10 Fiscal New Years Resolutions for 2020
New Year’s resolutions get a bad rap. While it may be true that many New Year’s resolutions are eventually tossed to the wayside, some resolutions, coupled with willpower, can be crafted into solid habits for years to come.
With that being said, here are a few financial New Year’s resolutions you can make this year!
Take More Control: One reason that people may not be as financially responsible as they would like to be is because they fall behind in their efforts and get discouraged. Having a new year to begin at can help ease the fear of being behind. Start fresh and go in with a fresh mindset.
Have Goals: A simple resolution, but one that can be more complicated than expected. For example, if you are planning to have a child are there financial decisions you can make to save for the future? Are you planning on retiring? Are you looking to save for something specific? The answers to these questions and more will result in answers that lead to plans. A meeting with a financial planner can help make those plans a bit clearer and easier.
Budget. Budget. Budget: The best way to keep track of your spending and other costs is to stick to your budget. The more involved with your finances you are on a daily basis, the less likely something can get off track.
Add a Month To Your Emergency Fund: This one is a little more specific. Work to add another month’s worth of savings to your emergency fund and don’t be surprised if you’re able to do it in under a year if you follow a solid plan.
Get Healthier: Moving more and leading a healthier lifestyle, if possible, will help in all areas of your life, including financially!
Monitor Your Credit Report: Keeping tabs on your credit report(s) will allow you to make smarter financial decisions and be aware of any discrepancies that may arise.
Add 20 Points to Your Credit Score: If you’ve resolved to monitor your credit reports, you’ll become more aware of what affects your scores. Use that knowledge to focus on raising your credit score!
Cut Back on Bad Spending Habits: Identify and acknowledge some bad spending habits. Maybe it’s too many streaming subscription services, dining out too often, or simply spending too much on something you may not need. Cutting back on one or more of them is a great way to start a new year.
Look for a New Job: This may not apply to everyone, but there is no better time to look for a new job than right now. If your financial goal path isn’t in line with your current job, look to see if you can improve that.
Speak with a Financial Advisor: If you need a little help with your resolutions, speaking with a financial advisor is a smart place to start. We’re here to speak with you!