10 Financial New Years Resolutions To Make

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New Years is right around the corner meaning New Year’s resolutions are in full swing. If you’re reading this and New Year’s isn’t even close, you can still take action and make these resolutions goals. 

I’ve put together a list of 10 of the best New Years financial resolutions to make. I know many people are over New Year’s resolutions, but I find them to be very motivating. It’s a great time to start something new and work toward a goal you care about achieving.

Before we get started, make sure to sign up for my free resource library that includes a ton of amazing free resources available immediately. 

Here are 10 financial New Year’s resolutions to make. Let’s get started!

1. Start saving for retirement

When’s the best time to start saving for retirement? Yesterday. The second best time? Today.

If you are have no idea how to invest for retirement, you can take the same course that taught me about investing. How To Build Wealth By Investing In Index Funds is a 6 hour course that teaches you the basics and fundamentals of investing.

It’s everything you need to know to become a millionaire in retirement. You learn how to 1) Open an account 2) How much to invest 3) How to choose an index fund. If I can go from knowing zero about investing to feeling confident with my 401(k) and IRA, you can do the same.

Steps to take to achieve this goal:

  • Learn about investing via course or books so you can make informed decisions
  • Open a 401(k) and/or IRA either through work or a brokerage account like Vanguard or Betterment
  • Set up automatic transfers every day so you learn to invest consistently no matter what the market looks like
  • Make sure you’re on track to retire comfortably with the Investment Growth Retirement Calculator

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2. Pay off credit card debt

Paying off credit card debt is one of the most popular finance resolutions because it can feel like a burden and you want to get rid of it. No matter how you feel about your credit card debt, you have the ability to become debt-free. 

Steps to take to achieve this goal:

  • Make a list of all the debt/loans you have with the total amount and interest rate
  • Negotiate your credit card interest rate to see if it can be lowered
  • Read the 7-Step Guide To Pay Off Credit Card Debt
  • Budget your money each month to see how much you can throw to debt
  • Decide in what order you want to pay off these debts (do you want to pay off the largest amount first or the loan with the highest interest rate?)
  • Sign up for my free resource library and print out the Debt Thermometer and use it to stay motivated

3. Follow a budget

I used to never follow a budget and honestly, used to kind of hate it. Once I find the budgeting method that worked for me, I found that I actually enjoy seeing how I spend my money.

Following a budget isn’t supposed to restrict your spending. Instead, it gives you permission to spend money intentionally. I am personally not a penny pincher and wouldn’t really call myself frugal. Budgeting helps me allocate my spending in categories so I see how I am doing, and also helps me with savings goals. 

You may find that following a budget actually gives you a lot of freedom. It feels good knowing where your money is going and if you want to change anything.

Steps to take to achieve this goal:

  • Read 8 Steps To The Perfect Budget
  • Find the budgeting method for you (is it via printables, a budgeting app, cash envelopes, or a budgeting notebook?)
  • Check in with your budget at least once a week (pick a day and make it a routine)
  • At the end of the month, have a budget check-in to see how you did and how you want to improve the following month

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P.S. Sign up below for the FREE ultimate financial planner that includes printables like: debt tracker, income tracker, annual budget summary, savings challenges, financial goals, and debt thermometers!

4. Start a business

There’s never been a better time to start your own business. It has literally never been easier to start a new side hustle or small business with all of the information on the internet. 

Steps to take to achieve this goal:

  • Brainstorm skills you already have or what you enjoy doing
  • Take an online course to find out how you can turn your idea into a business
  • Dedicate time every week to your business
  • Treat your business like an actual business, not a hobby

Here are a few side hustles ideas if you’re eager to start making extra money:

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5. Increase credit score

Increasing your credit score is one of the greatest financial goals to have.

This is because there are endless benefits to high a credit score including:

  • Potentially saving thousands over the course of your lifetime in interest fees, loan rates, etc.
  • Ability to negotiate with banks when you apply for loans 
  • Moving is easier because landlords trust people with high credit scores
  • Better chance of landing a job if an employer looks into your credit score

Steps to take to achieve this goal:

  • Check your credit score on Credit Sesame
  • Lower your debt-to-income ratio by paying off debt
  • Make sure your pay off bills on time

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6. Get appropriate insurance

Having the right insurance gives you freedom and peace of mind in case anything happens. Even though most people may never need to use their insurance, you’ll be really glad you have it in case you ever do. And life happens. 

Most experts recommend having the following insurance:

  • Auto insurance
  • Health insurance
  • Homeowners/Rental insurance
  • Disability insurance
  • Identify-theft insurance
  • Pet insurance

I personally have auto, health, rental, disability, life, and pet insurance. 

Steps to take to achieve this goal:

  • Make sure you have the appropriate insurance for you
  • Lower your insurance rates by checking around with different insurance agencies
  • Make sure you are getting all the discounts possible (for example, State Farm has these discounts available)

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7. Pay off student loans

With the student loan debt at $1.6 trillion, it seems like everyone is carrying some kind of student loan debt. Paying off student loans is a huge goal that feels incredible once you complete it. And you need to know it is possible to pay off your student loan debt. 

Steps to take to achieve this goal:

  • Write down how much you have in student loans and the interest rate for each loan
  • Decide how much you can pay off to student loan each month

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8. Save for a large purchase

Saving for a large purchase can seem like a daunting task, which is why it’s important to break it down into smaller steps. 

A large purchase can be something like:

  • Down payment for a house
  • Down payment or full price of car
  • Emergency fund
  • Peloton bike

I always recommend saving as much as you can for a large purchase, that way if you need a loan for the large purchase (say a mortgage) you won’t pay as much in interest over the loan term.

Steps to take to achieve this goal:

  • Decide what the large purchase is and how much is costs
  • Create a budget and find out how much you can dedicate to the large purchase each month
  • Decide where you want to store your savings for the large purchase
  • Take the extra step (if you can/want) and set up an auto transfer into a savings account like CIT Bank

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9. Save an emergency fund

An emergency fund is kind of like insurance. It’s money set aside for emergencies because it’s not a matter of if an unexpected emergency will happen, but when.

Whether it’s an emergency trip to the vet, car repair, or a job loss, an emergency fund can save you big time. 

Steps to take to achieve this goal:

  • Save at least 1 months living expenses
  • Put your savings into an online bank account like CIT Bank
  • Create an emergency fund goal
  • Turn on automatic transfers into your savings account on pay day

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10. Create a financial goal

Now that you’ve read this post, it’s time to create a financial goal. 

Choosing which financial goal you want to complete is unique to each person. You may even have multiple financial goals you want to complete. 

I recommend choosing a financial goal that is the most pressing right now. For example, you may not need to save for a large purchase at the moment, like a house. But you may have $30,000 of student loan debt and want to get rid of it completely before buying a house. 

I personally don’t think there is any right or wrong decision here. The most important step is simply deciding that you want to complete a financial goal and go all in. Create the steps you need to take to complete the goal and commit to yourself that you’re going to complete it.

Steps to take to achieve this goal:

  • Find an area in your life where you can improve your finances
  • Pick a goal and create a step-by-step plan to achieve that goal
  • Take action and achieve that financial goal

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Final note

New Year’s resolutions are a great way to work toward a new goal. I personally think they can work, just like setting a goal any time of year can work. As long as you put in the work and take steps to move toward the goal, you can do it!

Don’t forget to sign up for the free resource library and get exclusive access to free printables & planners related to saving and making money, meal planning, and more!

What’s your New Year’s resolution? 

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