The Law Offices of Ronald I. Chorches

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Be wise with financial planning for 2018

There are many prosperous residents of Hartford, Connecticut, but there are others facing financial challenges in 2018. The latter set would do well to make a set of financial resolutions to improve their debt management and related financial planning for the new year.

One of those can be looking at how vulnerable you are to identity theft. In 2017, one of the largest credit bureaus in the country, Equifax, was hacked into, which exposed the previously private personal information of up to 145 million Americans to criminals. Some Americans froze their credit because of that. Others, however, did not.

Those who did not may have presumed that if they didn't experience any apparent problems from identity theft right away, then they wouldn't experience any later either. However, they may find out the hard way that they are wrong. A good rule is that if you believe that there is any possibility that you may be a victim of identity theft, you should take every possible measure to protect yourself right away. A part of that is checking your credit report for suspicious or incorrect information. Another part of it is changing any insecure passwords that you have.

Your financial planning should also involve saving as much money as you can. Putting a regular amount into a savings account every time that you get paid is one of the simplest things that you can do and also one of the wisest. Doing your taxes early is good idea too, so you will know how much you have to pay, how much you can save and how much you can spend.

You'll also want to rein in unnecessary expenses. A big one for many people is credit card debt. Try to pay off what you have and minimize what you incur in the future. Additionally, you can avoid frivolous expenditures, like going to restaurants.

If you find that your debt is simply too overwhelming to handle, bankruptcy might be an option. An attorney can provide you with additional information and help you determine if this is the right choice for your financial situation.

Source: U.S. News & World Report, "10 New Year’s Money Resolutions for 2018," Geoff Williams, Dec. 22, 2017

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The Law Offices of Ronald I. Chorches

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