Financial Resolutions for 2007

Often new years bring resolution for many Americans. Losing weight and getting in shape get the most attention and typically by February the resolutions are broken. For 2007 try to make a financial resolution and keep track of your progress to help you keep it.

1) Start a Budget: You need to know where you money is going. Keep your receipts and create a simple spreadsheet to track your spending month-to-month. You will be amazed to see how much money you spend on certain items and you will find ways to save money for your or your family’s future.

2) Learn about Investing: You may not know anything about investing, but you need to have some idea on how investing works. You need to save and invest for your retirement so you need to know some basics so your retirement nest egg grows. If you are knowledgeable about investing begin to teach your spouse, your children, friends or family.

3) Simplify your financial life: Get an online bank account and bill pay—you will never need to worry if your check gets there on time any longer because bill pay will do it for you. If you have a hard time keeping track of investments consolidate them as much as possible.

4) Plan a financial strategy with goals: Maybe your goal is to buy a home—set up a plan on how you can reach that goal. Maybe you want to retire at 50 years old—plan how you can realistically do that.

5) Shop around: There is a lot of competition for your money out there so shop around for deals on credit cards, banks, investment accounts, etc.

This is by no means a comprehensive list of ways to make your financial life better and easier. So if these do not fit try your own, but do try to make some financial changes for the new year.

Written by Nagel on December 23rd, 2006 with 1 comment.
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