Welcome 2016!

Welcome 2016! Take a moment to repeat the same mantra you say every new year, "This year is going to be my year!" As you look back over 2015, is there anything you wish you could have done differently in terms of your finances? Did you make a big purchase that you regret? Do you wish you better prepared yourself to deal with unexpected costs? Is there something you really needed to buy but realized it was out of your reach? Did you hope you would take a vacation but couldn't make it happen? Well, there is no time like the present to plan for the things you want. With an old fashion pen and paper or for the tech savvy a good old Excel spreadsheet, make a list of everything you would like to do this year and estimate how much it will cost for the things you want. Be sure to give yourself a timeline for when you would like to have attained these goals and be realistic about your timeline. I.e., don't say you want to buy a house in February if you have not saved down payment money and 3 months of emergency savings for expenses. Now take that list and stick it on the refrigerator or somewhere you can see it everyday! Better yet, make a vision board and include these items on your board. Attached is a yearly savings plan to help you save about $1400 a year. You can double/triple the suggested savings amount to help you achieve your savings goals faster. I highly recommend setting up your direct deposit so that part of your check goes to a checking account and the other goes into a savings account that is not convenient to access. It will help eliminate the temptation to dip into the account. For those who are already disciplined with their cash savings, I challenge you to increase your 401k contribution by 1% this year. Fun saving tip: Call your bank to find out if they have a "keep the change" option for your savings account. Bank of America has this option. When you use your debit card, the bank will take your purchase and round it up the next dollar. They transfer the rounded amount directly to your savings account. So, if you purchase something for $1.39, the bank will transfer .61 to your savings account. Your Fiscal Fitness Trainer, Selena J. Roker