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New Year's Budget Resolutions

NEW YEAR'S BUDGET 4. RESOLUTIONS If you're like many Americans, Building a better budget means starting Jan. 1 of every year with good record-keeping & smart planning. Here are 4 smart things you can do, even if you're a budget novice. If this were a boxing match, your debt Knock Out Your Debt would be licked. Avg. American's credit card (CC) debt: 300 Months: (calculated for a $7,000 Time needed to pay off $7,000 in CC debt w/ min. payments 15% interest rate) Avg.fixed-rate CC interest rate (Dec. 12, 2013) - 12 months 13.02% Avg. variable-rate CC interest rate (Dec. 12, 2013) 15.36% $994.12 Interest paid in first 12 months 24.35% Save that tax refund! Make Start w/ cards w/ a big debt payment w/ the extra $$$ instead. Always pay more highest interest rates than the min. Stop Procrastinating Procrastination doesn't just waste time – it loses you $$$. ocrastinators pay more taxes: of people 95% $2,869 admit to 1 in 5 procrastinating occasionally refund when tax returns I filed by end of Feb. people are chronic procrastinators $2,753 avg. refund when A 2007 study found that procrastinating tax returns filed btwn. students experience less stress & illness early Mar. & Apr. at start of semester, but more stress & $2,753 illness near the end Publicly announce - or post online - your goal for the day to increase accountability Reward yourself for accomplishing tasks Avoid other procrastinators 3 Plan Ahead Plan & track your expenses to prevent going over budget. TIPS of Americans 41% spend less $$$ than they make Identify current expenses & what spend about can be cut 36% as much as they make Estimate tax refund for spend more than they make 19% the year $10,000 - $15,000 Track deductible business Ideal emergency fund for single person = $500 & personal expenses for a tax benefit Charitable donations Business transportation & job search expenses e.g. spend of your Set a goal: 90% no more than income Tuition & fees 4 Save More toward Retirement A retired couple /w Your 401(k) might not be as fun as a night out, but comfortable retirement requires more foresight than ever. $1M 72% in retirement has a 72% probability of outliving their portfolio if they spend $40,000/yr ... ................ Deposit your tax refund in your retirement portfolio 29% 17% of Americans earning of Americans earning less than $35,0000/yr intend to spend their refunds more than $75,000/yr a year plan to spend Invest in continuing education - a better-paying job means more savings! their refunds SOURCES: US News | Bankrate | Fox Business | Psychology Today | CNET | American Psychological Association | Business Insider | Yahoo Finance | TIME| IRS | CNN | The New York Times TurboTax. TIPS TIPS TIPS

New Year's Budget Resolutions

shared by killerinfographics on Jan 08
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The start of a new year always mean a fresh set of New Year’s resolutions. There is no better time to get your financial life in order with these 4 New Year’s budget resolutions. See how you can s...

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