With a new year, many people hope to get a fresh start with changes in their financial planning activities. To do so, the following actions are suggested:
- Maintain or increase the amount of money in your emergency fund.
- Pay off high-interest credit cards and other expensive loan accounts.
- Set goals that will contribute to long-term financial security.
- Review your cash flow (spending and income) from the previous year in an effort to increase saving by avoiding unnecessary payments.
- Merge various banking, investment, and retirement accounts into one low-cost account.
- Determine if changes are needed in your estate plan.
- Increase your retirement account contributions.
- Revise your tax withholding, as needed
For additional information on January money moves, click here.
- Have students talk to various people about which actions they believe to be most valuable for long-term financial security.
- Have students create a brief presentation describing the value of one of these suggested money actions.
- Describe the January money actions that you consider to be most valuable for long-term financial security.
- What are some other money moves that you would recommend?