MADISON, Wis. (1/7/08)--Does your list of financial New Year’s resolutions look at lot like last year’s? The solution: Pick just one item to accomplish--particularly one you’ve been meaning to do for a few years--and you’ll be better off in 2008 than you were in 2007 (Credit Union National Association Center for Personal Finance). For most individuals, the list seems daunting. For example, you know you need to:
* Get financial records organized; * Develop a workable spending plan; * Calculate net worth; * Update--or create--a will; * Designate a power of attorney; * Complete health-care directives; * Decide on a guardian for minor children; * Review current insurance coverage; and * Inventory personal belongings.
But according to savingadvice.com
(Dec. 27), it’s not as important which chore you choose first as it is to accomplish one so you’re inspired to keep making progress. And while you’re at it, resolve to increase personal savings this year. You may choose to deposit that year-end bonus in a higher-yield share certificate, or set up automatic transfer to savings from each paycheck. Or, establish an IRA (individual retirement account) at the credit union; by contributing a set amount each month and taking advantage of dollar cost averaging, you’re in a better position to ride out the highs and lows of the volatile marketplace. For more information, read “New Year 2008: New Challenge—And Members Are the Experts” and “Experts' Picks: Home-Inventory Software” in Home & Family Finance Resource Center.