I can attest as much as anyone that the Holidays can be financially draining. With all of the gifts, traveling, food and more it really can take a toll on your budget. In the past we just waved it off as a necessity because it was the Holidays and we didn’t really worry about it until January. And then it was too late. We had way overspent and it caused a lot of financial stress for the next few months while we got caught up. A few years ago we realized how important it is to stay on track with our financial goals, and so we made some big changes and at the end of every year, we make financial resolutions for the New Year. This helps so much. I want to share them with you, so you can also start the New Year off on the right foot.
According to a recent Capital One survey, only about 1/3 of American felt that they accomplished their financial goals in 2015. They also said that they felt that the top two most important things going into 2016 are family and finances. That number (which includes me) means that there is a lot of room for improvement and thinking about how to do better next year. I know that I want to start the New Year off on the right food and I want you to join me! I am going to share a list of financial resolutions that we are setting or have set in the past and I would love for you to take it and make it your own. Have specific goals of what you want to achieve and use the right tools to accomplish them.
Over the years we have turned to 360 Savings from Capital One. With their no fees, no minimums and great interest rates we are able to reach our savings goals faster. We have our account setup to automatically withdraw a specific amount from our checking account each month on specific date. It is so nice to use this ‘Automatic Savings Plan’ tool because the money is going into our savings regularly, and I don’t have to worry about transferring it. This allows our savings to grow faster because of a higher interest rate. We also like using the ‘My Savings Goals’ tool to track our progress and keep us motivated. Building a savings account can be challenging but if you utilize tools like the ones that Capitol One 360 Savings offers then you will be able to do so much more. You can plan our your goals, create customized nicknames for each goal and track their progress.
Here are 10 Financial Resolutions for the New Year that you can set now:
- Setup (or start using) a savings account and make monthly contributions on a monthly basis
- Sit down with your partner and evaluate your income and spending to make sure you are not over your limits
- Evaluate each of your bills to make sure you are being charged correctly, then call your providers (like cable, phone, etc) and see if you can get a better rate or drop services you are not using
- Make a menu and go grocery shopping and eat in 5-6 days a week. Try to avoid eating out regularly since this can get expensive
- Use the leftovers from above said home cooked meals to take to work for lunches instead of eating out
- Create a budget for grocery, gas, and other needs to stay within your means
- Plan inexpensive dates/family outings like going hiking, fishing, day at the park, etc
- Save up the cash to pay for big ticket items so you don’t have to go into debt
- Only have one payment at a time (house, car, etc) so you don’t stretch your budget
- Be open with your family about your finances so your kids know how much they have to spend and how much you have to spend
I hope these tips help you get a kick start on your financial resolutions for the New Year. It can be hard, but totally worth it when you have a good savings account built up (for emergencies, Christmas, birthdays, vacations and more) and you are out of debt. I would love to hear your thoughts and what your resolutions are for the New Year!
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.