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New Year, New Me: Helpful Money Resolutions

Dec 29, 2021 Holidays

If working toward financial security is in your plans for the new year, consider incorporating one of these financial resolutions.

A young girl walking out the front door of a house.

As the year comes to an end, we begin to reflect on what all we have accomplished while looking ahead at the year to come. If working toward financial security is in your plans, consider incorporating the resolutions below.

Take Control

There’s no better place to start than determining what your income is and where your money is going. To do this, look back at previous statements or track your income and expenses for thirty days. Use this information to create a plan for spending and saving that’ll help reach your financial goals.

Tips:

Female sits on floor on laptop with notebooks open next to her
Life Guidance for:

Budgeting

Ready to take control of your finances? See what steps to follow to develop a spending and saving plan and follow through on it.

Examine Expenses

Part of taking control of your finances involves evaluating expenses. The idea isn’t necessarily to limit your spending, but to be more mindful of what you do with your money. As you look through your statements, ask yourself the following: do you need it or can you get it for less? If you don’t need it, eliminate the expense. If you can get it for less, start saving.

Tips:

Pay Down Debt

According to a study by NerdWallet, the average household with revolving credit card debt carries a balance of $6,913 and pays $1,115 in interest annually. When tackling debt, credit cards are a good place to start since they have some of the highest interest rates.

Tips:

A woman holding a cell phone and a credit card.
Life Guidance for:

Debt

To get out of debt, you need to be intentional with your money. Reach your goals faster with our tools for evaluating your debt load, developing a repayment strategy, and staying committed.

Save For A Rainy Day

Establish an emergency fund for future unexpected expenses. This will help avoid adding on more debt and stress in the event of a financial emergency.

Tips:

Look Ahead

If you haven’t already, now’s a good time to create or review your will. Keep in mind, you’ll have to update the beneficiary on life insurance policies, retirement accounts, and annuities periodically as these designations trump wills and testaments.

Speaking of retirement accounts: did you know you’d have to save approximately 15% of your income to replace 70% of it at age 65? Don’t be intimated. You have to start some place and today’s the best time to do it as the longer you save the larger potential return.

Tips:

Use the new year as a fresh start to create good money habits. By incorporating these tips, you’ll be thanking yourself in the future.

A man walking through a field.
Reach Your Goals

BALANCE

Take advantage of free financial education from our partner, BALANCE. From confidential coaching to videos and articles, get the resources you need to help with your fiscal matters.

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