New Year’s Resolutions That You Can Really Keep!
You might have big plans for 2017, and you likely have made a resolution or two for the New Year. As we say goodbye to January, how are you doing on those goals? Have you already lessened your resolve? The important thing to remember about making attainable goals is to make them specific and measurable.
There is no better place in your life to set specific and measurable goals than your finances. Here are some financial resolutions you can actually keep this year!
Cut Spending
Cutting your spending is easy to resolve, but hard to stick with throughout the year. Here are two simple resolutions that are specific and will save you money that adds up over time. First, buy less coffee. Forbes magazine suggests, “If you currently buy five cups of drip coffee a week, cut yourself down to one a week as a treat. If your coffee is $2.50, you've gone from spending $12.50 a week to only spending $2.50 a week.” This saves you almost $500 over the year! Another way to decrease spending on drinks is to limit your alcoholic drinks when you go out. Resolve to have a two drink maximum when you go out because the markup on alcohol at bars and restaurants is often significant.
Automate Your Savings
If your goal is to save $8,000 this year—maybe enough for a down payment on a home loan— Bankrate.com suggests automating your savings to accomplish this financial feat. Simply divide $8,000 by the number of checks you get in a year. If you get paid bi-weekly, that would come out to $297 per paycheck. Automate this to be deducted and stashed in a savings account so that you minimize the temptations to blow your paycheck. At the end of the year, you can actually be proud you kept your resolution and have a stockpile of money to prove it.
Take a Crash Course in Personal Finance
Now is the time to learn all you can about finances. The more you know, the better off you will be later on in life. Learn how to save for important purchases, all about building your credit score, taxes, retirement, and more! A variety of topics are covered through our partnership with KOFE, which is offered free to all of our members. KOFE stands for Knowledge of Financial Education and has a wealth of information in easy-to-understand formats, like webinars and videos, for you to learn. Commit to educating yourself through KOFE this year and your future self with thank you!
Of course 2017 will be a great year for you. But how about you make it a great year for your finances, too? Resolve to spend less, automate your savings, or take a KOFE course. Or do all three! Cheers to health and wealth in 2017.
