01.04.2010 / New Years Savings Resolution

It is the New Year. You may have done incredibly well last year and followed all your resolutions, or you may have been derailed by the economy. As we move into 2010, you might be thinking that revamping your financial plan would be a good idea, or you may be just starting out and want to get your financial ducks in a row. There are some small resolutions you can make that can help you get or stay on the road to financial freedom. We asked our colleagues, friends and family what their Financial Resolutions were for the New Year, and we are sharing for of the most popular with you!

"There are some small resolutions you can make that can help you get or stay on the road to financial freedom."

Balance your checkbook every month
This might be low on your list because you check your balance every day via online banking. However, just checking your balance isn’t the point of balancing your checkbook. It helps you see if you stayed within your budget. It can also help you point out any errors in your or the banks records. It empowers you to know what’s going on with your finances at all times. Just a note – since debit cards and check cards are used to make purchases more often than checks nowadays, make sure you save those receipts so you can balance your checkbook at the end of the month!

Start a savings plan, or ramp one up
Many of our savings challenged friends and families, and those just getting started after school, are making an effort to save at least $50 every month! Other people who may have a handle on monthly savings are ramping their savings goals up – either saving specifically for long term needs (a new computer or a retirement fund) or moving their savings goals up to a higher amount each year.

Plan your purchases
You may have a budget, follow it well, and save every month. One thing that is easy to struggle with is “impulse” buys – either at the end of a grocery trip, or a running out to buy something before you’ve fully thought it through. Making a list – whether you’re hitting the grocery store, a big box store or the mall – can keep you from overspending or buying things you don’t really need (and nearly everyone we talked to had “impulse” buys they wished they hadn’t made!)

Do you have any New Years Savings plans or tips that you can share? Please join in.

Posted at 10:53 AM | Permalink
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