Ask anyone – when you think about New Year’s resolutions, improving your finances and money management is always on the top of the list. Perhaps you had a particularly successful 2018, or maybe this year knocked you down a few pegs when it came to your bank balance. Regardless of your current status, there are boundless ways you can incorporate financial improvement into your resolutions for 2019.
However, there’s no quick fix or simple solution that will magically make your financial resolutions come to fruition. These resolutions are goals – both big and little – as you develop the steps each day to achieve these goals. Here are some of our favorite tips to help get your financial life on track.
- Take the time to look back on your achievements this year. When it comes to money, most people immediately think about the negatives. Instead of falling into that trap, reflect on the financial goals you’ve achieved over the last year. Take a minute to jot down three financial successes you had in 2018, whether it was opening an IRA or paying off debt or even something as small as setting up bill pay, and consider how you could improve on the successes you had.
- What goals do you want to make in 2019? It’s important to determine your financial goals for the new year sooner rather than later, giving you more time to map out how you’re going to achieve them. Do you want to plan a vacation this coming summer? Have you thought about making renovations on your home? Start by creating a budget (or updating your current one) and making sure you stick with it. You can find budget planning spreadsheets online, which can help keep your numbers organized.
- Plan ahead as much as possible. Financial road bumps happen. It could be an unexpected hospital visit, a car accident, or even job loss. If you haven’t opened one of Polam’s Vantage Savings accounts, visit our branch and we’ll get you started. From there you can set up automatic transfers from your checking account to your savings accounts, and keep contributing to it as much as possible. Your savings can make a world of difference when the worst unexpectedly happens.