Q: I’d like to focus on improving my finances in 2020, but there are so many areas that need attention. Where do I start?
A: The start of a new year is a wonderful time to make important changes in your financial life. Lucky for you, you don’t have to go it alone. Freedom First will walk you through some financial improvements you can make this year and continue to guide you every step of the way.
We’ve broken down some of the most popular financial resolutions into concrete steps and outlined the ways Freedom First can help you implement each change into your life.
Why it’s crucial: Creating and sticking to a monthly budget will force you to be accountable for your spending while giving you a clear idea of your financial reality.
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If your budget reveals your monthly income doesn’t cover your expenses, or you find you’re overspending in any area, look for ways to cut back. Freedom First offers free Financial Education & personalized financial coaching. Our financial coaches can provide answers and individualized guidance for money-related questions you have.
Why it’s crucial: Carrying long-term debt can mean paying exorbitant amounts of interest for years on end. It can also devastate your credit score.
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Why it’s crucial: According to the Federal Reserve, 40% of Americans can’t cover a $400 expense. Living without a safety net means a relatively small, unexpected expense can throw off your finances and force you into debt. Aside for paying for emergencies, savings can help fund your long-term plans, goals and dreams.
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Why it’s crucial: Many workplaces offer to match 401(k) contributions. These contributions aren’t taxed and they come off your paycheck, which is taxed, making participation an excellent decision. Your 401(k) withdrawals will be taxed in the future, but the compound interest your fund will accumulate until then will more than offset this cost.
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Let Freedom First help you meet your money goals this year. Together, we can make this the year you take control of your finances and start working towards a financially comfortable future.