The new year is an excellent time to find out your net worth. Your new worth is the value of your assets minus the liabilities you owe. Here’s how to calculate your net worth.
Don’t set lofty goals that might not be obtainable. Start with one goal, like setting up an automatic contribution from your paycheck to a 401(k).
Are you planning for a new house? Are you planning a vacation? Retirement plan? Want to pay down your debts?
Set a new savings goal. Add more to your retirement plan? Pay down your debts? Pay extra principal toward your mortgage payments each month? Pay down your credit cards.
When putting yourself on a budget, treat yourself occasionally, but don’t go overboard. Don’t cut out all the fun. If you get off track in budgeting, don’t get upset. Just keep at it and try again.
This is a simple guideline for people to reach their financial goals. 50% of your income goes to essentials like mortgage payments. 20% should be deposited into your savings account. 30% is for the non-essential (or fun stuff)!
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