Sticking to your financial resolutions in 2020

Your Money Matters

SIOUX FALLS, S.D. (KELO) — As the new year approaches many people are starting to think about new resolutions. Your first thought may be health and fitness, but financial goals are also important to include in your New Year’s resolutions.

Making changes to put more money away is often on of the top financial resolutions of the year, but according to Wallethub.com, paying down credit cards or other high interest debt should be a top priority.

“What I typically recommend is that we set a goal, then talk about how to reach that goal, what it will take to get there,” Sioux Falls Certified Financial Advisor, Jennifer Tolk said.

Tolk says the key to any financial goal is making sure it’s attainable.

“Of course, you don’t want to be stretched too thin, so try to come up with something that would be realistic,” Tolk said.

Once you set your goal, the best way to stick to it is automation.

“If we are set up to take out a certain amount out of one account and put it into another account for example, whether that’s between your bank accounts or your bank and investment account or paying down debt, the more automated that is, the more likely it is to go through,” Tolk said.

The biggest way to make progress on your financial resolutions is to start now.

“What I like about this time of the year is people are very motivated to set those goals, and if you set now rather than next year or five years from now, then its easier to reach those goals. If I see you at this time next year and we haven’t started anything, then those contributions will be significantly higher to reach that goal in the time frame that you want,” Tolk said.

If you’re looking for ideas on what financial goals to set, check out wallet hub’s list of top 10 financial resolutions.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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