SC01242019 - Page 26

26 THE QUEENS COURIER • JANUARY 24, 2019 FOR BREAKING NEWS VISIT WWW.QNS.COM 5 ways to get fi nancially fi t this new year In 2019, many Americans are planning for a “better me” in the year ahead. Gym memberships and diets are at the top of many lists, but what about fi nancial health? Losing debt can be just as important as losing pounds, and fi nancial fi tness just as important as physical fi tness. According to a new survey from Marcus by Goldman Sachs(R), 74 percent of Americans think their fi nancial well-being has an impact on their overall health and 64 percent feel they are not in the best fi nancial shape they could be. On top of that, half of those surveyed (50 percent) think it’s easier to get into better physical shape than fi nancial shape and 59 percent consider tracking expenses and budgeting to be more stressful than trying a new workout. Although New Year’s resolutions to improve fi nancial fi tness may seem daunting, they are achievable, and their eff ects can be signifi cant. While it is important to pump iron and feel great physically, it is equally benefi cial to pump up your savings and take steps to secure your fi nancial future. Here are fi ve simple ways to help achieve better fi nancial fi tness in 2019: 1. Trim down debt: Eliminating debt is a worthy goal shared by many - 78 percent of those surveyed would rather get rid of their debt than lose weight. Consider instead a debt consolidation personal loan such as those provided by Marcus by Goldman Sachs(R), which off ers fi xed-rate, no-fee personal loans that could help save on interest when compared to high-interest variable rate credit cards. 2. Set a realistic budget: Every fi nancial fi tness plan should start by establishing a budget that is both eff ective and achievable. Th e fi rst step in creating one is to identify your essentials like mortgage or rent, car payments, tuition loans - and determine how much each of these expenses cost you per month. Next, average your spending in key categories that occur on an ongoing basis, such as food, gas, clothing, commuting costs and your gym membership. Combine those two fi gures to determine what your actual expenses and monthly budget are, and any money left over can be considered discretionary. Part of each month’s discretionary budget should be dedicated in advance to savings. Financial fi tness introduces a level of discipline to help people make a proactive commitment to saving each month. 3. Shred unwanted subscriptions: With a budget in place, it’s all about tracking expenses and ensuring that your spending aligns with what your budget requires. Th ere are many free tools that can help do the work, such as the personal fi nancial management app Clarity Money, which monitors recurring expenses and helps with eliminating unwanted subscriptions. Keeping a tighter rein on your spending makes it easier to trim costs and stick to your budget year-round. 4. Pump up your savings: Look for savings accounts with higher rates that can help your money make more money. A high-yield Online Savings Account from Marcus by Goldman Sachs can earn 4X the national average, with a 2.25 percent APY (annual percentage yield). Th ere is no minimum deposit required, making it an easy way to begin growing your savings with the cash you already have. 5. Find a workout partner: Working out with a partner at the gym helps to establish shared goals, while encouraging accountability. Th e same is true for fi nancial fi tness. Your path to better fi nancial health could accelerate if you can partner with a family member, friend or signifi - cant other who’s also interested in their fi nancial well-being. Plan monthly checkins, arrange mini-competitions for saving more and organize “no spend days” together. You’ll keep each other responsible and build positive mutual support along the way. For more information on approachable solutions to your fi nancial management and to get a fi nancial workout plan, head to Marcus.com/fi nancialfi tness. Courtesy BPT tax tips Call Now & End Your Tax Nightmare! �� Co-Author of the best selling book “Breaking the Tax Code” �� Salvatore P. Candela, EA, ATA, ABA Enrolled Agent - Tax Advisor �� Louis Carino Year Round Service TAX ACCOUNTANT- FINANCIAL PLANNER "Over 20 Years Of Personalized Service" • Preparation of all business & personal returns • Bookkeeping & payroll services available • E-file provider Tel. (718) 767-6597 Fax. (718) 747-6149 Cell (917) 373-5975 LJC@loucarino.com 166-26 Powells Cove Blvd. • Ste 4D • Beechhurst, NY 11357 /fi /WWW.QNS.COM link link