It’s almost 2017 and that means there are only a few days left to decide what your New Year’s resolution will be! According to Statistic Brain, around 33% of Americans plan to make a financial resolution, and while declaring a resolution for yourself may be easy, committing and following through with it can be more difficult. Just under 9% of resolution-makers actually achieve their goals, so I’m here to help you set some that are realistic and attainable. Each one of these resolutions is something that I’m aiming to achieve, so make sure you check back in and hold me to them as the year progresses!
Set up Smartphone Alerts
Now that my student loan repayments have begun, I’m making this one of my resolutions to help me stay on track! Missing a credit card, car or student loan payment can throw you off your budget in no time. You might be charged a late payment fee, have your interest rate raised and notice a negative impact on your credit score. Now that we have smartphones with us at all times, set some alerts for all of your payments. Bill Organizer, Bill Minder and Manilla are all well-reviewed apps that help you stay on track!
Avoid Weekend Money Traps
When you’re not spending time at work, you might just be out and about…spending. You finally have time to go shopping, and free time with friends and family. Between weekend road trips, meals out, and entertainment, the cost of a weekend adds up. Consider scheduling some no-spend weekends throughout the year. No, not every weekend. Sometimes spending your money and treating yourself keeps you motivated. On your scheduled no-spend weekends, look for free events, go for nature walks or simply stay in for a relaxing Saturday and Sunday. Now that I’m saving up for house renovations, I’ll be adding quite a few no-spend weekends to my calendar!
Start a Rainy Day Fund
When it comes to finances, you never know what tomorrow might hold. Cars break down, phones crack, and homes need repair. If you don’t already have one, starting an emergency fund is a great New Year’s Resolution. When those unexpected expenses pop up, you’ll be ready. Along with being prepared, having a rainy day fund can give you peace of mind, and putting money into it can help build financial discipline, establishing a habit of saving.
These are my three New Year’s resolutions, and I challenge you to try them as well! What resolutions are you making for 2017? I’d love to know!