Setting Resolutions for a Financially Healthy Year

Before the clock strikes midnight on New Years, we typically already have a list of resolutions that will help us in the upcoming year. Why not focus a few of these resolutions on bettering your financial situation? Let’s get you thinking about some of these resolutions that could get 2020 started on a financially stable foot.

Every year you probably set yourself a resolution or two. “I’m going to read at least one book every month!”, “I’m going to eat healthier!” or “I’m going to get active!” That’s awesome, but have you ever considered what financial resolutions you could be setting?

If the goal is improvement (which it always is) why not set out to improve your finances, too? Doing so might even help you meet some of your other goals because those fresh veggies and gym memberships to fulfill your other resolutions don’t always come cheap.

We’re all at different stages in our lives and priorities are going to be different for everyone and will vary as your lifestyle change. Here are some examples of financial resolutions you may want to set for yourself this year. See what makes sense for where you’re at right now.

• Pay down your debt – set a percentage or dollar figure goal if it’s too much to tackle in a single year

• Save for a down payment on a house, condo, or cabin

• Save for two month’s rent plus damage deposit and moving costs in order to rent an apartment

• Become more financially literate – read books or articles, or speak to a financial expert

• Save 10% of your income every single month

• Teach your kids about money

• Make a budget and stick to it

• Improve or start working on your credit score

• Earn more income

• Save to buy that expensive thing you want upfront – like a big vacation, new car, or renovation

• Donate a set monthly amount to a cause or charity that you love

• Figure out how much you really need to retire, and work out how to get there

• Start an emergency fund

• Make your money work harder – if you’ve been crushing goals you might be in a place to start investing for bigger returns than your current savings account offers

All of these are really just some basic ideas to get you thinking about what financial resolutions you could set this year. Remember that your goals should always be SMART – Specific, Measurable, Achievable, Realistic and Timely.