President, Hope Through Housing Foundation

As 2017 ends, it’s the ideal time to pause for a moment and establish some financial goals for 2018.

I’ve heard it said that most of us spend more time planning a vacation than we spend planning for retirement. With that in mind, I’ve compiled a list of simple tips to help make sure that the next year is a fruitful one for you and your family.

First, review your paystub in January to assess how tax changes have affected your take-home pay. When the federal tax reform is rolled-out, you could see your net income increase or decrease depending on your financial situation.

Secondly, create a budget and create some breathing room by evaluating your discretionary spending. Increasing income can take time, but controlling spending and beefing up your savings are instant ways to improve your household bottom-line.

Thirdly, review your credit score and outstanding debt. Use a website such as CreditKarma.com to get your free credit report. Review outstanding credit card or other high-interest debt and set a plan for paying down a portion each month.

Invest in yourself. Evaluate your current income and set career goals. Do you need to go back to school, are there opportunities for advancement at your current employer, or should you explore new positions through a free jobsite like Indeed.com?

Establish automatic recurring retirement and charitable contributions. You’ll make a greater impact in both areas by contributing throughout the year. The holidays are a great time to support a favorite charity, but nonprofits and their clients need your support year-round.

Most importantly, dream a bit and set some long-term goals. Kevin Kurimoto, a Certified Financial Planner with Krellwitz, Kurimoto &Associates in San Dimas, says that “the most critical, and often overlooked step, is establishing why our financial goals are important.”

He advises that wise financial habits can “easily get pushed to the side when a new car, a dinner out, or life simply gets in the way.”

So, make some time this week to take stock of your current financial condition and to dream about the future.

What steps do you need to take to reach your 2018 financial goals? Gregory Bradbard is President of the Rancho Cucamonga-based Hope Through Housing Foundation, www.HTHF.org.