7 Financial Resolutions For 2012

Each year begins with fresh resolutions. Everyone means to keep them but then as time passes, they are forgotten. With the economy at a stage that is not very good, it is essential that you must at least keep your financial resolutions. Make budgets, save money and step into the world of financial independence. When you are financially independent and safe, you will be sure of a bright future. Make and keep these 7 financial resolutions for 2012 and lead a happy and risk free life.

1. Maximize Your Retirement Plan – Your retirement plan of 401(K) plan is one of the most important things for your future. If your employer has offered you such a plan then put as much in it as possible and if he hasn’t then increase your IRA contributions.
2. Re-Finance Your Home Equity – Home equity rates are at an all time low. Therefore, for those of you having a home equity, get it refinanced and benefit.
Keep your cash in bank instead of with you so that you can get some interest.
3. Keep Some Cash Handy – Although, it is good to keep investing, it is also essential to keep some cash handy. Put some money in your bank account so that you have access to cash instantly when you need it.
Be ready for the unexpected by making good investments.
4. Hire A Financial Advisor – Everyone must have a financial advisor. Hire one and seek his advise about the investments that you should make. Get yourself an investment portfolio and prepare for the future.
Avail Tax benefits from your contribution towards your child’s 529 Education fund.
5. Open 529 Education Fund For Your Child – It is the right of every child to have a good education. Open a fund for the child and make regular contribution. The state sponsors 529 Education Fund for children. It will keep your child safe and provide towards his education. Maximize your contribution as much as you can.
Local Tax Preparers are good but a CPA is a qualified tax preparer and thus knows more about them.
6. Apply For Tax Refund Early – There are a number of times, when you pay more taxes than you have to. This is not a problem. It is good to pay taxes but if you have paid more, then hire a professional CPA and apply for the tax refund.
7. Review Your Insurances – You must review your insurance policies from time to time. The insurance policy that you took out when you were alone will no longer be enough now that you are married and have children. Review policies like life, healthcare, casualty and property et al. These policies are essential for your financial good health and you must never compromise with them.

You never know when you may come have an unexpected crisis. It is good to be prepared and keep your finances in order. This is necessary not only for yourself but also for safeguarding your loved ones’ financial future.