Stretch Your Dollar: How to stick with your plan to better your finances in 2021

Stretch Your Dollar

CONNECTICUT (WTNH) — This past weekend, Jan, 17, marked National Quitters Day — the day when people typically give up on their resolutions. Was that you?

News 8 is stretching your dollar with what you can do if you’re starting to fall off track.

Cowen Tax Advisory Group’s Roger Cowan said fewer than 10% of people keep their resolutions after 30 days; however, there are steps to make financial resolutions easier to keep.

“Number one, reframe your resolution,” he said. “Have it crystal clear, in color, exactly what you’re trying to create in your mind. Then, create an action plan. Break it down into little small steps, of things you can achieve so you can feel good about your progress.”

Cowan said it’s about making it convenient. Try to automate your resolution to pay off the debt or fatten up a savings account.

“Direct deposit works well. If you want to contribute money again to the 401k, payroll deduction works.”

A good starting block: Take the money you’re not currently spending at the gy in restaurants or on travel because of COVID-19 and put that away or maximize your retirement contribution.

And if you need a goal…

“Typically, we would like to see people save 10% of their money, per year.”

Remember financial goals are meant to be tweaked throughout the year as your life circumstances change. The important thing is you continue to track your progress and adjust accordingly.

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