The economy has been struggling for some time, and people are gearing up for their New Years' resolutions to fit the times.
Do you need some resolutions to make? I have listed some good ones here for you to try. The problem is that most people who make resolutions do not make it the whole year. Many do not make it a month. Why not make them habits instead. As you make them, do not make them so rigid that you cannot accomplish it. Figure out if you can really save or spend less? Can you work on paying off your debt? Remember that budgets can help make it possible. Do you have short- and long-term savings goals? You may never reach your goal without a budget to know where you are.
Here are some examples of some good resolutions to try:
· Build an Emergency Fund - This is a must!! What would you do if your refrigerator or some other appliance died tomorrow, or a tire gets ruined? Would you have the money to take care of it, or would it be a credit card bill that you cannot pay off? You should have a fund that is equal to three to six months of living expenses. That may sound like a lot, but whatever it takes, you need to get started on this fund. You know that in life you can always expect the unexpected!
·Save for a home improvement - I need to have new shingles put on in four years or so. That is a large amount of money, so I need to start saving now. Also remember that housing improvements keep going up so you may need to save even more that you anticipated.
· Save a dollar (or more) a day - Save your pocket change. This is not as hard as it sounds if you eliminate a cup of coffee or bottle of pop per day. Think of something that you do where you could save that from.
·Track your money throughout the day - the only way you can truly budget, is to know where your money gets spent. That is the first step in creating a budget.
·Eat lunch you prepared at home - This is an excellent way to save. I have to pack a week's worth of meals and breaks items. It takes a little extra time, but it is amazing the amount of money that it saves. Figure that as money for savings!
·Learn something new about personal finance each week. By the end of the year you will be amazed at what you have accomplished. Budgeting, saving, and investing will become a habit and will no longer be work!
Getting started on one of these resolutions will put you on track to improved financial security. Have a Happy New Year!!