Showing posts from January 30, 2016

Saturday Finances—10 Financial Resolutions for 2016

From a Fidelity Viewpoints_10 Resolutions for 2016—and How to Get Started (6 Jan 16)

Happy Financial New Year!

Where to begin?

Brass tacks.  Take a look at your current spending.  Take the Savings & Spending Check-Up

What's next?

Check out this interactive management tool by fidelity

Use the 50/15/5 rule as a budget guideline.

50 percent:  Essential Expenses

housing, food, health care, transportation, child care, debts15 percent:  Retirement Savings

Save 15% of your pretax household income5 percent:  Short-Term Savings

Emergency fund.  Enough to cover 3 to 6 months of essential expenses.Set up automatic savings & have 5% taken out of your paycheck.One-Off fund.  Covers one-time unexpected expenses (e.g. plane tickets, car repairs, phone replacement, new water heater, furnace or a/c repairs, etc.).

This year, I/we resolve to...

#1 Spend less.

Reduce your power bill by switching to LEDs.  Turn down/up your thermostat two (2) degrees during cold/hot months.  Buy a clothesline & dry cl…