Financial New Year’s Resolutions
It’s New Year’s Eve. We’re all getting ready for parties and celebrating the end of one year and coming into a new one. We all have the habit of making New Year’s Resolutions, whether it’s a resolution to lose weight, read more, start a new hobby, or whatever. But have you thought about making financial New Year’s Resolutions? Here are some ideas for good resolutions you may want to make for 2011.
- Write a will. Yes, I know this sounds really morbid, but almost everyone recommends it. You are not promised another day, and to have everything in order just in case something happens will make life easier for yourself and your loved ones. With this, look into an affordable life insurance plan that is about 5 to 10 times your income if possible. This will help your spouse and children get by if necessary.
- Plan ahead and budget. I didn’t make my first budget until about 3 years ago, and I’m so glad I did. Make a budget for the next year. There are all kinds of tips about developing a budget on the internet (search “budget” in the search bar in this site; I talk about it all of the time!).
- Actually stick to your budget. This may be more important than actually making the budget. What’s the point of a budget if you don’t stick to it? Resolve to stay within the bounds of your budget for the next year.
- Eliminate your debt. I talk about this all of the time; one of the biggest reasons America has been in a financial crisis is because of credit card debt. We spend more than we have and we only pay minimum payments. Make a resolution this year to actually get rid of all of that debt!
- Get your taxes done early. Ha, right? Your employer is required by law to provide you with everything you need for your taxes by February 1st, and honestly, unless your taxes are complicated for one reason or another, you should be able to do your taxes shortly after. It’s also easier to get in with a tax professional the earlier you file; too many people delay and that’s what causes the crazy lines at the tax office.
- Be more energy efficient. How is this financially helpful? Well, think about it. Less electricity, gas, oil, or whatever you use, the cheaper it is in the long run. Energy efficiency is the way to go in the New Year, and not only do you save a few dollars, you save the environment too!
Hopefully these will get your mind thinking about some resolutions you need to make financially in 2011. Happy New Year from Money Thinking, and we will see you again in 2011!
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