SOURCE: PF Wealth Management Group, LLC

January 02, 2008 16:01 ET

Getting Into Financial Shape -- Three Simple Tips to Achieve Success in the New Year

OAKLAND, CA--(Marketwire - January 2, 2008) - As the New Year rolled in many individuals started thinking about their New Year's resolutions. As the hangover wears off and the credit card bills start to arrive, let's face it; it is a lot easier making New Year's resolutions than actually keeping them. In fact, over half of the individuals making their resolutions will break them by the end of January -- bummer, huh?

If you are one of the many individuals who plan to make financial resolutions for the New Year, Frank Paré, CEO of PF Wealth Management Group located in Oakland, California, offers three simple tips.

Tip # 1: If your resolution is to save more money this year, then start with a specific dollar goal in mind. According to Frank, "... of course you want to have a specific amount in mind, but you also want to have a specific goal for what you plan to do with the money saved." That way, according to Frank, "When you see that pair of shoes at their 'lowest price ever' in February you can maintain your resolve not to buy."

Tip # 2: Set up a new account at a bank other than where you maintain your checking account and avoid having ATM or check writing access. According to Frank, "This will be money ear-marked for your goal, so you want to avoid having easy access."

Tip # 3: Start with a small amount. After you have implemented your automatic deductions, start with a small amount. Unless you are already used to saving money, starting a new savings plan in some ways is like starting an exercise program for the first time. Without proper training, you should start small and increase your deducted amounts as you gain more control of your spending. Much like exercising, it's important to also watch what you eat or in this case what you spend as you increase your savings in order avoid possibly sabotaging your efforts.

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