New year is a good time to focus on finances
University of Central Oklahoma economics professor Sue Lynn Sasser talks about financial resolutions.
Q&A with Sue Lynn Sasser
Beginning of year is good time
to think about financial future
Q: What are the smartest financial resolutions for 2013?
A: It's always good to focus on the basics, especially increasing savings and paying down debt. A new year is a great time to review your spending habits and adjust your budget accordingly. Track your spending for at least two weeks to see where your money goes; then you can find ways to cut expenses or offset increases in another area. It's also a good time to review insurance policies and beneficiaries to be sure they are current and the coverage is what you need.
Q: What are the least wise?
A: Focusing on only one aspect of your finances is generally not a good tactic. Taking a holistic approach where you can see the relationship between income and spending is generally best. Also, reducing retirement contributions or borrowing from a retirement account to cover other bills or current needs is rarely a good idea. Doing so reduces your future income and it's virtually impossible to replace.
Business Photo Galleriesview all
Message Sent Successfully
Be Sure to Check Out Our Top Headlines
Back to share with a friend form.
Add More Recipients