What Are Some Ideas For Financial New Year's Resolutions?

You can’t control the economy, inflation, and the job market. However, you can take charge of your personal finances. So, why not start now?

Take a look at some ideas for financial New Year’s resolutions that can help you plan your budget, reduce expenses, increase your income, and calmly handle financial emergencies.

Ideas For Financial New Year’s Resolutions

Make A Budget That Really Works

Financial experts say that most people set unrealistic budgets, which is why these are doomed to fail. So, one of the best financial New Year’s resolutions is to finally sit down and make a realistic budget.

For a budget to really work, it has to consider the real cost of living, especially since the prices of essentials like gas or food went up by over 10%.

Then, look at your income and what you can afford. Set priorities and identify problem areas: for example, you need to reduce your groceries or spend less on electricity. Finally, turn this into specific financial New Year’s resolutions, like “Reduce food expenses by 20% by cooking my own food instead of getting takeout”.

Pay Yourself First

Instead of saving what’s left over from all your expenses, set aside your savings and then spend what’s left over.

Yes, we know this is one tough financial New Year’s resolutions to follow, especially if you’re already stretching your income to cover your expenses.

However, think of it as paying yourself first. Your savings are your way of securing your future and protecting yourself from financial emergencies. So, you’re rewarding yourself with peace of mind (which, you earned after all your hard work).

No need to be aggressive, you can start small, and gradually increase as you adjust to your budget.

Use Cash More Frequently

Do you want to be more disciplined about spending money? Then try this financial New Year’s resolutions: use cash more often.

You can go all-out and withdraw your whole paycheck, then divide it into envelopes and different spending categories (food, gas, utilities, etc).

But if that isn’t practical, select a few categories where you usually tend to overspend. This can include groceries, transportation, such as bus fare and gas, or your personal entertainment allowance. Since you can only use cash, you’re forced to stick to your budget for that month.

Use The Law Of Attraction

Worrying about money is exhausting and unproductive, and may even be perpetuating the cycle of lack thereof.

According to the Law of Attraction, your thoughts have the power to shape your reality. So, if you’re always saying “I’m broke” or “I don’t have enough” then it becomes a self-fulfilling prophecy.

If you want to attract wealth and luck, then visualize it and use affirmations. When worry creeps in, divert your thoughts to being thankful for what you already have, and believe that more will come.

Start Cooking Your Own Food

This is one of the most practical financial New Year’s resolutions you can make. The cost of ordering takeout (or even convenience products like microwaveable meals or instant sauces) is usually 200% to 400% higher than making it from scratch.

So, just making your own food can make a big difference in your budget—and it’s a lot easier than you think.

There are countless recipes and tutorials online: copycat recipes for your favorite restaurant meals, 20-minute recipes for busy weeknights, and step-by-step videos for beginners.

You can also make big batches of food and freeze them ahead, or prepare ingredients in the morning so you can just toss everything together when you get home.

Set Clear Financial Goals

Clear goals can help motivate you to stick to your budget, save, or even work harder in order to increase your earnings. You know what you’re striving for, and are focused on the big picture.

Start with making short-term goals, like “Save for a new computer” or “ Set aside $200 a month so I can go on a trip to Europe for my 40th birthday.” Then, as you develop the right spending and saving habits, you can set more ambitious long-term goals, like building your retirement fund.

Plan For Financial Emergencies

One of the most important financial New Year’s Resolutions is to have a backup plan for large, unexpected expenses. Where will you get money if someone gets sick, or if you need money for a car or home repair? Do you have enough money to get you through a few months if you suddenly lose your job?

So, one of your financial goals for the year should be to build a Rainy-Day fund and look for affordable home, car, and health insurance policies.  

You should also know where to get a fast emergency loan, in case your savings or insurance aren’t enough to cover the bills.

Title Loans: Your Financial Safety Net

A title loan is a personal loan where you use your vehicle title as collateral. Depending on the market value of your vehicle, you can borrow as much as $15,000—and you can keep using your car while you pay off the loan!

You can get a title loan even if you have a bad credit score. As long as you own a car or truck outright with a lien-free title, credit does not play as big a part in approval for a title loan as it does for a bank loan. Just present the title and a government-issued ID, then have a quick vehicle inspection to find out the loan limit you qualify for. It’s that easy!  

Find A Title Loan Lender Near You

If you need help getting started, Auto Cash USA can help you find licensed, professional, and reputable lenders. Just fill out the online title loan form and we’ll send your contact info to the nearest provider. Once your information is received, one of their loan representatives will call you to explain the loan process and answer your questions.

In fact, you can talk to one of them right now. Just complete the form to get your request started!

 

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.