2018 resolutions: Financial goals to consider for the coming year
With a new year just around the corner, many of us start thinking about resolutions. Many people make financially focused resolutions — some with the goal of increasing their savings or reducing spending. Others aim to diversify investments or save up for special purchases. For older adults already living in retirement communities, financial resolutions may not be the most obvious choice, but there are still opportunities to make positive change.
If you’re still undecided on your 2018 resolutions, consider these three financially focused suggestions.
1. Revisit your budget
Our preferences and needs are almost always changing, so it never hurts to revisit our established budget from time-to-time. Take account of what you’re spending each month and trim any unnecessary expenses. Take the extra cash you free up and devote it to exploring a new hobby or treating friends or family to a fun night out.
2. Automate for ease
Nearly every service, lender and bank supports online bill pay. If you haven’t already signed up, the new year is the perfect opportunity to automate your monthly payments and save yourself time that would otherwise be spent on the chore. This switch-over also provides a great opportunity to revisit contracts for services such as cell phones and cable and step your commitments up or down accordingly. Tip: If you need a hand getting set up, you won’t have to look far for an expert; children and grandchildren are a great first resource.
3. Turn a hobby into a small business
Say you’ve gotten to be something of a master at woodworking, knitting or stained glass. You engage in the activity because you love it, but there’s only so many places to display your work in your own home. Why not put your wares up for sale? A local farmers market or craft fair could be the perfect venue. And if you’re on the tech savvy side, try an Etsy shop to reach a wider audience.
From everyone at Holiday Retirement, we wish you and yours a happy New Year, and success in your resolutions, whatever they may be!