Financial Resolutions For 2019

According to a study from Fidelity Investments, financial New Years resolutions are on the rise. A year ago, approximately 27% of Americans admitted to having a financial resolution for 2018. This year that number is up 5% as a full 32% of survey respondents say that have financial resolutions for this coming year.

While there are many financial goals that can be made into resolutions, here are the three most popular this year:

  1. Save more money. 48% said that they plan to save more money this year. This one comes as no surprise as many people tend to overspend and deplete their savings during the holidays.
  2. Pay down debt. 29% said that they wanted to pay down their debt. Again, it’s no surprise as debt tends to be higher this time of year after weeks, or even months, of gift shopping.
  3. Spend less. 15% of Americans in this survey said they want to spend less. This seems to naturally result from the first two, but is a solid goal on its own as well.

But no goal is possible without avoiding potential pitfalls. For 2019, experts warn Americans to avoid the following if you want to achieve your financial goals:

  1. Dining out.
  2. Splurging on what you can’t afford.
  3. Paying for subscriptions you don’t use.

In summary, financial discipline requires both avoiding certain actions as well as implementing others. Use this new year to get yourself on track financially!

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About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
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