If you’re among the millions of Americans committing to change in the new year, remember: Just as your waistline and cluttered closets may benefit from a fresh approach, so can your money matters. Get inspiration and tips for making — and keeping — your financial resolutions this year.
Review your insurance policies
- Block out time on the calendar to review your accounts.
- Review rates, beneficiaries, insured amounts and more.
- Give a trusted family member important access info.
Put a cap on bad spending habits
- Target one habit such as online shopping when you’re bored or eating out.
- Set a realistic goal and clear limits.
- Identify and avoid triggers.
Build up at least three months of emergency savings
- Calculate using essential monthly expenses only.
- Make sure it’s easily accessible for emergencies.
- Save more if your job is unstable or you’re supporting others.
Make a plan to pay off unwanted debt
- Ask for a lower interest rate.
- Focus first on the highest interest rate or lowest balance.
- Make a larger monthly payment by cutting spending elsewhere.
Prioritize that account you’ve been meaning to open
- Think: life insurance policy, IRA, kids’ college savings, vacation fund.
- Determine your goal and calculate a savings plan.
- Set up even a modest monthly auto-pay.
Commit to a no-spend day (or weekend) monthly
- Make a “fun and free” entertainment list.
- Use up food in your freezer or pantry.
- Make time for crafts, organization or home projects.