Achieve Your Financial New Year’s Resolutions with Our Killer Resource Guide

With only a few days left in 2016, a lot of us are thinking about our New Year’s Resolutions, and a lot of us have our finances in mind.

Including me.

I’ve reviewed my resolutions from last year. I had three: Increase my movement, increase my income, and control my spending.

You know what? I hit one of them. Jon and I kept our spending in check compared to the previous year. And even that has loosened up in the last two months enough that I’ve decided to join Amanda’s No-Spend January over at Centsibly Rich.

The others? I ignored the Fitbit stats after a couple of months, and our income stayed pretty static. I’ve set new goals for this year: to live healthier, increase my financial health, improve the blog, and do good things. Lofty goals, for sure. I’ll be approaching them a bit differently this year, by setting weekly to-do lists that move each goal forward rather than a year-long plan.

As I’m setting new goals, I’m looking for the best information to help me meet them.

Maybe you are too.

So as I researched the best ways of filling my goals, I put together another resource list of awesome blog posts that can help you meet some of the most common financial New Year’s resolutions.

Want to improve your credit? Pay down debt? Invest? Make more money?

My blog buddies and I have you covered.

Save Money/Budget

First, it helps to think like a saver. Let Hannah from Eat, Drink and Save Money show you how.

Once you think like a saver, you can start putting some money aside. Latoya at Life and a Budget explains how to build just a bit of a cash buffer in your accounts, even if you don’t make much. And some games you can play with yourself to help you put back a little more.Need more suggestions on things you can cut from your budget? Hollie from Quirky Bohemian Momma shows you how to save money like an Extreme Cheapskate.

Freeing up cash works a lot better in tandem with a budget, and if you need to start one, Latoya can help. Not only will she give you the steps to setting up a budget, she also has a great budget spreadsheet template you can use. Need to figure out how to pay for periodic expenses like car maintenance? Jamie at Medium Sized Family shows you how to build a sinking fund.

If you’ve had a budget before, and just need to get started again, Cat at Frugal Rules will get you back on track. Holly at Club Thrifty can show you ways to stick to your budget. And Laurie at Fruclassity can show you what to do when you realize you’ve blown your budget.

Feel like maybe you spent more than you had over the holidays? Adrian over at Adrian’s Crazy Life will show you how to start planning for next Christmas.

Pay Down Debt/Improve Credit

Lots of folks want to pay down debt during the year. Eliminating your debts (or even just getting the balances down) frees up money for other things, like saving and investing. So start with the right mindset, by reading Hannah’s post on fitting debt repayment strategies to your temperament at Unplanned Finance.  Once you’ve done that, you’ll be ready to kick off your plan. Holly from Club Thrifty goes over 4 simple strategies for debt reduction you can follow, while Grayson of Debt Roundup discusses the merits of the debt snowball versus the debt avalanche method.

Debt repayment can be a long process, so Jamie at Medium Sized Family gives you hints for staying motivated. Latoya at Life and a Budget discusses how to balance saving and debt repayment. And Ruth at Fruclassity can help you realize that debt repayment can mean overcoming some personality flaws.

If you want to work on credit card debt, I’ll tell you what credit card mistakes to avoid. Holly from Club Thrifty talks about refinancing your credit cards to reduce your interest rate and pay off your loans faster.

If you want to target student loans, you can look to Latoya at Life and a Budget. She has several articles, including on understanding your student loans and refinancing them.

If refinancing is part of your debt repayment plan, you probably should be checking your credit score. I like using Credit Karma to check mine and do on a regular basis. Not so good? Gary at Super Savings Tips breaks down the basics of how to improve your score.

Take Care of Your Family’s Future

Is getting your estate plan together on your to-do list this year? Money Crashers will walk you through the basics of estate planning.

Most people start their estate plans off with a will. Cat at Frugal Rules will show you why you need a will.  I’ll give you a little inspiration for putting together a will, and show you an easy and inexpensive way to do it.

Next, you can move on to insurance. Gary at Super Savings Tips will convince you to get life insurance, no matter how old you are.  Abigail at I Pick Up Pennies will tell you why you don’t want to buy Whole Life policies.

He can also teach you about revocable living trusts, and why you might need them.

Finally, if you have an estate plan already, I’ll show you how and when to review your plans.

Invest

If the stock market scares you, Tonya at Budget and the Beach can help get you over your fear of investing. Once you’ve done that, I’ll give you some inspiration to get started, and how to take the first steps. Jon at Be Net Worthy will convince you to stick to tax-deferred accounts, like your 401(k). Don’t have a 401(k) option at work? I’ll explain some other options.

Once you’ve made your decisions, Latoya at Life and a Budget helps you learn to free up some cash, whether for saving or investing. Left your retirement saving a little late? Mr. Groovy shows the way that even folks in their 50s can build retirement savings.

Now, it’s time to refine your portfolio. Start learning the fundamental rules of investing with this post from Femme Frugality. Then John from Frugal Rules will show you how to invest like a rich person (it’s not what you might think.)

Start a Side Business

First, get inspired! Lindsay at the Notorious D.E.B.T shows you why you need to think less about saving money and more about making it. Then she’ll show you how to get over the fear hurdle that might be stopping you from starting your new business.

Next, start thinking about what you might want to do. You can find 50 ideas for side hustles from Amber at Thrifty Guardian, which covers the basics. If you want to look further afield, Hollie from Quirky Bohemian Momma will show you how to turn artistic hobbies into a money-making business. And Amanda from Centsibly Rich not only goes over some of the side businesses she’s tried out, she also tells you how they’ve worked out.

Once you’ve determined what you want to do, this article from Femme Frugality shows you the first 5 steps to starting your side business.

Michelle at Making Sense of Cents gives you the lowdown about pretty much the whole side job shebang, including finding a work-life balance

 

 

Achieve Your Financial New Year's Resolutions with Our Killer Resource Guide

 

Achieve Your Financial New Year’s Resolutions

If you have financial New Year’s Resolutions, there’s a whole world of bloggers that will help you along. I’ve mentioned just a few of the ones I read regularly. (And I apologize to all the great bloggers I’ve left out, and all the great articles.)

So go forth, achieve your goals, and have a great New Year!

Do you have financial New Year’s Resolutions on your list? Or stuff you think I should add?

*Part of Financially Savvy Saturdays on brokeGIRLrich. *

 

25 thoughts on “Achieve Your Financial New Year’s Resolutions with Our Killer Resource Guide

  1. We’ve never budgeted before (like ever….) but we may start one on the 1st because of getting ready to pull the plug on full-time employment. I know we have “enough” but it might make me sleep a little better to see the numbers on paper! (OR maybe it will stress me more…) You have some great ideas here – key thing is to take control and act! Happy New Year!
    Vicki@MakeSmarterDecisions recently posted…Festivus, The Rockstar Community Fund, and Snow Fun!My Profile

    • Yeah, probably a good idea to at least trying a budget out for a bit before you move on to retirement. At least you might get an idea for things you might cut back on later if need be. Happy New Year, Vicki1

  2. We have done everything we could to pay down debt and raise our credit rating, and it worked! It just takes time and reduced spending. Our credit raring is now very good, but was mediocre in the past. Being retired, the only ways we really save money are by using interest free and cash back credit cards. I have saved over $100 in the past few months doing this. Our meager savings are growing a little. Another way we save is belonging to Amazon Prime ($10/mo,). We order everything online and pay no shipping to Amazon. We saved several hundred dollars this way, as we also get cash back on our Amazon account, or interest free purchases for up to six months. I also get free books for read on my Kindle. Our budget is stationary. We know exactly what we have to pay each month. The only exception is Doctor bills, or medical test. We are living within our means – finally!

    • Congrats on making that transition, Jayne! It’s great for folks to know that it’s never too late to turn your financial picture around, even in retirement.

  3. Thanks for compiling this fantastic list of resources! Now I don’t have any excuses for achieving success in 2017 🙂

    I also think your approach of setting weekly to-do’s and working back towards your goals the key to success. It’s not always glamorous but when I can convince myself to do the little things each day it all starts to add up.

    Hope you and your family had a wonderful holiday season and look forward to your updates in 2017!

    Jay
    Jay recently posted…7 Trading Psychology Ideas From Dr. Brett SteenbargerMy Profile

    • Happy New Year, Jay!
      Yeah, I’m hoping weekly to-do lists can help keep me on track (or at least on resetting after I don’t do so well).

  4. We all need a little help in achieving our goals, and this is a great list of resources to help get us there (thank you for including me!). Setting your weekly to-do list based on your goals sounds like a great idea to me. Good luck with your goals for 2017, and I hope you, Jon and Little Bit have a wonderful new year!
    Gary @ Super Saving Tips recently posted…A Sweet Year Ahead Could Cost You a Fortune!My Profile

    • Aw, Happy New Year to you and Suzanne, too, Gary!

      I’m really hoping the weekly approach will work better than the monthly…it seems like it will be easier to recover from mistakes if I have more resets.

  5. What a great list! Thanks for putting it together! And I’m so glad you’re joining me in my no spend month. I think it’s going to be a great way to reset spending and save a little cash.

    Our biggest new goal for 2017 is to buy our first rental property. It may prove to be a lofty goal, but I’m glad we’ve at least started, rather than just keep talking about it.
    Amanda @ centsiblyrich recently posted…December grocery spending updateMy Profile

    • Buying a rental property is a big deal! All of ours are either places we’ve lived in previously or someone in our family has owned before us, so we’ve never done the research to choose the right one. I won’t say we didn’t think about that factor during our original purchases, but it wasn’t at the forefront of the decision process. I’ll be interested to see how you guys go about it.

  6. This has a lot of information and great sources at that! I appreciate you sharing with me. I will have to take some time to read all of them as there are just so many. I hope you achieve what you would like in 2017, I have made a few goals myself. Lets hope for a bumper 2017! All the best.

    • I read your goals, and your savings goals are impressive! Increasing your investments, saving for a house, and starting a new blog…really exciting stuff and best of luck to you!

  7. Emily nice to meet you again. As always you wrote very useful article on johnjanedoe.com. Specially, in the investment paragraph, you did an excellent articles collection (“Emily’s Investing Story”, “How to Invest in the Stock Market”, “How do the rich invest? It’s not that difficult!” it’s a perfect mix!).
    In addition, I did a schedule every two months, but I will follow your advice on a weekly schedule. See you soon.

  8. This is definitely a killer resource guide Emily! Good job for coming up with this awesome list, which I’m pretty sure will inspire a lot of people to start planning for their finances and encourage people to pursue their financial New Year’s resolution.

    The list is comprehensive, easy to understand, divided into categories, has references, and the tips seem to be very feasible. In other words, your list is very encouraging.

    I have written something similar to this, a three-part series about long term care planning. The focus is taking care of your family’s future, particularly wives and mothers. Women should prepare for long term care because they will most likely experience this alone. Statistics would show that 70% of women 75 and above are never married, divorced or widowed. Another important data is this, that there are 70% female residents in nursing homes.

    I’ve written it as an advocate for long term care and to help women plan for this ahead of time. I hope my insights can help your followers achieve their New Year’s resolution for this year.

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