It’s A New Year — Time To Take Stock Of Your Finances
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By Lynne Adkins
PHILADELPHIA (CBS) – Now that it’s a new year, it’s a good time to take a look at your finances and decide what changes you want to make for 2014.
First things first, decide your goals for this year. Do you want to buy a new car or save more money?
Doug Hepburn, a CPA with Cetera Advisors in Phoenixville, says be specific:
“Define smart goals, and what I mean by that is making sure they’re specific, they’re measurable, achievable, realistic and timebound. The term ‘smart’ is an acronym for those words.”
If you’re buying a car, pick a make and model, know the price and how much you need to save. Look at your budget. What is your income, from all sources and what are your expenses, including discretionary items such as travel and gifts?
If you need to cut back, you’ll be able to see where and how much is possible.