Next to losing weight, getting a handle on your finances is one of the most common New Year’s resolutions people make. With the excessive spending of the holidays behind you, you can focus on re-assessing your financial situation for a fiscally smarter 2011.
Last week, I was interviewed by KDKA-TV Money Editor Jon Delano as he spoke with Pittsburgh financial planning experts on “Ways to Improve Your Finances” in the New Year.
As a Certified Financial Planner and vice president at Fragasso Financial Advisors, I have had countless clients come to me looking for advice on how to improve their finances in the New Year. Here are a few of the tips I have given them in the past, and shared with Jon in his interview:
1) Return to the Basics – This means putting together a personal or family budget. Figure out how much money is coming in and how much money is going out. If you find any extra money, you can use that to start to save for the new goals that you want to accomplish this year.
2) Put More Money in to Your 401(k) and Get Every Penny of the Employer Match – Putting more money into your 401(k) saves you taxes throughout the year and it gives you tax-deferred growth on your investments, so it’s one of the best ways to save for your retirement, hands down.
3) Get a Will – This is a tip people often don’t often think about, but it’s important to get a will, a power of attorney, a medical directive and a living will early on.
If you would like to see the complete KDKA-TV segment on improving your personal finances in the New Year and hear my complete interview, you can view it here.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Melissa Richey is a Vice President at Fragasso Financial Advisors, a Pittsburgh-based investment and financial planning firm. She is also a registered representative with LPL Financial. Due to industry regulations, comments are not permitted on this blog. If you would like to contact the author, please email us at blog@fragassoadvisors.com. Melissa can also be reached for comment at 412-227-3200 Fee-based investment management and securities offered through LPL Financial. Member FINRA/SIPC.