Twenty-five percent of Americans make the New Year’s resolution to spend less and save more, reports Nielsen.
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But while it sounds easy to say at the stroke of midnight on the first day of the year, how can you actually get your financial house in order? FOXBusiness.com sat down with Katie Coleman, a financial advisor for Ameriprise, who offered three easy tips to keep your money goals on track.
Watch her full interview above and check out the highlights below.
Save For Retirement
Want to buy a new house? Or go on a once-in-a-lifetime vacation? Need a new car?
“Any of those goals, whatever they are, prioritize them and put an action plan in place” Coleman suggested. “Getting organized and knowing where you want to end up next year will help you plan this year.”
It sounds simple, but it’s not.
“Know what you are spending your money on,” Coleman said. “By becoming aware of your spending habits you can help set up a budget. Embrace apps and online tools to help.”
She said once people figure out where their money is going, they can then establish systematic savings plans to help them achieve their financial goals.
Finally, she said, it’s never too early or late to save for retirement!
Throughout the year, people may come in to some extra cash – like an increase in salary, a bonus, or a tax return.
“Whatever the case is, allocate those additional dollars towards retirement and it will help you achieve your goal” she said.
She also suggests consulting a financial adviser to help plan your future.
And Happy New Year!