As we head into mid-February and if you are like most people, you have already given up on those New Year's resolutions you made. Studies have shown that just that only 25% of the resolutions make it past Valentine's Day.
While the top four resolutions all involve physical and mental health, improved finances does come in at number five on the list. Let's take a look back at why financial resolutions are important and a few tips to help you along the way.
Why Make Financial New Year's Resolutions?
Your financial stability and success is important because it can play a key role in your physical and mental health. Having strong finances can take away stress and allow you to relax and focus on other parts of your health.
Financial resolutions can help you stay accountable and make progress on your goals. They're a way to take your finances into your own hands and be proactive about your money. And they're a great way to start the new year with a fresh perspective and a positive attitude.
Get Organized With a Budget
One great way to get started is create a solid monthly budget for you and your family.
When you create a budget, you're creating a roadmap for your money. This way, you can see where your money is going and where you might be able to save. It also helps you stay accountable and limits your spending.
There are a lot of different ways to create a budget, so find one that works best for you. You can use a spreadsheet, an app or even just a notebook. The key is to be realistic and to stick to it!
Set a Goal to Save Regularly
One of the best financial resolutions you can make is to set a goal to save regularly. This can be something as simple as setting aside $50 each month, or even just $20 each week. The key is to make it automatic so that you don't have to think about it and you're less likely to skip it.
If saving money isn't your thing, you could also set a goal to pay off a certain amount of debt each month. This will help you get rid of your debt faster and could potentially save you thousands of dollars in interest payments.
Whatever your goal, make sure that it's realistic and achievable. And most importantly, be sure to celebrate your successes along the way!
Consider Investing for the Future
Have you ever thought about investing for the future? This could be a terrific way for you to get ahead and start building your financial security. Whether that means starting an IRA, setting up a mutual fund, or researching stocks and bonds, now is the perfect time to start planning.
When it comes to investing, it's important to know your goals and risk tolerance. For example, if you're a conservative investor, you might opt for low-risk investments such as certificates of deposit (CDs). On the other hand, if you're looking to make quick money over the long haul, mutual funds may be the best bet.
When it comes to your finances, it's important to have a solid plan in place to meet your goals.
