Resolve to Get Financially Fit in 2014

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Royal Neighbors of America Recommends You Take Five Easy Money Steps to Achieve and Protect Your Life Goals

“The cardinal New Year resolutions should always be to save more and spend less, but do so within the context of your own life situation,” advises Cynthia Tidwell, CEO and President of Royal Neighbors of America.

We all resolve to eat less and work out more. Getting financially fit happens much the same way – reach your big financial goals by taking small steps. To begin, ask yourself two questions: What are your money-related goals for the New Year and what in your life will change your financial situation: Marriage? Children? A new job or change in health benefits? “The cardinal New Year resolutions should always be to save more and spend less, but do so within the context of your own life situation,” advises Cynthia Tidwell, CEO and President of Royal Neighbors of America, one of the oldest women-led life insurers in the U.S. So, why don’t more people succeed at attaining their financial dreams? “The secret to reaching financial fitness comes in taking baby steps and celebrating small victories. Take a moment and consider your life goals, then find small ways to save and make them come true,” Ms. Tidwell adds.

Five 2014 New Year Resolutions to get Financially Fit:

1. Save more money: Set a small goal and look for incremental ways to save. Vow to eat out once a week, instead of multiple nights. Pack your child’s lunch. Menu planning will keep grocery shopping on track and prevent last-minute take-outs.

2. Spend less money: Take small steps. Do you really need an expensive data plan for your cell phone? Have you considered scaling back on satellite television channels and considering a subscription online movie service? Add up what it costs you for television and those extra smartphone charges. Chances are you are spending more for services than you use.

3. Pay down your debt: Identify a loan or credit card you can pay off. Start with the debt that has the highest interest rate and pay it off first. Celebrate that small victory and move on to the next debt to pay down.

4. Stick to a budget: If you don’t have a budget or a plan, it’s difficult to control your spending. See where your money goes.

5. Protect your income: This is a step many ignore. Ask yourself what may financially change in 2014. A new job? A baby? Make sure your income and assets are protected if something happens to you. Revisit your life insurance policy to see if your family has enough to cover daily expenses like childcare and house payments. Calculate how much life insurance you may need.

Learn Easy Ways to Save in 2014, Jean Chatzky, financial editor, NBC’s Today.

The Life Insurance Market Research Association (LIMRA) reports that one in three U.S. households have no life insurance at all. For those that do, they only own enough on average to replace household income to pay expenses for 3.5 years. The recommended industry rule of thumb starts at twice that from 7-10 years.(1) “Income protection and financial security for your family should be key parts of any financial plan,” affirms Ms. Tidwell. “Being money smart means discipline and planning for contingencies so that your loved ones are covered.”

Royal Neighbors of America, one of the nation’s largest women-led life insurance organizations, exists for the benefit of its members. It offers insurance products to fulfill financial needs of growth, savings, and protection. Members receive valuable benefits and can participate in volunteer activities through the organization’s local chapters to help make a difference in their communities. The organization’s philanthropic efforts are dedicated to changing women’s lives through its national programs, including the Nation of NeighborsSM Program, and through the Royal Neighbors Foundation, a 501(c)(3) public charity.

Headquartered in Rock Island, IL, with a branch office in Mesa, AZ, Royal Neighbors serves more than 200,000 members and is licensed to do business in 42 states and the District of Columbia.

For more information about Royal Neighbors of America, call (800) 627-4762, or visit

(1)LIMRA, Trillion Dollar Baby - Growing Up, 2011

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Rita Toalson
since: 05/2012
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