New Year - New beginning - New money goals. What do you want for 2013? Where will you be 365 days from now? Where would you like to be? How are you going to get there? Here are some suggestions for resolutions.
- Budget. Write up a budget and stick to it. It doesn't have to be complex. In fact, the easier to understand and to work with it is, the more likely you are to stick with it.
- Cash. Only spend cash. No more checks or credit cards. Carry cash. You're less likely to spend it.
- Learn to cook. You probably spend more money on processed foods and eating out than you realize. Learning to cook can save you a fortune. If you have a bread maker lingering in the back of a closet pull it out. You can make your own pizza from scratch, wrap and freeze. The next time you are determined not to cook and want to order a pizza, just march up to the freezer and pull one out.
- Cancel subscriptions. How many magazines do you receive? Probably more than you'll ever get around to reading. Dump them.
- Books. Try not paying for books for a year. Look for the free books available on Kindle or go to the library.
- Transportation. Cut down your trips in the car. Plan your errands and shopping to be done in one day. Over a year the amount you could save on gas might surprise you.
- Emergency fund. You might not have a lot of spare cash, but you need an emergency fund and not just your credit cards in case something comes up. Shoot for five-hundred (or even a thousand), but start out with what you can and build it up. Keep it in cash and stashed in a secret location that you can get to easily.
- Two credit cards, no store cards. Figure out which two of your credit cards give you the best deal. Cancel the rest. Immediately. If you have store cards (why do you have store cards?) CHOP THEM UP AND PAY THEM OFF IMMEDIATELY!! If you can't pay them off immediately, then cancel them and pay them off first. This is the place you should concentrate your debt reduction efforts. Chances are they are your biggest money black-holes.
- Impulse Spending. Put the purse down and walk away. No more impulse spending. When you hear the siren call of a scarf, lipstick, pair of shoes, or sweater at 70% off, just walk away. You don't need it. Go home and clean your house. Rediscover the unused lipstick, shoes, scarves, and sweaters you already have.
- Learn something about finance. Pick up a book (at the library!) and learn something about finance. Suze Orman is a great resource for people learning about finance. When I was learning to pull my financial house together her books were my go to place for information.
Comments