Resolving Doors: How to fix finances for new year

Posted By: Matt in Frugality on 01/04/2018 at 13:34:33

When it comes to resolutions for the new year, two items are at the top of everyone's list: health and money.

And when it comes to money and stressing out about it, those two go hand in hand.

For most, "health" is defined as that bid for the new year to finally start eating right, lose weight and just get in better shape.

Why can't the same be said for yourself financially· Ask yourself the question, are you financially fit as well·

Most of the time that answer is met with a lackluster response or plenty of disappointment, since you're nowhere near where you want to be as far as money goes, specifically how you spend and what you've been able to save.

The new year gives you hope, much the same way you're hoping to drop a few dress or pants sizes, you also can turnaround your belief that saving money is only for those who make a lot of money or have an extraordinary minimal amount of expenses.

But as far as money goes as it relates to day to day life or the new year, you can always be certain that one aspect of saving goes a long way: budgeting.

Being able to look in the mirror and say you have a budget and it is one that you follow and also monitor closely is the true pathway to financial freedom. A lot of people will tell you they have a budget but really that's more lip service than actually practicality at work. Having a budget is only as good as how realistic it is and if it is all inclusive (that means incidental expenses also have to be accounted for as well).

Your budget and your wanting and willingness to save only exceeds another part of your financial wellness: your credit, debt and score.

Your credit score is something you should not only know but monitor. Knowing your score means more than just rattling off three digits but also checking that score periodically for mistakes, for starters, but also so that you know how to begin fixing it, whether you have too much debt overall or your debt utilization is too high, and you have to start thinking about paying down some of your credit cards, for example.

Being prepared for the new year can center on resolutions, but those often don't last for more than a few months (remember that gym membership you purchased in January and canceled in March·).

That doesn't mean, financially, you can't start the new year on the right track but more importantly have it last beyond just these next 12 months and instead usher in a lifetime of smart money decisions.

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