It’s the start of a new year, a time where many people start to organize and adjust areas of their lives, often focusing on health, education, and career. This is the perfect time to set financial goals and start taking steps to help you now and in the future.
Tips to Tackle your Finances
Benefits.gov shares the following helpful tips for facing your finances this year.
- Create a budget:
For help on creating a budget, the Federal Trade Commission offers a free Budget Worksheet that can help manage cash flow and monthly spending to identify ways to minimize overspending. - Write a list and stick to it:
Before heading to a store of any sort, a good tip is to write a list, check it twice, and stick to it. Whether it’s a grocery list, school supply list for your kids, or general needs for your home, follow your list and stick to purchasing the necessities to help you save money. - Save something each month:
Have you heard the phrase “pay yourself first?” This refers to taking a desired amount out of each paycheck and putting it into your savings account. If you make it a priority to pay yourself first, you will increase your savings and will be less likely to overspend on non-essential items each month. - Plan for retirement:
For some, retirement seems miles away and for others, it may be just around the corner. Either way, it’s important to start planning early and be well informed, so you can make the best decisions for your retirement. Three of our Partner agencies, the U.S. Department of Labor, Social Security Administration, and U.S. Department of Health and Human Services, worked together to publish a retirement toolkit and timeline. This toolkit is a great resource for information on where to begin, what to know, and next steps for retirement planning. The toolkit shares information on social security, Medicare, and other government tools available to help those looking to retire.
Additional Resources
As always, we encourage you to take our Benefit Finder questionnaire to determine your eligibility on over 1,000 government benefit programs. You can also take a look at our Financial Assistance category or read our article Money Matters: Be Responsible with Your Finances to find additional resources.
