Money Management Resolutions for 2018

//Money Management Resolutions for 2018

Money Management Resolutions for 2018

We all have hopes for our new year’s resolutions to stick, right? One area many people focus on when making resolutions is personal finance. Many of us dream of achieving new financial goals in 2018. But you’ll need to make sure you take the right steps to get there. Well, there are some easy money management resolutions you can make to boost your chances of success in the next year.

1. Plan Ahead

Sit down and write a list of your financial goals and your stressors. Are you working towards a vacation? Retirement? A new house? Whatever the future holds, you can outline a plan here to accomplish your goals.

2. Set Budgets

When you set budgets, you set an alarm when you’re overspending on something you probably shouldn’t be or didn’t know you were. Be realistic and leave yourself flexibility. Remember, life often brings unexpected expenses. 

3. Spend-free Days or Weekends

Instead of a treat-yo-self day, try the opposite. Hang out with a loved one making dinner, watch a movie you already own, play outside, or find free local entertainment. This can also be good bonding time! It’s easy to spend money, multiple times a day, eating in restaurants.

4. Automate Savings Deposits

The great thing about savings accounts is that you don’t typically keep track as much as you would an account from where you’re spending. You can automate your savings deposits in two ways:

  • Set up automatic transfers into your savings account from your checking account weekly, biweekly or monthly.
  • Set up automatic split deposits into both your checking and savings.

When you’re decreasing what’s going into your checking, that might also lead you to think smarter about your spending. You can start small so it’s hardly noticeable and easier to get used to.

5. Shift your Retirement Fund into High Gear

Increase your retirement fund contributions. At least meet the quota to max your employer’s match. If you save using an IRA, plan to make the maximum allowed contribution in 2018. This is, of course, a longer-term strategy, but you won’t regret it later. Visit our Quick Facts page for information like deferral and contribution limits.

6. Cut the Coffee on the Go

Instead of stopping at Starbucks (and usually waiting in a long line), try brewing your own coffee in the morning. You’ll wake up earlier and be less stressed about getting to work on time. You can even take it in a travel mug. Likewise, if you’re someone who stops each day at the convenience store for an energy drink or soda, stock up at the grocery store instead. These one-at-a-time purchases add up, especially if you stop multiple times a day.

 

What are you waiting for? Now is the time to make your own money management resolutions. Small steps like the ones above can help you manages your finances in 2018. For larger goals, or for financial goals for your business, you might want to see a financial advisor. Call us if we can help. Happy new year!

 

IMAGE: Pixabay / CC0 Public Domain

By |2017-12-01T10:02:29-05:00December 23rd, 2017|Personal Finance|0 Comments

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