Yeah, we have stepped into 2019- A year full of thrills, frills, and promises. Everywhere, every single person will ask you the same question- What’s your New Year Resolution?
Well, the concepts of New Year Resolutions are quite old and, let’s face it- bootless.
I’ll do you one better- drop the mainstream “New Year, New Me” aspiration and tie the knot with New Year Money Resolutions.
Yeah, I’m aware that He who breaks a resolution is a weakling, but He who makes one is a fool Legend. You got to promise yourself that you’ll stick to these New Year money resolutions, and well, stick to it.
Repeat after me- “My New Year Money Resolution is to find out how my Finances work.” Did it? Now check out 12 crucial New Year money resolutions that should be on your mind as you walk into 2019.
1. New Year, New Budget
You saw it coming, didn’t you? It’s a New Year and you’ve updated your apps to the latest version, updated your skills to your employer’s needs; out of all New Year money resolutions, your budget needs an upgrade too.
Revamp your old budget and adjust it according to expenses in times to come. Your kid(s) might be starting school, a baby might be on the way, or there’s a wedding in the house, your budget will take the hit as 2019 wears on.
This New Year money resolution takes a very small effort. You don’t even need a pen and paper for this- just download any budgeting app (like Monefy) and you are all set. A budgeting app gives you a picture of your wallet like nothing else.
If you aren’t App-o-holic, just give your current budget an overhaul. If you think you can continue with your old budget (which I highly doubt), tweak it a little bit for a change. Remember, Change=Good.
2. Good ol’ Debt Free dream Mission
You knew this was coming too, didn’t you sneaky Pete? Getting out of debt is the numero uno New Year money resolution in every person’s case. Have I ever presented anything to you without facts, Señor/ita?
A study conducted by Fidelity Investments clearly states that 29% of Americans have their priorities debt set- Paying off debt is the number one New Year money resolution on their minds.
But the question is, how many will actually do it?
I’m not saying that paying off the debt in a year is impossible, but it’s just too much to ask for. A better way is to take it slow, probably consolidate all your debts and pay them off in a couple of years, or talk to your card-masters to negotiate for a lower APR.
Debt consolidation is an extremely effective strategy and we’d recommend Lendvious (out of this long list). But if you aren’t a fan of it, don’t just stick to the minimum balance, pay off more than that.
You’ll save big on interest rates- money you would’ve rather wasted if you stick to paying the minimum balances. Be it credit cards, loans, anything, pay more than the minimum balance. If you’re really determined, go for debt consolidation.
3. Keep a check on Guilty Pleasures
All the guilty pleasures popped right in front of your eyes, didn’t they? We’re talking about habits that are bad for your wallet, don’t stray away; this is still the New Year money resolutions column.
Remember that Fidelity study? It highlighted that 58% of people clearly admit that they screwed up big time, making a financial mistake which spilled the beans. Here’s a list of regrets they had:
- 28% think they dined outside more than what was necessary.
- 18% of them bought stuff they didn’t need and never returned it.
- Another 18% think that their mistake was paying too much on fees i.e. Credit card fee, transaction fee, air ticket charges etc.
- The third 18% category splurged money on something they couldn’t afford
- The remaining peeps had too many unused subscriptions and they took a trip they couldn’t afford.
Now your New Year money resolution list tells you what to do and what NOT to do. The choice is yours.
4. Cut the Toxic ties
There are far, far better things ahead than any we leave behind. Steer clear of emotional dimwits in your life and start afresh. You don’t need that Gym Membership in your life, or that Cable TV’s bad influence.
This New Year, make a money resolution- cut the toxic ties and cancel all your unused subscriptions. Nothing burns a bigger hole in your pocket than these recurring payments. It’s fine if you use them, but dude. You just don’t.
I know its pain in the posterior to cancel all subscriptions that you don’t need. Trim makes it simple. All you got to do is download the Trim app and it gets to work in a jiffy.
In a few minutes, Trim will ask you what subscriptions you’d like to cancel and it’ll show you how much money you can save. Just send a text and simply Trim your unused subscriptions to save big!
Download Trim Now– Cancel your unused subscriptions and save big for times to come!
5. Make an Exciting Investment
No, NOT BITCOIN. That’s a sailed ship that sank after it wandered off route. We are talking about safe investments that don’t crash face-first into the ground after you put money in them. None of those shady pots.
Invest in something that yields stable returns with due course of time, and something shouldn’t burn a big hole in your pocket. These three might be a good place to start your New Year money resolutions investment:
1. Start with Spare Change: Is investing a big word for you? You can always start slow, real slow, investing pennies slow. With Acorns, you round off the amount on every purchase and invest the spare change at places with high potential.
2. Time to hit the Major Leagues: Even if you don’t know the A B and C of investing, you can straightaway hit the top order. Betterment has made the art of investing simple. Start from basics of investment and scale the path to greatness as you learn and grow together.
3. Invest to Save the World: Investing at a ‘normal’ place is so boring. Think about it- would Superman ever invest in a boring place and just forget about it? Meh! Invest where it feels like you’ll save the world in years to come.
Invest in Swell, where your investments go for the good cause. Flaunt your investment and earn returns while you’re at it. After all, it pays to save the world.
6. Autopay to Save
The age of automation has brought the concept of ‘Do it yourself’ to a different level. I’m aware of the disastrous repercussions that autopay has on users, but trust me when I tell you- the good deeds outclass bad ones.
If you choose to autopay your bills, you’d never have to worry about fat wads of paper bills in the mail. Why should this become my New Year money resolution? Because you would only automate what you really need.
This New Year, automate the ‘good’ bills and your life is a whole lot stress-free than what it was a year ago.
7. Shop ONLY when it Drops
Shopping is the biggest consistent expense that is unavoidable. You cannot stall the consumption of food just because you aren’t getting a discount. You can’t spew curses at the Walmart guy just because there isn’t a good deal. You have to relax and find your way.
This New Year money resolution takes it all and saves every time you go shopping. Be it grocery shopping, electronics, home décor, basically anything– coupon websites like Swagbucks, Ebates and Groupon are ready to surprise you.
This resolution saves you big money in the long run. Don’t believe me? Start keeping a check on the amount of money you save by using discount codes and coupons. You (and your wallet) shall see the difference.
8. Track my Credit Score
Your credit score is a two-way staircase- Keep it in green and it’s a stairway to heaven; watch it go red and it’s a highway to hell. Either way, you have to keep a track of it.
I hope you’ve been keeping tabs on your credit score because you can only launch a counter-attack if you know what’s wrong. Checking your credit score isn’t rocket science- just visit any of these websites that check your credit score for free.
Personally, I check my credit score at Credit Sesame. The insights you get on your financial position are eye-shatteringly phenomenal. Credit Sesame also advises you on how you can raise your credit score (we do that too!).
This year, don’t miss an important element of your financial life- Make it a New Year money resolution to keep a check on your credit score and keep it in the green.
9. Saving Money is just a Game
We think that saving money is an ‘implied’ goal of our financial lifestyle. So we treat it just like other implied stuff in our life… and we forget about it.
Think about it, what if we transform the art of saving money into a game? A money saving challenge that you can follow and save money like it’s a child’s play?
We have an enthralling list of money saving challenges just for you. They all work, and all you need is a little bit of concentration along with sheer willpower.
Combine that, and wham! You’ll save at least $1,000 by the end of this year and it won’t even feel like you’ve been saving. Here’s a list of money saving challenges that you can follow along with printables:
- The 30 day Money Saving Challenge (Monthly)
- The 52-week New Year Money Saving Challenge (Yearly)
- The Breadwinner Monthly Money Saving Challenge (Yearly)
- The Nickel Challenge (Yearly)
- The Save your Savings Challenge (Yearly)
You can check the complete list of New Year money saving challenges for 2019, pick your sweet poison and download the printables for free. This New Year, the resolute shall save money.
10. Plan to Hang your Boots
Coming back to the Fidelity Investments study, it was found that a huge chunk of American citizens is dedicated to save for their final job role- Retirement.
There has been a steep rise in the amount of money they’re putting in the retirement piggybank as future insecurities loom over their heads. Problem is not that you don’t care about your future; it’s just that your 401(k) is wrecked.
Now that (I hope) you’ve been investing in your retirement plans, it’s time to give it a sweet makeover for the good. Get your 401(k) checked for free with Blooom and it’ll tell you what’s wrong in your retirement plan.
Just get your 401(k) checked for free. If you’re satisfied, Blooom can be your personal retirement planner for just $10! This 2019 brings another New Year money resolution- Making your future self happy.
11. Look back & lament Learn
Looking back at how 2018 went is not just restricted to best music videos and top 10 movies- the same thought process is applicable to our own pocketbooks.
Check your passbooks, figure out where you spent the money, and don’t cry over the past mistakes. It’s vital to figure out what went wrong and how you could’ve avoided it.
Don’t kick yourself; just make sure that you don’t repeat those financial mistakes. No matter how crappy (or awesome) your 2018 was, the New Year is going to be better- money wise and life wise.
Follow these New Year money resolutions with absolute compassion throughout the year and your finances will be lit by the end of this year. There are few who have courage enough to own their faults, or resolution enough to mend them.
12. Take care of Yourself
Hey! Your New Year resolutions are as formidable as the financial resolutions- You got to stay fit to stay in the game of life. Eat healthy, have fun, go out- enjoy life to the fullest.
The cliché calls it “First blank page of a 365-paged notebook” and you have to make sure you start on the right foot. The question is- How New Year money resolutions ensure that you stay healthy?
I know I’ve mentioned Fidelity 167 times, but that study on life events and financial wellbeing found that financial well being is one of the most effective ways to boost our overall sense of wellness.
Money can buy Happiness!
Cheers to the New Year and another chance for us to get it right. Now that we are stepping into 2019, let’s hope make sure that this year is better than the last.
Take care of yourself and your finances- follow these New Year money resolutions and watch that bank balance take the flight to cloud nine!