Consumer Affairs Tabloid 

Keeping you in the “KNOW”                 

287- CITY 
Army Community Service Financial Readiness Branch
January 2007   
                            
About.com

Financially Fit: Resolutions For The New Year http://financialplan.about.com/library/weekly/aa123099a.htm

The new year is an ideal time for recommitting ourselves to things that are important to us. What could be more important than being financially fit? And what could be better than starting fresh in a new year? Now's the time to set your goals. Here are my picks for the most important resolutions for financial fitness this year and beyond. 

If you don't have a written budget, do one now. If you do have a budget, resolve to stick to it. 

Resolve to save between 5 and 10% of your take home pay. Don't set money aside only when there's some left over; pay yourself first.

Resolve to pay off those credit cards. Credit card debt is the number one reason that most people can't get ahead.


Rutgers Cooperative Extension

Financial Resolutions to Start the New Year Off Right
www.rcre.rutgers.edu/money2000/pressroom/release.asp?id=152

Looking for ideas to improve your finances during the upcoming year?

·    Take advantage of higher contribution limits for both individual retirement accounts (IRAs) and tax-deferred employer retirement plans such as 401(k)s, 403(b)s, and Section 457 plans.  (Thrift Savings Plan for the Military)

·    Maintain a low debt-to-income ratio. Monthly consumer debt payments should be 15% or less of monthly take-home pay.  Example: $275 of debt payments divided by $2,500 of net pay equals a consumer debt-to-income ratio of 11% (275 divided by 2,500). 

·    Accumulate an emergency fund of at least three month's expenses. Keep this money liquid in cash equivalents such as a credit union account, money market mutual fund, or short-term CD.


From the Files of Fort Hood’s Consumer Affairs Office

Financial Tips for the New Year

Review your budget and make adjustments for the upcoming year.  In addition to your normal monthly expenses don’t forget periodic expenses such as vacations, travel, gifts, auto/home/yard maintenance, education, and entertainment.
 
Consider opening a Christmas Savers Account in January with your financial institution.

Create a savings plan for large purchases such as auto, furniture, or a down payment for a house.

Your Battalion’s Command Financial/Family Advocacy Specialist (CF/FAS) can assist you with creating/reviewing a budget and with debt management tips.  Contact the Financial Readiness Branch at 287-8979/288-2862 for more information or for the name & phone number of your CF/FAS.

Have questions?  Contact: finreadiness@hood.army.mil      287-CITY (2489)