Financial resolutions you should keep

By Bahiyah Shabazz, MBA

English: New Year's Resolutions postcard

As the year begins with financial resolutions you must wonder if all are worth keeping. As you know, resolutions will taper away by mid year.

Many will feel stressed, disappointed, exhausted and discouraged. Your action plan should only consist of 3-5 manageable goals not an entire page (front to back).  Goals are established for the long haul and easily documented for progress.

Take the time to reevaluate which goals are feasible to accomplish. You don’t want to overwhelm yourself with a list of resolutions without the opportunity to properly plan for success.

Resolutions ===>> goals which are for an improved lifestyle, not disappointment.

Don’t give up from the jump-start. Here’s a list of financial resolutions that are worth keeping.

1.  Improve your financial literacy

  • Knowledge is power. When you know better, you do better.

2. Create a budget (spending limit)

  • It allows you to control your finances and live within your needs.

3. Plan for the unexpected

  • Establish an emergency fund so that you are prepared when life happens.

4. Pay down your debt

  • Putting more money toward a high interest rate credit card is wiser than fully funding a 0.50% savings account.

5. Simplify your finances

  • Maintain one credit card in your possession.
  • Keep track of your expenses by documenting online.

Accomplishing your financial goals begin with the big picture of your money, tracking, and financial growth. If you want to improve your net worth you must begin with the decision to hold yourself accountable.  Success is more than documenting your plan…it’s putting forth action.

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“Love yourself enough to support yourself.”

© SMG, LLC

2 thoughts on “Financial resolutions you should keep

  1. Beginning my financial literacy with reading your book. I just ordered from Amazon Finances are linked to emotions: live within your means.

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