You want to focus on the smaller pieces that you can feel good about tackling; pieces that make up the bigger, long-term picture. With a New Year just around the corner, rather than hoping your resolutions will pan out, be serious about the financial resolutions you make and be honest with yourself in ensuring that those resolutions come to fruition. If you work for a company that offers a 401(k) or alternative type of employee savings plan, you should automatically take 10-15% of your check and put it into that retirement savings account. If you have credit card debt, I still recommend paying your future-self first, as you will have more confidence to tackle that debt as you see your retirement savings increase. It’s ideal to put away 3-6 months’ worth of money for these unexpected expenses, so you are never in a situation where you need to raid your retirement fund or borrow money through your credit card.

Source: Forbes December 05, 2016 15:44 UTC