GOLDEN VALLEY, Minn. - Have you thought of your resolution for the New Year yet? How about better management of your finances?
Amidst the holiday gifts and cheer, you may wish to give some thought regarding improving your financial position in the New Year.
Financial advisor Dan Ament visited KARE 11 Sunrise to help you make those financial goals.
Fidelity Investments Survey
- More consumers have resolve - 46 percent of consumers say they typically consider making a financial resolution - more than in any other year (up 31 percent since the first year of the survey, 2009).
- Top 3 resolutions? - For the second consecutive year, the top three resolutions continue to be saving more (52 percent), spending less (19 percent), and paying off debt (19 percent). The continued focus on saving could be fueled by consumer sentiment as respondents say they are in a worse financial situation today than last year (26 percent) and more in debt (17 percent).
- Nest egg vs. short term fun - The trend of savings towards long-term goals (65 percent) continues to rise and outweigh short-term goals (29 percent), with most people putting that savings towards retirement and college savings.
- Consumers cutting back on holiday budgets?? Consumers plan to decrease their holiday budgets and shift their focus from spending to saving. More than one-third (37 percent) of consumers say they will spend less this holiday season compared to last year, and plan to cut their spending budget by approximately 25 percent from 2011 levels.
Financial Resolutions To Consider for 2013
- Reduce debt - Focus on reducing any credit card debt you may be holding. In addition, take a fresh look at your mortgage to determine if a refinance opportunity may exist.
- Saving more - towards debt reduction, emergency savings, retirement and education.
- Keep track of your money
- Making positive financial habits - an acquired behavior pattern regularly followed until it has become almost involuntary. Make a series of personal finance habits that will benefit you in the year to come!
Dan Ament is a Financial Advisor with The Ament Group at Morgan Stanley located in Wayzata, MN and may be reached at 952-475-4302 or firstname.lastname@example.org.
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