Happy new year to each of you! I am sure that 2017 will present some magnificent opportunities and audacious challenges for each of us. Here is something that you can do to jump-start or boost your financial situation starting now. This is a two-pronged approach that will help:
Step 1: Select an amount that you can contribute to your cause every week. I suggest a minimum of $5.00 per week. Obviously if you can commit to more, then by all means, do more.
Step 2: If you don’t already have a Roth IRA and a separate savings account, open up both ASAP! This is not a difficult step. You can go into the bank you currently do business with and open up both accounts. Please note that many financial institutions will want the initial funding of the Roth IRA to be $25.00 or $50.00. By the way, don’t link the savings account to any of your other accounts, nor accept any type of debit or check card for this account. Remember, this account is to save for a rainy day.
Step 3: Every week from the start of the two accounts, deposit 50% of the amount selected in step one into each of these accounts. It is good to start with a small amount to ensure consistency. As the year progresses, you may want to increase the amount previously selected in step one. That is absolutely fine; just don’t go below the amount you originally selected.
Don’t worry that the amount may be small that you are contributing each week. Focus more on the activity of putting some money aside for yourself. Over time, you will see both of these funds begin to increase nicely. Make 2017 the year that your finances are impacted in a positive way. Much success to you. You are on your way!