"In January we start saving money, getting out of credit card debt, funding our retirement accounts and we're doing wonderful. Then, every single year like clockwork, starting in November, all of you fall into this trap that says, 'I have to buy this gift ... I can't show up at this party and not have something for everybody."
"If you owe money on your credit cards, paying it off should most likely be a top priority as the costs of carrying a balance are too high, with the Federal Reserve reporting the average interest rate at 21.39%. Investing - especially enough to earn your full employer match - is also important if you don't want to end up a broke retiree as Social Security only replaces about 40% of pre-retirement income."
Many people begin January by saving, paying off credit cards, and investing for retirement. Holiday spending from November often derails those intentions through social pressure to buy gifts and attend parties. Carrying credit card balances is costly, with the Federal Reserve reporting an average interest rate of 21.39%, making debt repayment a priority. Investing enough to capture an employer match is crucial because Social Security replaces only about 40% of pre-retirement income. Building short-term savings helps prevent new debt. Setting realistic, specific goals and anticipating common pitfalls supports sustained financial progress throughout the year.
Read at 24/7 Wall St.
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