Wednesday, December 20, 2006

Financial Resolutions

Family resolutions don't have to be about changing the family. They can be about protecting the family, too. Pick one from this list and do it this year to it:
  • Resolve to write or update your will. Make sure your wishes for your family are outlined. Who will get the children? What about the family pet? How are your finances to be divided.
  • Resolve to get your family finances in order. If you're in debt, make it your goal to get out. If you don't track expenses, make a plan to do so and balance your checkbook monthly. And while you're at it, teach your children about what you're doing so they'll develop this critical life skill.
  • Resolve to create an emergency fund. Experts recommend three months living expenses.
  • Resolve to sign up for life and disability insurance.
  • Resolve to save for a house. Houses are wise investments for families. You can deduct the interest and you're building your worth as your home appreciates - unlike apartments, which basically bleed your money and give you nothing. If a house is out of range, consider saving for a condo.
  • Resolve to save for your children's college education.
  • Resolve to preplan and pre-pay your funeral so your loved ones won't have to.
Here's a useful article about more specific resolutions focusing on finances.

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