by KYW's Salil Gutt
2008 was a tough year for families. Hopefully 2009 will be better. With money issues of pressing concern for most families this would be a good time to make some New Year resolutions. Here are some items for your consideration.
First. Continue to save. The best way is through your employer's retirement plan particularly if there is an employer match. Be sure to defer the maximum amount to get the full match otherwise you are leaving money on the table. Ideally shoot to defer 10%, or better still 15%, of your salary.
Next. Despite the downturn continue to invest in stocks. Stocks are on sale now and in retirement plans you are investing for many decades out. However, do pay attention to your asset allocation. Shoot to have your age in bonds.
And. Get serious about eliminating debt and then living debt free forever. Debt is bad is the overarching message of this crisis. If your situation is complicated resolve to get help.
Finally. Track your living expenses otherwise financial planning becomes a moving target. Buy a software package like Quicken or Microsoft Money to help you do that.
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