Updated: Feb 7, 2019
Whether you've decided to save more of your paycheck or to simply spend a little less, or maybe you would like to add more money to your retirement account each month. There are plenty of goals you can set for 2017 to become a little bit more financially-secure. But if uncertain of where to begin, or you are looking to take baby steps first, Here are three basic money resolutions you can make in 2017.
1. Open a savings account that's actually for just saving.
I know, we all do this; you open a savings account then next thing you know, you are using it much like a checking account. 2017 is when you take a stand and so "No" to the abuse of the savings account. Next year you will find a savings account with a decent interest rate and stick to your plan to save "X" amount of your paycheck each month. In 2017 we will not dip into the savings, no matter what.
2. Increase contributions to your 401(k)
You are definitely headed in the right direction if you are already contributing to a 401(k) plan! But you could do more, right? Do yourself a favor and increase the amount of your contributions in 2017. At least to the amount at which your employer matches your contributions. This amount to which your employer will match our contributions is like free money. Take advantage of it in the coming year. If you have already maxed-out the employer matching percentage, then try to up your contributions by at least one percentage point.
3. Buy Life insurance.
So let's have the dreaded "Life insurance" conversation. I know, you are young and you think nothing will ever happen to you. After all you take your vitamins everyday and you are a hardcore runner.
The truth is, buying some decent whole life insurance will not only assure that your loved-ones are taken care of should something happen to you, but it is also a reputable vehicle through which you can save for a future goal or for emergencies.
I know a bunch of folks who were able to start a business by borrowing funds from their life insurance policy. Let's decide to look into some life insurance in 2017.