Bring in 2017 right with these financial resolutions

We are in the last few days of 2016, and if you have not started your New Year’s resolutions you still have time. One of the most common resolutions usually features some form of monetary gain. In fact, in a survey conducted by GOBankingRates, researchers found that saving more money in the new year was in most people’s top five. What most people fail to do though is expand on a lot of those financial resolutions. The new year is approaching quick make sure you get out in front of any financial burden you may have.

newyearnewmoney

So, where do you start when building your financial resolutions list? That first thing you should do is take note of your fiscal year as a whole. Look at your budget (if you made one). Next take a look at your salary. Was it enough to sustain you? Were you in the red more than you wanted to be? Maybe there is something that you could switch around or change that could help you in the next year. After breaking down your year you should make resolutions that are specific to what you want to accomplish.

First things first you need to start saving

This is one of the most common financial resolutions that people have. Saving money, if you do not monitor your habits, can be one of the most difficult things in the world. So, what can you do to make it an easy transition? First and foremost, do not jump in the pool without testing the water first. What we mean is, you do not need to go full throttle when you start saving your money. Most of the time when people do this they tend to veer off shortly after. Instead of trying to save a large lump sum of money, instead, save a little over an extended time period of time.

For example, you could try doing a variation of the 52 Week Money Savings Challenge. Basically each week you save a portion of your income, and at the end of the year, you will have a large lump sum of money. Whether you are stashing it in your mattress or opening an IRA, the bottom line is, save you money.

In 2017 we all need to live within our means

No, we did not intentionally write that in rhyme. Seriously, though, many people need to add this financial resolution to their list. A big problem that people have is spending money they do not have. Have you ever had to decide whether or not you would rather eat noodles for two weeks or use those decorative candles for light? Most likely it was due to the fact that you went to that festival all three days and spent a large portion of your money. Most likely you were living without any regard to tomorrow’s bills.

living-beyond-you-means

If you feel as though you are pressured into buying things because you see them or it is the newest version, stop. You have a problem and to need help. We are just joking. Seriously though Americans in general waste their money of frivolous items why not cut some of them out to have a solid fiscal year. Who are you trying to keep up with?

This is the most important financial resolution of all

In 2017, you have to take care of any outstanding bills that you have. This goes double for you students. Ideally, you do not want to go into a new year with a mountain of debt. But for most of us, this is easier said than done. At the top of the year tax season will be in full tilt; this year should use your refund on bills you have compiled throughout the year. Judging by what you are able to receive this year you could potentially put a dent in a lot of those unwanted bills. Just think of it, no more using one credit card to pay off another. No more blocking calls from collection agencies.

2017 Calender on the red cubes

This year you could have the most financially liberated life, but you have to work for it. Will it come easily? Of course, not. But you have the power to change everything that is wrong financially in your life. You just need to be committed to your goal at the end of the year. Out with the old financial lifestyle and in the with the new.

 

 

 

 

 

Join our newsletter

If you like Critical Financial, subscribe and get our latest content via email.

Powered by ConvertKit

Share this post:

Recent Posts

Leave a Comment

*

May the 4th Be with You: Star Wars Swag on Amazon

May the 4th Be With You: Star Wars Day Swag

It began as the punniest holiday ever but quickly grew into an earnest (if somewhat random) celebration of the long-running (and still... more →
People count the money to buy a house in future success.

Avoiding Mortgage Scams: Don’t Fall for Unreasonable Promises

If it sounds too good to be true, it probably is. That’s sound advice for almost all aspects of life, including the search for... more →
Eat for free for a whole month via the meal kit companies discounts for new customers.

How To Get a Month of Free Food: 9 Meal Kit Companies Offering Discounts to New Customers

Play your cards right and you might be able to line up a month’s worth of free meals if you were to try out all nine of the meal... more →
Generate extra cashflow -- here are 97 ways.

96 Awesome Ways to Generate Extra Cashflow

Who doesn’t want more money nowadays? We’ve got you covered on that front. Here comes a long list of different ideas on... more →
Valentine's Day gifts that won't destroy your budget

Valentine’s Day Crafts Are Romantic Rescue from Crazy Inflation

Fall for the hype this week and you’re out an average of $143.56 for Valentine’s Day. Crafts and other do-it-yourself tactics... more →

Ultimate Guide to Bitcoin — FREE Ebook!

Have we got something for you: a free ebook about bitcoin! more →
Get a flu vaccine.

Why You Need To Get a Flu Vaccine Right Now

Flu vaccines aren’t just for the elderly  anymore. Here are 25 reasons you should go get vaccinated. more →
Financially successful

Acquire the Trait All Financially Successful People Have

Financially successful people tend to all have a lot of self-discipline. Improving your discipline in one area of your life often spills... more →

What’s the Best Free Recipe App?

The Apple Store and Google Play together offer more digital cookbooks than you probably have room for on your mobile device. So which... more →
New tax law might slow down housing market.

What Will the New Tax Law Do to the Housing Market?

The new tax law will have a profound impact on the housing market, although in ways that go beyond the deductibility of mortgage interest... more →

4 in 5 Households Will Get a Tax Cut in 2018

Four out of five U.S. households will get a tax cut as a result of the legislation that President Donald Trump signed into law today. more →
Will bitcoin reach $100,000?

When Will Bitcoin Reach $100,000?

Bitcoin has accelerated its pace of appreciation in recent months, and if the current levels between $15,000 and $19,000 make you itch... more →
The Dow Jones topped 24,000 -- now what?

The Dow Jones Crossed the 24,000 Threshold. Now What?

Stocks appear to be increasing in volatility, yet the markets closed on Monday, December 4 with the Dow Jones Industrial Average is... more →
Peer mortgage

Should You Get a Peer-to-Peer Mortgage?

If you can’t get approved for a home loan from a bank, you might want to look into applying for a peer-to-peer mortgage. more →
Investment gifting is awesome.

4 Things To Know Before You Donate an Investment

While donations of any kind are appreciated, gifting investments benefits both the giver and the receiver. Here are four key things... more →
Are you wondering: What's the Relationship Between the Stock Market and Federal Debt?

What’s the Relationship Between the Stock Market and Federal Debt?

Wouldn’t it be wonderful if gains in the stock market could actually reduce U.S. government indebtedness? If that were true,... more →
The Fiscal Cliff, soccer moms

Resolving The Fiscal Cliff | What Would “Soccer Moms” Do?

I have been thinking about the blame game and the political pandering going on in D.C. over the Fiscal Cliff.  In case you haven’t... more →