January is the perfect time of the year to plan ahead; especially when it comes to finances.
Forbes has a whole list of financial resolutions to make; here are some of the best suggestions:
- Make a budget and stick to it
- Review your credit card/financial statements and see what you can cut out
- Refinance your mortgage
- Get a will or living trust
- Start investing
Read all 27 of their suggestions here: “27 Financial New Year’s Resolutions To Build Wealth“.
Falling homeownership rates for more than just millennials
Last year, 36.3% of households were in rentals, leaving the homeownership rate at 63.6% (10 years ago it was at 69%) (Shreya Agarwal, Forbes. http://www.forbes.com/sites/shreyaagarwal/2016/05/06/homeownership-rates-are-falling-and-its-not-just-a-millennial-problem/?ss=personalfinance#193b367ba9e0).
But according to Forbes, it’s not millennials that are the leading age range in this data; it’s 35- to 44-year-olds.
Read Forbes’ full article on this real estate data here: “Homeownership Rates Are Falling and It’s Not Just a Millennial Problem”.
You might be making these common money mistakes:
- Not having a budget or paying attention to your budget
- Paying bank fees that are unnecessary
- Not saving “rainy day” funds
- Not having the right life insurance
- Not preparing for retirement
There are plenty of other financial mistakes, but here are even more of the most common ones, along with Forbes’ suggested solutions: “13 Common Money Mistakes — And Their Solution”.