Laura covers seven financial resolutions that could save you thousands and turbocharge your success. Even if you adopt just a few of them, you just may be in the best financial shape of your life this year.
How to Make Financial New Year’s Resolutions
Making financial resolutions can get you fired up about creating good habits and reaching goals. But the trick is making them stick for the long term.
I recommend that you choose a few resolutions that mean the most to you, instead of trying out dozens at once. They should move you closer to fundamental financial goals, such as:
- Maintaining a healthy emergency fund equal to 3 to 6 months’ worth of your living expenses
- Investing at least 15% of your gross income for retirement
- Paying down high interest debt as quickly as possible
- Having enough insurance to protect your financial assets
- Building your credit
- Living within your means
Setting goals that are vague or unrealistic, like “get rich” or “pay off all my debt,” may sound good, but they do more harm than good because you can’t control those outcomes. Then you even up feeling disappointed or hopeless when they don’t happen.
You’re more likely to succeed at a few resolutions that are specific and achievable—such as “take my lunch to work 4 days a week,” “check my credit before the end of this month,” and “take a personal finance day by the end of this quarter.”
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