OK, it’s that time again, where every advice column offers up financial resolutions for the New Year. Fidelity Investments’ latest annual survey of the top Financial Resolutions for 2016 reprises the big 3: Save more, spend less and pay down debt. Thanks Captain Obvious and see you next year.
The Fidelity survey also notes that about 28 percent fewer respondents intend even to attempt resolutions this year. Perhaps we can offer a few ideas that are a bit easier to attain but can still make a significant contribution to solidifying your financial foundation.
Photo — Please put this mug shot of Chris Hopkins of Barnett & Co. in our system to use every other Wednesday when it will run with his column.Simplify and automate. If you haven’t already done so, let this be the year to take full advantage of automated services and online technologies like bill paying and paperless statements.
Many of the regular bills you receive each month in the mail are available electronically from the provider. Yet despite the obvious convenience and the reduced potential for lost or overlooked invoices, only about one fourth of all household bills were presented electronically in 2014, according to a study by Fiserv. And over half of all electronic payments were online submissions of paper invoices.
Consider diving into e-bills and electronic payments. Most of your regular obligations can be set up to schedule payment on a specified day of the month directly from your bank account and notify you via email of each completed transaction for your records. No late payments, lost checks or dog-eared envelopes.