3 Financial Resolutions that Can Change Your Life
Guest blog by Alicia Werle
It’s that time of year again where we all promise to make changes to become better people and accomplish more than we did the year before. Whether you surpassed most of your goals for last year or whether you fell short in week 3, the truth of the matter is that most of us struggle with setting New Years Resolutions that we actually stick to long term. ‘
One of the main topics on every resolution list involves finances or how to get a better grasp of your financial situation. Its actually the #2 theme right behind diet and weight loss.
Another alarming fact is that it is also the number one resolution that people fall short on. With that being said, I do not want you to be discouraged. Taking charge of your finances does not have to be a difficult or a challenging resolution to keep. Simply start by following these 3 financial resolutions below and you can embark on a journey towards a more promising financial future in 2015.
Resolution 1: Learn how to take advantage of the easy savings and discounts that are already out there
You would be surprised to know that millions of American’s are buying and spending money on the same things that you are but at a fraction of the cost. What if I told you that there are discounts available on almost every item that you could possibly ever want to purchase to include gas, grocery items, clothing, baby items, vacations, household essentials, fast food and even restaurants.
Try starting out by using the internet as a tool to search popular websites like RetailMeNot.com for coupons or coupon codes available for almost every departments store or company out there.
Another great way to start saving immediately is to subscribe to your local newspaper where you can find grocery store coupons and restaurant coupons for items that you are already buying in every single Sunday newspaper. If you want to be even more savvy with every penny that you have try taking a couponing seminar that is offered in your area and learn how to cut your spending by and average of 70-75%,
Resolution 2: Try being more fiscally responsible by spending 5-10 percent less in 2015
Its amazing that most of us have no idea how much money we spend month over month and year over year. In fact the word budget is somewhat of a foreign word to most households. Something very simple that we can all do that can have the most drastic impact is actually knowing what we spend each month.
Start by monitoring what you spend for a 30-60 day period by keeping a journal and log every purchase that you make. When that time period is up and you figure out what you spend on average each month then try cutting that number by 5-10 percent. We are so often asked to do more with less money and spending 10 percent less can make a huge difference in our financial outcome for 2015.
Resolution 3: Make Having Some Sort of Savings a Priority
Have you ever thought about what it would be like to pay cash for a new home? What it would be like to not have credit card debt? What if you had a plan for retirement? What if you could have your child or children’s education paid for before they ever got to college? What if you could afford that trip to Hawaii for your family that you have always dreamed of? It all starts with having a plan and making saving a priority.
We might not be where we want to be, but the great news is you can start today. If you are dedicated to achieving resolution 1 and resolution 2, then resolution 3 should be very easy to accomplish with the savings that you are already taking advantage of.
There are several other simple ideas out there that will help you make having a savings plan easier. You could start by opening up a savings account with your personal bank and having 5-10 percent automatically deducted every paycheck into a savings account. There are also other banking institutions out there like Capital one or ING Direct that will give you a percentage on the money you invest.
Another simple way to start saving is to just do it yourself. Try saving all of the change that you acquire on a daily basis and put it in a jar and at the end of the year cash that money in. You could also partake in the 52 Week Money Challenge where you start week 1 by putting $1.00 aside for savings and then add $1.00 to that number every week until the end of the year. Its amazing how quickly those dollars can add up. No matter which route you decide to go make having a savings a priority and start somewhere.
Its amazing how just a few simple steps and a little work can make all of the difference in the world. Now is the time to take control of your finances and be the best CFO of your household that you can be.
Alicia Werle is the owner of Breaking Free Financial Seminars. She teaches monthly seminars on how to actively become debt free through couponing.