New Year's Resolutions

As we enter the New Year, it’s time to begin thinking about those all-important resolutions. You know, the promises you make to yourself to improve your life in the coming year. Here are a few suggestions you might want to include:

>Pay off your credit card bills and hide the cards (or cut them up). You really shouldn’t be putting money in the bank, or in your retirement plan, when you are paying 18% or more on your credit card balances.

>Put one year’s worth of living expenses in the bank.

>Put 10% of everything you make into your retirement plan. You won’t have enough unless you do.

>Invest in a great, low-cost stock mutual fund and own it forever. Or own a bunch of them. When the stock market goes in the tank keep buying, but keep a miserly eye on expenses; the hidden and not so hidden costs will kill your returns.

>If you have children, put some money into 529 college savings accounts each month to help them out. You know how expensive college is—and they’ll need it.

>Invest in yourself. Get more training, go back to school, or find a mentor to show you a new career path. Keep growing and be flexible and open to new experiences. Find your true passion and then give it everything you have.

>Get organized. Abolish that pile of papers that has been stacking up all year. Buy some file folders and label one for every account and bill you pay. When the paper comes in, put it in the file. After seven years of files, throw the eighth year’s files out.

>Spend more time with your family. When all else looks bleak, they will be your strength and your support. Learn from their experiences so you can make this coming year a better year for you—and them.