Page 44 - January 2016

MATT WISEMAN
FINANCE
Start 2016 right:
get your finances healthy and fit
It is hard to believe that another new year is upon us. With a new year comes new resolutions and goals that you might be thinking about setting for yourself. Whether it is your plan to join a gym and exercise more, eat healthier and more nutritious food or to get a better control on your finances, the toughest part is always the same, getting started.
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Pay yourself first. As soon as you earn money, deposit a por- tion of it into a savings account where you won’t be tempted to spend it.
Open a Money Market Account or Share Certificate. Once you have a savings base, and a little extra cash on-hand, consider one of these higher-interest accounts to help you save faster.
Reward yourself. Don’t forget to allow for some spending money in your budget. Everyone needs some leisure in their lives whether it is a vacation, a nice dinner out, or a movie night.
The trick to getting started is to take a few steps in the right direction. While a body at rest stays at rest, a body in motion can begin to achieve physical or fiscal fitness. Make this the year you resolve to save money
and be more cost-conscious. While this is a smart goal, it can be a tough one to stick to if it is not backed by a solid plan. Here are some tips to help you get your plan started in the right direction this year:
With a few minor tweaks to your budget and spending habits, 2016 can be the year you become financially fit. As the year progress- es, be sure to periodically review your plan and update it accordingly as new expenses arise, such as a new-vehicle purchase or a child’s college expenses. Things change. Be sure your budget is keeping up.d
• Set your goals in writing. Keep a prioritized list of how much you want to save weekly, monthly, even yearly, and how you want to cut back.
• Keep a spending diary for at least a month. This will give you a clear idea of exactly what you are spending and on what. This may seem tedious and boring, but unless you do it, you will never know where all of your money is going. You may be surprised to discover wasteful spending habits that could be opportunities for saving. Even small purchases
Matt Wiseman is the Director of Marketing at ISPFCU – Your Law Enforcement Credit Union. Membership at ISPFCU is open to all Illinois law enforcement employees and their families. Join ISPFCU today at www.ispfcu.org. Matt can be reached by email at mwiseman@ispfcu.org or by phone at 800-255-0886.
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