BLOG: Make a New Year’s Resolution to Secure Your Financial Future
By: Robin L. Wiessmann, Secretary of Banking and Securities
January 07, 2016
As Pennsylvanians think about they wish for in the New Year, it’s important to think about long-term financial goals. When Governor Wolf announced his Consumer Financial Protection Initiative in November, he made one of the cornerstones of this effort helping working adults save for their retirements.
As you take in 2016, here are five practical, common-sense actions you can take to help secure your and your family’s financial future:
- Monitor your credit report. This is a very important tool to detect fraud and possibly save yourself thousands of dollars when borrowing money. Get a free copy of your credit report at www.annualcreditreport.com or call 1-877-322-8228.
- Pay off your debt. You will save yourself a lot of money in interest and late fees! Make a goal for each month; for example to pay off $150.00 per month or $1,800.00 per year.
- Save money for retirement. Participate in your employer’s 401(k) plan or open up an Individual Retirement Account (IRA). If you are already saving, consider increasing your contribution by $50 or $100 per month.
- Contribute to a 529 educational plan. The key to college saving is to start small and start now. Nothing helps your savings grow like time. And your money can grow even faster in a tax-advantaged 529 plan. Learn more at www.pa529.com.
- Protect yourself from ID theft and financial fraud. If someone you don’t know well or trust offers you a deal that sounds too good to be true, it probably is. Consider the motto “investigate before you invest” – make sure you know who you are dealing with and that you understand fully where your money is going.
If you have questions about financial transactions, companies or products, remember to:
Connect: Visit the Department of Banking and Securities at www.dobs.pa.gov
Learn: Visit PA Investor Education on Facebook
Contact: Call 1-800-PA-BANKS (800-722-2657) to file a complaint, ask questions, or make sure someone is properly licensed to do business in Pennsylvania.
Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolf