Five Steps to Improve Your Financial Foundation in 2018
While probably not too shocking, money is the most commonly self-reported cause of stress for Americans. In fact, the American Psychological Association reports that Americans rank finances as more stressful than work. With the new year just around the corner, MassMutual suggests taking five steps to improve your financial foundation in 2018:
Invest in your future. Have you given any thought to how long you will be living in retirement? The answer could be upwards of 30 years! If you’re not already contributing to a retirement plan, do so immediately and try to save at least enough money to enjoy your employer’s match (if available). If you do already contribute, consider increasing the amount now, if you’re able to, and again when you receive a pay increase.
Protect your hard-earned cash. Having access to money for an emergency can make a bad financial situation easier to work through. Consider purchasing financial products that serve multiple needs, including savings protection with accumulation options built into them. Also, consider paying yourself first by saving a portion of your income every pay day.
Improve your credit score. Boosting your credit score is a lot like going to the gym – it can be painful at first, but is ultimately worth the (financial) effort. Late payments – one of the top “credit busters” — can impact your credit score, so make sure you pay your bills on time each month and pay off balances as quickly as possible (especially on those with high interest rates).
Save more than you spend. Saving money is a time-tested way to improve your financial situation over time. Start by evaluating how you spend your money. You may be surprised to see just how much your little purchases are adding up.
Make a will. A MassMutual survey of Americans revealed that three out of five respondents between the ages 45 and 60 do not have a will. Make it a priority to create a will to ensure your loved ones are protected if you fall into this category. It is also important to regularly update beneficiary information and make sure your loved ones know of your plans should anything happen to you.
Take control of your finances in 2018 – think of it as a New Year’s resolution for you and your loved ones!
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