How to Create and Keep a Financial New Year’s Resolution

Nonprofit credit counseling agency Take Charge America helps
consumers establish realistic financial goals and identify steps to
achieve goals

PHOENIX–(BUSINESS WIRE)–Nonprofit credit counseling agency Take Charge America offers consumers
tips for creating and maintaining a financial New Year’s resolution.

It’s that time of year again – millions of Americans are setting
resolutions to better themselves in the New Year. For many, that
includes a brighter financial future.

Whether eliminating debt, saving or investing, financial resolutions can
be difficult to keep without a coordinated effort, says Mike Sullivan,
spokesperson, Take Charge America, a national
nonprofit credit counseling and debt management agency. “While it’s
very commonplace to create a resolution, few people actually follow
through. When it comes to improvements in your personal finances
especially, you need a plan, automation and accountability.”

Sullivan offers five tips to help consumers create a financial New
Year’s resolution – and keep it:

• Define a Specific Goal – It’s important to clearly define your
  financial goal and outline the steps you must take to get there. “Get
  out of debt” or “save more money” are simply too broad. You are much
  more likely to hold yourself accountable with a realistic and
  attainable goal in mind, like “save $100 from each paycheck” or “pay
  off $200 in credit card debt every month.”
• Make an Ongoing, Automatic Commitment – Look for tools or
  avenues to automatically take steps to achieve your goal. For
  instance, if your goal is to add $10,000 to your emergency fund,
  consider adding another payroll deduction into your savings account.
  Or, if retirement is on your mind, increase the amount you
  automatically contribute to your 401(k) or IRA.
• Get Creative with Paying Off Debt – If you are trying to
  eliminate debt, look at opportunities beyond your regular monthly
  payments. Consider consolidating your high interest credit card debt
  into a fixed personal loan, or entering into a debt management plan
  with a nonprofit agency. You can also reevaluate student loan
  repayment options to find out if you’re in the best plan for your
  personal situation.
• Reevaluate Your Monthly Bills – There may be easy ways to save
  more money without generating additional income or adjusting your
  daily spending habits. Take a good look at your monthly bills to see
  what you can eliminate or reduce. For instance, you can get new quotes
  for auto insurance, refinance your home mortgage to a lower APR,
  eliminate premium cable services and decide if that gym membership is
  really worth it.
• Track Your Progress – You’re much more likely to accomplish
  your goals if you establish timelines and milestones. You can even
  find a way to reward yourself for each milestone you accomplish. Also,
  tell close friends or family members about your goals so you have some
  outside accountability.

For more financial tips, visit the Take
Charge America Financial Education Library.

About Take Charge America, Inc.

Founded in 1987, Take Charge America, Inc. is a nonprofit agency
offering financial education and counseling services including credit
counseling, debt management, student loan counseling, housing counseling
and bankruptcy counseling. It has helped more than 1.6 million consumers
nationwide manage their personal finances and debts. To learn more,
visit www.takechargeamerica.org
or call (888) 822-9193.

Contacts

Aker Ink
Andrea Aker, 602-339-7339
andrea.aker@akerink.com