It is hardly a secret that people rarely stick to New Year's resolutions - ...
NEW YORK - It is hardly a secret that people rarely stick to New Year’s resolutions - only about 8% of people actually make it to the finish line with their goals, according to studies from the University of Scranton, in Pennsylvania.
This is especially true for the holiday season, when money seems to exit our wallets at hyperspeed. Average holiday spending on gifts and travel was slated to exceed $1,000 apiece for 2019, according to the National Retail Federation. In fact, among those who took out holiday debt in 2018, 35% of us were still trying to pay it off this past fall, according to personal finance site NerdWallet.com.
For one thing, the documents are useful for tax planning, since purchases are often divided into spending categories that can help identify deductions. They are also excellent for shock value, to force yourself to see how your cash was deployed. “Take an honest look at what your life is costing you,” Newcomb said. “If some of those costs are frivolous and are purchases you regret, that is a valuable thing to take away.”A typical excuse for those who do not keep track of spending: It is too complicated and confusing. But with all the fintech apps now available, that excuse does not really wash.
“We’re all pretty good at estimating common expenses like electricity and phone and internet access,” said Morningstar’s Newcomb. “But we are very bad at predicting the size and frequency of exceptions.”
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