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3 Financial New Year's Resolutions

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Finance and money management are some of the biggest concerns people have as the current year ends and the New Year arrives. Below you will see three simple steps to making 2016 your best financial year yet!

1. Prepare a Monthly Summary

Monthly summaries should include more than just your bank statement. You can track your spending by creating spreadsheets, downloading smartphone apps or with a pen and paper. By tracking what you spend, you will be able to evaluate how you tend to spend your cash. The more you know about your spending habits the less likely you will be tempted to spend more than you should. You'll be amazed how quickly your spending habits will change when you start to think twice about a purchase.

2. Invest without the Risk

When it comes to investing, limiting your risk could provide great reward. By not spending your energy on watching the day-to-day stock price movements you are able to focus on investments that regularly generate cash. Kevin O'Leary suggests, "Try prioritizing reliable, income-producing investments - the kind that pay regular dividends, interest or distributions."

3. Teach Your Children the Value of Money

Keeping family in mind helps keep you on the right track when it comes to your money. Knowing that big risks could directly affect your family will keep your money in the right place. With your family in mind, it is easier to become more disciplined when saving and investing knowing they will benefit from your decisions in the long run. If you have children it is good to start talking to them about money at a young age. Having conversations with children about saving money will allow them to become acquainted with the idea of money without it becoming a taboo subject. By just talking about money in general you can influence your children to become financially literate.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: Huffingtonpost | Finance

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