10 Tips to Achieve a Resolution for a Family Having Financial Problems
10 Financial Resolutions For Families in the New Year
There's a reason why our resolutions tend to be the same, year after year - we never follow through. Some of us have even gotten to the point to where we would rather not give ourselves false hope, and we just skip out on resolutions altogether.
If money is on your mind, then you may need to look at the following 10 financial resolutions for your family this New Year. If you make a good resolution, and have an action plan for sticking to it, you can actually make some forward progress!
1. Figure out your Debt It is important to know how much debt you are dealing with, as well as which portions of it need to be paid first. This is how you can get your priorities straight, and keep yourself out of financial black holes. Make payments on time and address all urgent debts first. Urgent debts are usually recourse debts, like back taxes and student loans.
2. Automatic Savings If you are a terrible saver then why not have a percentage of your check taken out each month, and sent to a savings account? It stings at first, but eventually you'll get used to the smaller check. No touching that account, either! Pretend it's an IRA, and that you'll get penalized for dipping into it.
3. Use the 'Wait a Day' plan. Impulse buys make up the bulk of disposable income spending for some people. Avoid this by waiting just one day. If you see something you like, wait 24 hours, and see if you still want it. If it's not worth the effort to get in the car and drive to the store again, then you don't need it.
4. Use helpful Software There are plenty of computer programs that you can use that will help you create a budget and keep track of your spending. Quicken and other money oriented software can be downloaded and used right online!
5. Keep your Change While some still think that the penny is useless, you may want to reconsider. Keeping those pennies, dimes, nickels and quarters over the months could end up turning into an extra $100 cash. Just be sure you actually use the coin counting machines! If you just hold onto spare change, it's sitting there, earning no interest.
6. Invest Lightly The stock market may be showing some hope, but make sure that you spread your investments out, and don't get too overzealous. Even if you have deep pockets, you could end up losing a lot of money fast when you do not pay attention to the market and your stocks.
7. Read Financial Books Believe it or not, reading books about money and spending are incredibly helpful. The worst spender can instantly see cash stacking up in their accounts as the months go by. Read a book here and there, and apply some of the terms or techniques to your lifestyle.
8. Smaller Saving Goals Having large savings goals will only make you fall short and give up. On the other hand if you set up smaller goals for items you need or want, then you will be able to teach yourself methods of saving. From there you should be able to set your sights higher.
9. Revamp the Budget If you have less money or more money coming in, then you need to reconstruct the budget accordingly. Make sure that you do set aside some cash, so that you can buy something rewarding such as a new movie or a new pair of shoes!
10. Don't let friends be too expensive A night out with friends can add up incredibly fast. Of course you want to socialize - but pick your battles. Compromise. Instead of going out for happy hour (alcohol can be very expensive), go out for a meal, and then meet at someone's home for cocktails. Or if you plan a whole night of activities, mix in some free stuff, too.
For more great tips about saving in the New Year please visit our Finances section on GKBusiness.
