Dieting and exercising top the list of New Year's resolutions for many, but in 2013, why not add being financially fit to that list as well. Getting your finances into shape won't require major lifestyles changes, according to an article published by Fox Business, the same diet rule of moderation also applies to getting a fit budget.
The article lists a set of steps that will help to get your finances in shape.
Evaluate past mistakes. Whether you got hit with finance charges because of overdue bills or held on to a stock longer than you should have, the article, recommends identifying all the 2012 money mishaps and commit to not making the same mistakes in 2013.
Review your investments to ensure you have the appropriate risk portfolio. Make sure you are investing appropriately for your age and goals. For instance, if you have 20 years to retirement, it's common to have more of your portfolio invested in stocks compared to being on the cusp of retirement where you might be considering bond investments.
Reign in credit card use and overspending. Only use a maximum of two credit unions. To help limit unnecessary spending, the article advises rating everything you consider purchasing on a scale from one to five. If the item rates a one, two or three, don't buy it!
Pay down debt. Learn ways to create more income and use those funds to pay down any debt.
Many credit unions have financial advisors on staff they may be able to advise you on ways you can become more financially fit or offer products or services they may help you complete some of you 2013 financial goals.
Good luck creating a new you in 2013!