With the new year comes a new round of resolutions. Though only 8% of people who make resolutions actually follow through with them, the New Year is a great time to examine your own weaknesses and come up with some goals to work towards. Even if you don’t achieve them, making the goal is a great way to identify your weaknesses and take the first step in correcting them. Read on for 8 inspiring financial resolutions for 2013.
1. Reduce Credit Card Debt
If you have any amount of credit card debt, there’s no time like the present to work to reduce it. Maybe you ran up your cards during the holidays or maybe you’ve been carrying the debt for years. No matter what the reason, it’s always a good idea to work down your debts and free up some credit.
2. Track Your Spending
Few people really know what they spend on common items such as gas, groceries, manicures and other expenses. Tracking your spending is the first step in identifying places where you can reduce your outflow of cash, giving you more financial freedom. Whether you use paper or a computer program, figure out a way to watch your monetary flow.
3. Create A Budget
Budgeting isn’t most peoples’ strong point. For 2013 resolve to change this and become a budgeting guru. Use the financial figures you found in number 2 to determine a realistic budget for your family. Identify places you can reduce spending and enjoy the savings.
4. Make Money For Something Fun
Hold a yard sale, sell some items on eBay or find another creative way to make some money on the side. These small weekend type projects can yield great profits to spend on something fun for your family. As a bonus, a yard sale will help clean out your house and give you more space.
5. Create An Emergency Fund
You never know when a financial pitfall will happen, but an emergency fund can make the difference between going broke and being ok. Create your emergency fund through careful budgeting so you’ll have a brighter, less stressful tomorrow.
6. Open A Savings Account
If you already have a savings account that’s great, but if you don’t, resolve to open one in the new year. If you’re the type of person who is tempted to take money from your savings account to pay for frivolous items, consider using a form of account like a CD where you can’t touch the money until a maturation date.
7. Check Your Credit Report
You should probably be doing this on an annual basis anyway. Checking your credit report now will allow you to identify any errors before you need approval for a home loan or other type of credit line.
8. Avoid Generating New Debt
In the new year only buy the items you need and avoid racking up any new debt. Sure, it’s always nice to have new things, but not if you need to put them on your charge card. Spend your money more wisely or save it for a rainy day.
These 8 financial resolutions will help you get your financial house in order. Use some of these suggestions or come up with ideas of your own to make 2013 the best year yet.