New Year’s Resolutions: Final Wealth & Wisdom

BOSTON (WBZ-AM) -- More money resolutions.

Buying a home

This is the American Dream. Owning your home. Before making a purchase, make sure you carefully consider all the factors surrounding your decision. It’s important to take a step back and evaluate how much you can comfortably afford. Figuring out how owning a home fits into your budget can help you avoid pitfalls.

Save for your Kid’s College Education

A college education is still a good deal. College graduates earn higher salaries and experience lower levels of unemployment. But it comes with a very high price tag. Start saving while the kid is still in diapers!

Make the most of tax-advantaged accounts, like 529 plans, which let your money grow tax free. It makes a bigger difference than you might think. 529 college savings plan assets are considered parental assets. Because of this they have a low impact on financial aid.

To sweeten your savings Massachusetts allows a deduction up to $2,000 for contributions to the 529 plan.

And for the record I have a 529 Plan with Fidelity for my granddaughter which I opened when she was 3 days old. I use a Fidelity credit card and I get cash back which goes into her college savings every month.

Learn More about Finances

This really should be #1. It’s that important. Listening to us every day here at WBZ helps but you will need to do more on your own.

Getting in good financial shape can pay off. Spending wisely, saving what you can, managing debt, paying bills on time, investing, and having some money tucked away can make you feel good.

And knowing where your money is going may mean more money for you to enjoy the things that are really important to you. You want to feel good about your money no matter where you are in life—whether you are saving for your first home, sending your firstborn to college, or planning for longer-term goals, like retirement.

Being in control of your finances does bring a Zen like satisfaction to dealing with money. Money is still the number one topic couples argue about.

You can hear Dee Lee’s expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m. and 3:55 p.m.

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