7 Tips to Live in Financial Reality this Year

Better Planning = Less Stress

Ignoring your financial health doesn’t make the unease go away. And it certainly doesn’t achieve your goals. Facing your financial reality provides freedom. With this list below, you can better plan and experience less stress.

1. Write down your financial New Year’s resolutions and post them somewhere you’ll see regularly, such as on your refrigerator.
2. Calculate your net worth so you can have a fresh look. This is everything you own minus everything you owe.
3. Do a fresh budget. If you need help, check out Fidelity’s video on creating a budget, ditching your debt, and start building for the future.
4. Consider opening a Christmas savings account early in the year so you don’t get a debt hangover after the holidays. With the new GEA payroll process through Workday, you can divide your earnings into two different accounts. Visit GEA Workday. Select Pay and then Payment Elections.
5. Start gathering tax documents like W-2 and 1099 forms and receipts for your charitable contributions. GEA will mail your 2018 W-2 no later than January 31, 2019. You may also find your W-2 online at gea.ultipro.com. Use your normal SSO and password. Click on “myself” (top left), check “W-2” then “2018.” As a reminder, if you participated in the 2018 GEA Employee Giving Campaign and would like to determine the amount donated – visit the GEA Employee Giving Campaign Pledge Tool and select Giving History. You’ll be prepared when it’s time to start doing your taxes.
6. Check your credit report. With Credit Karma, you can check your credit reports from TransUnion and Equifax each week for free. You can also check your report from each of the three main credit bureaus once a year for free with AnnualCreditReport.com.
7. Rebalance your Fidelity My Savings Plan. It’s a good idea to see if you are out of balance from your original retirement goals once a year. On the Fidelity website you will find tools and resources to get you on track. If your budget allows, think about increasing your savings plan by 1 percent each year!

Source: CFP letsmakeaplan.org