NORTHBROOK, Ill., Jan. 6, 2015 /PRNewswire/ -- 'Tis the season
for New Year's resolutions. As we
ring in 2015, many will vow to lose weight, get organized or learn
something new, and according to StatisticBrain.com, the third most
popular resolution is to spend less and save more. This year,
Allstate is encouraging its customers to stick to their resolutions
and take the time to tone up their finances.
"In order to spend less and save more, Americans need to
evaluate their priorities, set goals and stick to them," said
Bill Kavanaugh, senior vice
president, Allstate Financial, and CFP® CERTIFIED FINANCIAL
PLANNER™. "Remaining diligent throughout the year, not just
immediately following the New Year, may mean you should seek advice
from a financial professional who can help you develop a
comprehensive annual game plan."
Based on the conversations Allstate agency owners and staff have
with customers, Kavanaugh offered five tips to improve your
financial future:
1. Do Your Homework. There is a wealth of
valuable, and free, information about managing your personal
finances available on websites, in books, newspapers and seminars.
A financial professional can assist you in understanding how this
information relates to your personal situation and suggest products
and services you can consider to help you achieve those goals.
Referrals from friends or family, and organizations such as the
National Association of Personal Financial Planners (www.napfa.org)
or the Financial Planning Association (www.fpanet.org), can assist
you in finding fee-only or commission-based financial advisors. For
information about specific products, such as life insurance, ask
for a referral from professionals you currently deal with and trust
– such as your auto/home insurance agent.
2. Set Goals. As with any New Year's resolution, it's helpful to set
specific goals and a timetable to achieve them. Rather than trying
to make progress on everything at once, prioritize your goals every
year so you can focus on the two or three most important. For
example, make a date once a year for an annual life insurance
checkup to double check that the amount and type of coverage is
right for your current situation.
3. Think Long Term. Retirement may or may not seem
far off, but a happy, well-funded retirement won't happen without
long-term preparation – and many people today retire earlier than
expected and without adequate savings. If your retirement savings
efforts are falling short, consider consulting with a financial
professional who can review with you your current financial and
insurance needs and recommend actions you can consider to help you
reach your goals.
4. Find Small Savings. Identifying small
opportunities for money-saving in your normal habits can be
beneficial when trying to save cash for a financial emergency or
find money to invest. Small changes, such as packing your lunch
rather than eating out, skipping the coffee shop and brewing your
own, or cutting back on premium cable channels can add up to
substantial monthly savings. Stow your extra dollars into a savings
or money market account as an emergency nest egg, or "dollar cost
average" by putting a set amount of money each month into a stock
or bond fund. In addition, routinely save some or all of your
financial windfalls: tax refunds, birthday gifts and bonuses. The
money, interest and dividends will add up over time.
5. Tackle Credit Card Debt. Few things in life are
more stressful than a pile of credit card bills you can't pay off.
Danger signs include habitual late payments and trouble making the
minimum payments. Many resources can help you develop a plan to
reduce or eliminate your expensive credit card debt. Government
websites, such as the National Foundation of Credit Counseling
(www.debtadvice.org), and informational websites, such as
DebtorsUnite.org, offer helpful information. Beware of "get out of
debt quick" companies that make promises that are too good to be
true. Try to avoid over-using your cards by storing them far away
from your wallet, phone and computer so that you're less likely to
make impulsive credit card purchases. Better yet, carry cash
instead of cards because you're less likely to overspend if you're
handing over cold, hard cash.
"Preparing for your financial future can be a daunting task, but
following these simple tips can make a big difference. The best way
to improve your financial health and be prepared for the future is
to start today," Kavanaugh said.
For more information or to receive a professional consultation
from Allstate, contact a personal financial representative near
you: www.allstate.com/financial/life-insurance.aspx.
The Allstate Corporation (NYSE: ALL) is the nation's largest
publicly held personal lines insurer, protecting approximately 16
million households from life's uncertainties through its Allstate,
Encompass, Esurance and Answer Financial brand names and Allstate
Financial business segment. Allstate is widely known through the
slogan "You're In Good Hands With Allstate®." The
Allstate brand's network of small businesses offers auto, home,
life and retirement products and services to customers in
the United States and Canada. In 2013, The Allstate Foundation,
Allstate, its employees and agency owners gave $29 million to support local communities.
Allstate employees and agency owners donated 200,000 hours of
service across the country.
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