Resolve to Improve Your Personal Finances in the New Year

Texas CPAs Can Help You Drum Up Financial Resolutions

Need to drum up some resolutions for the New Year? Besides the traditional weight loss and organization ones, you might aim to beat your budget into shape and put some rhythm to your savings.

With Americans spending $1.22 for every dollar they earn, Texas CPAs say there’s definitely room for improvement in the personal finance category.
According to Texas Society of Certified Public Accountants (TSCPA) immediate-past Chairman James A. Smith, it’s important to make financial resolutions – and stick to them.

“One good financial resolution for many people would be to quickly pay off credit card debt amassed during the holiday season. If you don’t, you may still be paying for Aunt Edna’s sweater long after she’s put it away for the summer,” said Smith.

Besides paying down debt, Texas CPAs recommend the following financial moves for the New Year: boost your retirement savings, review insurance policies for adequate coverage, check your portfolio’s asset allocation, make tax planning a year-round activity, and organize your financial records.