Resolve to do better next year.
About one-third of Americans plan to make a money resolution for 2017, according to a Fidelity Investments survey, with 50 percent of them planning to save more and 28 percent planning to pay down debt. Looking to join their ranks? Here are 10 money resolutions to consider.
Identify financial goals.
Before you can make progress toward any financial goals, identify what they are. Are you hoping to earn a degree? Buy a home? Repay your auto loan? Consider your outlook, then outline a plan of attack.
Start tracking your budget.
Before you commit to sticking to a budget, resolve to track your spending each month. This important first step will let you identify spending leaks and diagnose where you’re going over-budget.
Check your credit report.
If you’ve stopped paying attention to your financial health, commit to requesting a free credit report on annualcreditreport.com. Take stock of your debts and dispute any credit dings that look incorrect.
Commit to no-spend days.
Enlist a friend or partner to commit to one “no-spend weekend” or “no-spend day” per month. Make that a day when no money leaves your hands or bank account — you’ll eat at home, find free entertainment and skip shopping.
Get healthy … without joining a gym.
Losing weight or gaining muscle may be on your New Year’s resolution agenda. Aim to reach your goal without taking on a pricey gym membership, especially if you have a history of dodging the gym. Try doing free exercise videos online, working out at the park or going on winter hikes.
Boost retirement contributions.
If you’re looking to squirrel more away for retirement, commit to boosting your 401(k) contributions. At the least, contribute enough to secure your employer’s match, which is typically between 3 percent and 6 percent, if you have one.
Fast-track debt payoff goals.
Instead of saying, “I’m going to repay all my debt this year,” which is a lofty goal, commit to fast-tracking the payoff process. That may mean contributing an extra $50 per month to your debt bill. Most online repayment interfaces will let you automate that extra payment, so you don’t have to think about it for the rest of the year.
Cut back on bad money habits.
Identify a bad financial habit — eating out too often, paying full price for clothing, splurging on your pets — and promise to eradicate it this year. Enlist a friend or significant other to support you.
Automate good habits.
Take this moment, when you’re feeling gung-ho about your finances, to automate any good behaviors you’ve committed to. If you want to save more for retirement or repay debt, automate those monthly debits. Do it now, while you’re feeling motivated, so it doesn’t get lost in the year-long shuffle.
Do home maintenance.
Aim to save money in the new year by doing preventative home maintenance, such as changing air filters, patching leaks and and having your air and heating systems inspected. These New Year’s changes will save money throughout the year.
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10 Financial New Year’s Resolutions originally appeared on usnews.com
