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Financial New Year’s Resolutions

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12.27.2021
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Financial
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Michael Quirk

As 2021 comes to a close, your thoughts may be focused on your resolutions for the year ahead. For many, that can mean learning a new language, eating healthier or reading more books instead of Netflix binges. One way you can ensure your 2022 is more fruitful is to take deliberate steps to further your financial peace of mind. The below actions are good starting points to consider.

Set A Budget

It’s a feeling many know all too well: checking your bank accounts and credit card statements only to see different numbers than you anticipated. Whether it is dining out, supplying your hobbies or travel, costs can add up. However, by setting a budget for you and your family, you can remove the surprise.

Start your budget by determining the essentials such as your rent or mortgage, insurance, car payments, groceries, utilities and so forth. Then, you can look at money you would like to set aside for retirement and emergencies. After that, look to “extras” such as dining out, travel and entertainment so when you do splurge on something fun, you do so with the peace of mind that you planned for these expenses already.

Automatic Investments for Retirement

A retirement fund can snowball exponentially, but you must be the one to pack that initial snowball. An easy way to ensure you are allowing your portfolio to grow is to set up automatic investments with your accounts. That way, you don’t have to worry about forgetting to transfer funds to those accounts and you can become acclimated to your paycheck amount after the automatic deductions.

If you are unsure about how much you need to be setting aside or how to get on track, you are not alone. Set an appointment with a financial advisor or wealth expert to help you learn what you need to live the retirement you envision one day.

Pack Lunches and Coffee

Packing a lunch for work is a time-honored tip that can add up to a lot of savings in your pocket. The same can be said for brewing a cup of coffee at home rather than stopping at the nearest coffee store on your morning commute. A $10 lunch or $3 cup of joe won’t break the bank, but they can quickly add up if it becomes a routine.

While the “packed lunch” advice is a staple of the workplace, you can carry it over into other areas of your life, as well. If you are going on a road trip or attending an event, packing your lunch, or even eating before you leave, will save you some money.

Stay Cognizant of Your Utility Spend

It can be easy to leave lights on in the house, forget to turn off the TV or to let the shower warm up for a few minutes. Those things can add up over time, especially on a month-to-month basis. Consider unplugging machines, such as toasters or guest room televisions, that are not frequently used, and be mindful of turning off lights. These are small ways to make a big impact on trimming down your bills.

Transitioning into 2022 brings a lot of excitement and hope. Make sure you partner those feelings with fiscal responsibility so that you have financial peace of mind throughout the whole year.

 

By: Michael Quirk

Michael Quirk is the communications coordinator for Ameris Bank. He lives in Atlanta with his wife, Katy, and their two dogs. He enjoys running, playing fetch with his golden retriever and watching any sports that come across the TV.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Ameris Bank does not endorse nor is affiliated with the companies listed in this article.

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