Don’t Let Your Resolutions Wreck Your Budget

Retirement Planning

Don’t Let Your Resolutions Wreck Your Budget

Posted by COTO Insurance & Financial Services
5 years ago | January 2, 2019

At this time of year, many of us are setting resolutions for the New Year. It’s a great time to change your life for the better, get more organized, improve your health, and meet other goals. But sometimes the pursuit of these goals can impact your budget. Take these steps to ensure that your resolutions don’t cost you money.

Lose weight the inexpensive way. Losing weight is a terrific goal for both personal satisfaction, as well as managing your healthcare needs over coming years. But keep in mind that many people who join expensive gyms or purchase pricey eating plans eventually quit, and lose money on these “investments”. Virtual personal trainers are an affordable choice, health recipes are free online, and walking is still the tried-and-true, accessible exercise of choice for many people.

Manage stress the low-cost way. Resolving to reduce your stress can lead to a longer, healthier life and even lower your medical bills. But of course, you don’t want to add strain to your budget by choosing expensive stress management techniques. Many forms of stress reduction are low-cost or free: Meditation, self help books, yoga, time outdoors, and creative endeavors can all be financially savvy methods of reducing stress.

Adding new skills to your repertoire. Whether you’re twenty-two or seventy-two, it’s never too late to learn a new skill! This is a popular resolution for a good reason. However, keep in mind that you’re probably surrounded with affordable methods of accomplishing this goal. Check out your local library, community center, or community college to access free or cheap classes.

Rent or borrow gear for hobbies. If you’ve resolved to finally dive into a hobby that has always interested you, try renting or borrowing any necessary gear first. Give your new pastime a trial period before investing in expensive equipment.

Get your financial life in order. Naturally, this is the New Year’s resolution that we recommend! Pay down high-interest debts, and then work your way down to the less urgent ones. And of course, take a closer look at your retirement plan. Have you increased your contributions this year? Are you taking advantage of all available planning opportunities? Make an appointment with us, and we can double check your retirement plans and make recommendations that can benefit you.

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