Top 10
Financial Resolutions for the New Year
The New Year is here and, if you are anything like us, you feel like it is
finally time to make a difference in your life. It is time for you to get a
handle on your finances, to get on the road to financial freedom.
Below, we've put together our list of the top ten best things that you can
do to turn your financial life around and start the new year off right:
Get on a Budget - One of the best ways to get on track with your
finances is to start tracking your finances. By knowing what comes in and what
goes out, you can easily see where to focus your cut-backs. Planabudget.com
has an excellent tool that you can use to track, and plan, your spending. You
can download our free version of our budget
planner here. Also, we have written several articles on creating a budget,
tips on sticking to your budget, and successful financial planning which you
can find in our Budget Article Index.
Save More for Emergencies - One of the biggest things that many of
us have problems with is having money for those unexpected emergencies that
pop up from time to time. Car and home repairs, children's needs, and medical
problems are just a few of the cash crises' we face from time to time, and, if
we don't plan for those emergencies, they can wreak havoc on our day to day
finances.
Even if you can only afford to set aside $5 a week, do it! Those $5 will
soon start adding up. And, as you get on a budget and start seeing where you
can save more money and get out of debt, you'll soon be able to set aside more
money. It is typically recommended that you you have at least one month's
living expenses set aside for emergencies, but preferably three.
For articles on how to save money, please visit our
Money Saving Article Index.
Balance your Checkbook - Knowing how much you have to spend at a
given time will save you a ton of money on Tylenol for those headaches down
the road. How many times have you bounced a check because you 'thought' that
you had enough money in the bank to cover it? By keeping on track with your
account balances, you can be sure that you have sufficient money to cover your
purchases.
Also, you should never assume that the bank 'knows' how much you have. They
do make mistakes from time to time and, if you are keeping accurate records it
will much easier to detect and call them on it.
If you've never balanced a checkbook before in your life, don't fret, we
have an excellent step-by-step article written on
Balancing your Checkbook here.
Give More to Charity - The average American gives a whopping 2% of
their income to charity, which is about one-third as much as they will give
over in finance charges to pay for luxuries that they probably didn't need in
the first place.
Think of how much good you could do to help people less fortunate if you
gave less to your lender and more towards feeding the homeless, clothing
children, rebuilding after natural disasters like our recent hurricanes, and
supporting missionaries around the world.
One of the best ways to see how good you really have it is to help others
that don't.
Stop Making Impulse Purchases - How many times do you buy things on
whimsy? When you are in the checkout line at the grocery store, do you find
yourself throwing extra items in the cart because they look like a good deal?
Do you stroll the mall with no particular intentions but walk out with ten
bags because things 'caught your eye' and you just had to have them?
Stop it! Get those impulses under control! If you didn't plan on buying it,
don't buy it! If you see something that you want to buy, go home, wait a
couple of days and think about it. If the desire is still there, and it
probably won't be, go ahead and go back and buy it if you have the money in
your budget to spare.
Here is a great article on
Getting Impulse
Purchases Under Control.
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