For people that make New Year's resolutions, well, the failure rate for them is pretty high. According to U.S. News & World Report, about 80 % will give them up by mid-February. But if your resolutions include financial goals, some experts in the business say it's never too late to start. Even starting small, some simple things can make a big difference, like setting aside money for savings every month.
"It might surprise people to know that over two-thirds of Americans don't have any kind of an emergency savings accountant all," said Tom Wambaugh, Vice President of Member Services for Greater Nevada Credit Union. "So if something happens, the only thing they've got is to put it on a credit card. A little money set aside - every month, every week, or every paycheck will really help you in case one of those little emergencies happens in your household."
He also advises trying to pay off high-interest credit card loans and avoiding payday loans altogether.
"As interest rates climb, those things that you had money borrowed against that didn't seem like they were such a big deal, they become a really big deal," he said. "So that credit card that has a variable interest rate that floats - it's climbing higher and higher as interest rates climb. So your best bet is to pay off those high-interest rate credit cards as soon as you can and stay away from payday loans that can really hurt you with their high interest rates."
Another recommendation is finding a budget that works and sticking to it.
"It doesn't seem like a big thing at the time, the little bit we spend going out to eat or grabbing that cup of coffee, but it can really add up if we don't watch it," Wambaugh said. "So making that budget and then sticking to that budget, that's the key."
And it's never to late to start planning for a better financial future.
"Start today," Wambaugh said. "If you don't have emergency savings, start saving today. Put $5 in. If you're out of control with your credit card debt, make an extra payment this month. There's never a bad time to get started. Yesterday is always better than today but today is way better than six months from now. Make it happen now."
