(WTNH)– New year, new “fiscally responsible” you. That sounds like a plan. If you’re looking to get your finances in order this year, we’ve got some help.
Fresh off holiday shopping, getting your finances in order is probably near the top of your to-do list for 2018. Experts say the best place to start is finally create that budget.
“Over 95 percent of the country does not even have a budget,” said Paul Schatz, financial resolutions.
How do you do that? Paul Schatz says take an honest look at where you spent your money last year and talk to your financial adviser about where to go from there.
“But when you put things on a spreadsheet, you’ll be surprised to see where that money goes,” said Schatz.
If you can, shave off some of your income and put it in a rainy day fund, set it up to come out automatically if you can. Or divert it to your retirement,
“If you can add a little more each paycheck to your 401K, to your IRA, to your SEP, it’s only going to help you out with retirement planning but also from a tax point of view, you’ll pay less taxes to the government which is always a good thing for us,” said Schatz.
Make it part of your routine to check your credit score and what goes into it. Many people find errors when they watch it closely, which, when corrected, can drastically improve your financial profile.