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12 Days of Personal Finance
Finance

Resolve to Improve Your 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.

According to the Federal Reserve Bank, 40 percent of American families are spending more than they earn, average households carry some $8,000 in credit card debt, and personal bankruptcies have doubled in the past decade.

Texas CPAs say there’s definitely room for improvement in the personal finance category.

According to Texas Society of Certified Public Accountants (TSCPA) Chairman, Kym Anderson, 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 Betty’s gift long after she’s put it away,” said Anderson. 

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

To help you get financially fit in the New Year, TSCPA has a free downloadable 2010 financial fitness wall calendar available on www.ValueYourMoney.org

 

Day Eleven