The holidays are over, but it’s that time of the year again. Don’t be one of those, “new year, new me” people who never make changes. If you make (and keep) these New Year’s resolutions, your wallet will thank you.
Do NOT make your resolutions vague and nonspecific, like “I want to make more money” or “I want to spend less money.” Be laser-focused, with resolutions like “I will cut $30 from my monthly utility bill by using less power.” Don’t be overwhelmed if the bigger picture doesn’t click in right away. The most important thing you can do is take steps in the right direction. Remember, if you start small, you can move mountains.
- Remember the difference between “wants” and “needs”. Simply being aware that something is a want will force you to reconsider impulse purchases and splurges.
- Sign up for text/email alerts with every single one of your bank and credit accounts whenever a transaction is made. There’s been too many breaches at retailers for you to become another victim. When you get an unexpected alert, take action immediately.
- Get your credit report to see if there’s any mistakes. Many people never check their credit report.
- Talk to an accountant about ways to reduce your tax bill. Taxes are likely the largest expense you will have in your lifetime and a few hundred bucks to talk to an expert is nothing compared to the savings you’ll get.
- Fund your 401 (k) ESPECIALLY if your employer offers a match – it’s free money!
- Call your insurance company to try and negotiate a better deal on your insurance. Call up competing companies and see if they can offer you a better rate.
- Track all of your expenses for a month or two, make a budget and stick with it.
- Prioritize your debts and take them on. If you have debt at 7% and 19%, why in the world would you pay them both equally? Pay the minimum for the 7% and tackle the 19% with full force. In the same respect, it makes no sense to invest in something yielding less than the interest of what you’re paying. In many cases, you should sell CDs, bonds, etc. to pay off your debt’s balance.
- Enroll in an automatic savings plan. You won’t miss it, trust me. You’ll be surpised at how you’ll be able to manage with less.
- Read PersonalFinanceGenius.com for more tips and information :)
Do NOT make your resolutions vague and nonspecific, like “I want to make more money” or “I want to spend less money.” Be laser-focused, with resolutions like “I will cut $30 from my monthly utility bill by using less power.” Don’t be overwhelmed if the bigger picture doesn’t click in right away. The most important thing you can do is take steps in the right direction. Remember, if you start small, you can move mountains.
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