Those New Year's Resolutions: Home Buying & A College Education
BOSTON (CBS) - Fidelity put together a list of the top financial 10 resolutions folks wanted to accomplish and more important they added resources to help achieve these new resolutions. You can link to Fidelity's resources from our website here at WBZ.
#8 Buy a home
This is the American Dream. Owning your home. Before making a purchase, make sure you carefully consider all the factors surrounding your decision. It's important to take a step back and evaluate how much you can comfortably afford. Figuring out how owning a home fits into your budget can help you avoid pitfalls.
Fidelity's Resources:
- Learn: "How much house can you afford?" and "Buy a home or rent?"
- Figure it out: Calculate how much house you can afford.
#9 Save for your Kid's College Education
A college education is still a good deal. College graduates earn higher salaries and experience lower levels of unemployment. But it comes with a very high price tag. Start saving while the kid is still in diapers!
Make the most of tax-advantaged accounts, like 529 plans, which let your money grow tax free. It makes a bigger difference than you might think. 529 college savings plan assets are considered parental assets. Because of this they have a low impact on financial aid.
Fidelity Resources:
- Learn: "Are you saving enough for college?"
- Figure it out: Decide which college savings option is right for you.
- Stay on top of it: Set up automatic contributions to a 529 college savings account.
#10 Learn More about Finances
This really should be #1. It's that important. Listening to us every day helps but you will need to do more on your own.
Getting in good financial shape can pay off. Spending wisely, saving what you can, managing debt, paying bills on time, investing, and having some money tucked away can make you feel good.
And knowing where your money is going may mean more money for you to enjoy the things that are really important to you. You want to feel good about your money no matter where you are in life—whether you are saving for your first home, sending your firstborn to college, or planning for longer-term goals, like retirement.
Fidelity's Resources:
- Learn: Sign up for Viewpoints weekly email.
- Figure it out: Review your spending/saving with our Simple Budget Checkup.
- Stay on top of it: Manage your finances in one place with Full View
