Fitness Calendar.
"Keeping it simple is the key to success. Studies show if you break down your resolution into small steps, you're more likely to follow through. For example, each month take one specific financial goal. Achieving one goal each month will help give you the momentum you need to stick with your plan."
Here's a gander at the first few months:
January: Start small The first step can be the hardest. Take one or two items that you can cut back on to save some cash. You could start bringing your lunch from home, inviting friends over dinner instead of going out, and we've all heard how quickly the morning coffee shop stop can add up...but it's so true! If you can get rid of excess spending habits for one month, try it again next month. It might turn out to be a savings strategy you could get used to
February: Create a budget
Every family should have a budget to make sure they stay on track. A great way to start is with a budget worksheet, like the one I have on my website: xyz.com. You need to keep track of all your expenses- both the fixed expenses like rent, and the variable expenses that change from month to month like groceries, gas and clothing. Make sure you're not spending more than you're taking in each month, and that you have some left over for savings
March: Put your debt on a diet
The average American household has more than $15,000 dollars in credit card debt. Do the math. I have found people are more inclined to pay down their debt if they take the time to figure out how much it is costing them each month. If you can stop paying 19% interest on a $15,000 balance each month, you'll save more than $200 dollars every month! I work with people who are nearing retirement and I always tell them all the money they are spending on interest, could be invested in yourself and saving for the future
April is Save month.
May is Spring Cleaning.
June, Protect Yourself.
July, Check your credit reports.
August: Bank & Budget.
September: Get Organized.
October: Holiday Shopping Budget
November: Get On The Same Page
Get full explanations and helps in the Financially Fit Calendar we linked you to at the top of the article.