Financial Resolutions for the New Year

As much as we might like to deny it, many of us tend to make New Year’s resolutions. Even if you don’t technically believe in the concept of a “resolution,” it’s hard not to think about what you’d like to accomplish or change as you embark on a new 12 month-period. There’s always the “eat better and exercise” promise we tend to make, but what about cleaning up your finances? This is something you can actually make progress on with a little determination and a strategy. Below, we’ve laid out some areas to focus on in 2013 to make for a (hopefully) more financially secure 2014.

1. Lower bills. My husband and I tend to review all of our bills at the beginning of year and look for ways to reduce costs. Do you really need the gym membership that you never use? Cancel it. Find a cheaper facility or exercise outside. How about the online subscription that charges you every 6 months? Consider what you really can’t live without and cancel the rest.
2. Reduce credit card debt. No brainer here — have you considered all the interest you’ve racked up and late fees? Pay more than the monthly installment and get rid of your balances. Once you’ve cleaned up your credit cards, make sure you don’t start charging them up again. Set a budget and stick with it.
3. Retirement. I know, it seems so far away, but it can take years to save what you’ll need and now is the time to start. If your company has a 401(k), start contributing. Many companies will even match a small percentage of your contribution — a great perk to take advantage of. You can also open up an IRA for tax-free deductions. Have the money you’re contributing withdrawn automatically from your paycheck or checking account. You’ll adjust to your new budget and after a while won’t miss the extra cash.
4. Exercise. True, this is not exactly financially related, but it will make you feel better, could possibly lower your medical bills and provide more energy for life’s daily tasks. Also, taking care of yourself when you are younger, can lead to a lifetime of generally better health.

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