We’re fast approaching the New Year, and you may be setting your resolutions. Maybe you’ve decided that you want to lose weight, work out more, and eat healthier. Health resolutions are great, and proactive, but what about financial new year’s resolutions?
The New Year gives you a fresh start – it seems as if all of the noise from the previous year has been quieted, and you can start anew. Why not take the opportunity to set some solid goals to make 2015 your best year yet?
Here are a few great financial resolutions that will benefit you:
1. Debt Pay Down Resolutions: if you have any sort of debt, a good resolution for you might be to pay it down. Ideally, you’ll be able to pay it off completely, but that is not realistic for some families with a lot of debt, so set an amount that you want to pay down in 2015 and a plan on how much you will pay toward it, and when. By the end of 2015, you’ll be in a much better financial position.
2. Savings Resolutions: If you don’t have any debt, or have already paid it down, savings resolutions can be very powerful. Again, it’s important to not only have the goal, but also a plan on exactly how much you are putting away, to which account or investment, and when. This will help you reach your goal and hopefully at the end of the year you’ll have a nice savings cushion.
3. Investing Resolutions: Everybody should have some sort of investing resolution, whether that be resolving to learn more about investing to get yourself prepped for actually executing it, or actually investing more aggressively or in different areas. This year, you have the opportunity to make some serious passive income through investments, so why not take advantage of that opportunity?
Financial resolutions are just as important as health resolutions, so don’t overlook them while you plan for 2015!