The start o
f a new year for some people is a beginning of a new way of life. That is the very reason why some people come up with their so-called New Year’s resolutions. In her article, Ashley Troutman listed five ways to keep a resolution which can be applied even to one’s finances.
If you are making a resolution to curb your spending and slowly solve your financial problems, here are some basic tips on keeping your financial resolutions based on Troutman’s tips:
- Make it attainable. Be sure that your resolution is attainable. Sticking to your monthly budget is attainable—making a million dollars may not be.
- Tell everyone. If you tell everyone about your resolution, you are more likely to keep it. If you want to quit smoking, you can even go as far as telling your friends that you’ll give them $50 if they catch you lighting up. This can also apply to your overspending.
- Be specific. If you want to get fit in the new year, set a specific goal. In the same way, be specific in identifying what you want to cut in your budget or spending habit.
- Start small. Create small goals for yourself. If you want to organize your house, assign one room to each month. After finishing one room in the assigned month, move on to the next room. In your finances, start with small savings in the next few months, then move on to lessen your debts by using the cumulative amounts from your small savings. Also, each month, identify how you can raise extra cash to pay off your debts.
- Write it down. It’s important to motivate yourself throughout the year. Write your resolution down on every month in your calendar. Don’t let yourself forget about your resolution as the year goes on.
Happy New Year to all!
