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New Year’s Resolutions for Financial Fitness
January 1, 2008, 3:12 pm
Get off on the right financial foot in the new year.
There’s nothing like the New Year to let you wipe the slate clean, forget about past mistakes and make a new start. That’s how the tradition of New Year’s Resolutions got started and people make them every year.
They resolve to lose weight, eat healthier and treat their loved ones better. Granted, most people don’t stick to all their resolutions for the whole year. But it’s still a great way to achieve self-improvement because it focuses your thoughts on the areas that need help. And even if you only achieve half of what you set out for, you’re still farther along than you were on December 31.
With that in mind, here are some New Year’s Resolutions for your personal finances. If you try to adopt these into your everyday life, your financial situation will be vastly improved for the new year.
I will consider the difference between what I want and what I need before every purchase. Too often we base our buying decision on emotions instead of facts. Spend money only on what you need and you’ll significantly reduce your expenses.
I will not let advertising control my purchasing decisions. By definition, an advertisement is designed to benefit the advertiser, by persuading you to purchase their product instead of someone else’s, without consideration for your best interests.
I will take care of my finances today by making a spending plan to map out my income and expenses. Planning is the key to success in practically all aspects of life. Personal finance is no exception.
I will take care of my finances tomorrow by saving for goals, emergencies, and my future. A healthy savings account prevents you from having to borrow money when emergencies happen.
I will meet the credit obligations I have made on time and as agreed. If you’ve had problems in this area, you’ll be amazed at how much stress you can eliminate by getting caught up on your bills and debt payments. Also, your credit rating will improve dramatically if you stay on top of your obligations long term.
I will continue my personal education about financial health, budgeting, credit, and personal debt. As they say, knowledge is power. The more you understand your finances, the more you’ll be able to manage them effectively.
I will plan, beginning today, for the next holiday season, and will not include credit cards in those plans. By starting early, you’ll avoid getting caught up in the shopping frenzy at Christmas time. And by using cash, you’ll avoid digging yourself deeply into debt.
I will teach my children the importance of budgeting, saving, and practicing smart credit habits. They depend on you for guidance, and this is one area that is woefully ignored in our schools. Start by setting a good example. As they get older, let them gradually take on responsibility for making their own spending decisions.
If I am over-obligated, I will seek professional credit counseling assistance. There’s no shame in getting a little help from the experts when you’re in over your head. And you’ll be amazed at how much it reduces the stress in your life.
About Springboard Nonprofit Consumer Credit Management
Springboard is a nonprofit credit education and financial counseling organization founded in 1974. The agency offers personal financial education and assistance with money, credit and debt management through confidential counseling. Springboard is accredited by the Council on Accreditation, signifying high standards for agency governance, fiscal integrity, counselor certification and service delivery policies. The agency provides pre-bankruptcy counseling and debtor education as mandated by the bankruptcy reform law. Springboard is a HUD approved housing counseling agency and a member of the National Foundation for Credit Counseling, a national organization of nonprofit credit counseling agencies. The agency has several locations in California and offers face-to-face and nationwide phone counseling services. For more information on Springboard, call 1-800 WISE PLAN (1-800-947-3752) ext. 7750 or visit their web site at www.credit.org.
