With the holidays behind us, we should all be eager to begin working on our lists of New Year’s Resolutions! Based on a list of the most common New Year’s Resolutions, I offer some financial insight and general information that you might find useful in meeting your resolutions.
1. Spend More Time with Family & Friends
Do not grumble about those family gatherings. Uncle Joe may remember you fondly in his Will, resulting in a financial windfall for you. Let us know if this happens and you find yourself in need of a financial planner! Spending more time with friends usually will result in more enjoyment from life (Resolution No. 5).
Exercise will often assist you in losing weight (Resolution No. 3) and, in some cases, will help you quit smoking (Resolution No. 4). If you exercise with friends, you might succeed in achieving Resolution No. 1 at the same time. Exercising with family can be helpful to your fitness, but may not necessarily help you achieve more enjoyment from life (Resolution No. 5). Of course, this depends on your family! Trying to keep all this straight will necessitate you being better organized (Resolution No. 10). Since this resolution allows for so much multitasking, organization is a must. Multitasking always saves time and saving time is very valuable today.
3. Lose Weight
One benefit to losing weight is financial gain. You will be able to fit into the clothes in the back of your closet, so you can stop buying new clothes in a bigger size. Also, I have known people who after losing weight were no longer dependent on some of their medications. In one case, this was a savings of approximately $300 per month! A major benefit to losing weight is that you will feel much better, and that should help you enjoy life more (Resolution No. 5).
4. Quit Smoking
The best benefit you receive will be better health and a longer life. This should be sufficient enough reason for all smokers to quit. However, for those diehards, I will include some additional reasons: Quitting smoking will easily result in enjoying life more (Resolution No. 5). You will also be able to save lots of money. The cost of cigarettes alone is substantial, but add to that the cost of lighters, the extra money spent on dental care because of nicotine stains, and the cost of medical care resulting from the poor health that smokers experience. This adds up to quite a bit of money. Last but not least, you will smell better. This last benefit does not really have a financial gain, unless Uncle Joe is allergic to smoke!
5. Enjoy Life More
You may ask how you are going to enjoy life more if you achieve Resolutions 3, 4 and 6. I will admit the initial processes will not be enjoyable. You will, however, be able to enjoy life to its fullest once you have achieved those resolutions. Prolonging life with good health will always result in happiness. Working to meet your New Year’s Resolutions should result in enjoying life more. At the very least, reading this article, hopefully, will have given you even a brief moment of enjoyment!
6. Reduce Alcohol Consumption
Reducing the amount of alcoholic beverages you consume can help you lose weight (Resolution No. 3). It may save you money, and depending on the quantity and quality of your beverage of choice, you might recognize enough savings to help you reduce your debt (Resolution No. 7).
7. Get Out of Debt
Get a home equity loan to consolidate your debt. A home equity loan should allow you to deduct the interest from your taxable income. Since the interest rate on a home equity loan is often lower than a credit card, you will be able to pay off your debt quicker. Debt consolidation will often reduce your monthly payments, allowing you to pay extra toward your debt and save for a rainy day. The savings will add up, and perhaps you will be able to enjoy life more (Resolution No. 5) by taking that dream vacation you have always wanted.
8. Learn Something New
Listening to gossip about your friends and family does not really meet the requirements of this resolution. If you are interested in pursuing your education, discuss your eligibility for Education Tax Credits with your tax consultant. If this does not appeal to you, you may want to consider learning something new online. A wealth of information awaits you.
9. Help Others
Be charitable! The benefits you reap from giving to others are immense. Try it and you will see. Your tax consultant can advise you of the tax deduction for contributions to charitable organizations. Giving to your friends and family does not qualify as a charitable organization with the IRS, although you might feel it should.
10. Get Organized
You can begin this resolution by gathering your tax information for this year and getting it to your tax consultant. This process will give you excellent insight on how to be better organized for next year. If you are organized, you can make sure you are taking advantage of all the possible tax deductions, which in turn, will save you money. If you do not have a tax consultant, contact our experts at 770-428-4025. Being organized also will allow more time to achieve all the rest of your New Year’s Resolutions.
The entire staff at Henssler Financial hopes you are successful in meeting your goals and have a very prosperous New Year! For more information call Henssler Financial at 770-429-9166 or [email protected].