When it comes to New Years Resolutions, no matter who you talk to, it seems like money goals are at the top of every list. Do you have any money-related New Years Resolutions this year?
Each year, I like to scan the web for top New Years Resolution lists. Here’s a compilation of the top ten New Years Resolutions I’ve found (in no particular order):
- Get organized
- Get out of debt
- Lose weight
- Quit smoking
- Quit drinking
- More time with friends and family
- Enjoy life more
- Learn a new skill
- Get a better job
- Save more money
New Years Resolutions About Money
Two of these top New Years Resolutions are explicitly about money: “Get out of debt” and “save more money”.
But “get organized” is very close because one of the biggest areas of disorganization is in finances, and more and more people are realizing the importance of being organized financially.
Money-Related New Years Resolutions
Really, I can make the case that nearly all of these top New Years Resolutions somehow impact or affect our finances.
“Lose weight” and “quit smoking and drinking” can might cost you money in the short-term to get started (if you join a club or buy supplies) but will definitely save you money in the long-term (in health care costs, food, cost of cigarettes, alcohol, etc.)
“Learn a new skill” or “get a job” might cost you money in some ways, but might also lead to long-term financial benefits when you are getting paid to do the work you love.
“More time with family” and “enjoy life more” might also have some financial costs associated with them, but you’ll also reap some wonderful rewards.
My wife and I are still working through our list of New Year’s Resolutions…actually, we consider them goals instead of resolutions.
Our Top 2013 Financial Goals or Resolutions
Several of our 2013 goals focus on our finances. Here they are…
1. Work more on our finances together
We’re going to meet together twice a month (on my paydays) to review our spending plan (budget) and the progress we’re making on our financial goals, and allocate our income into our different “envelopes”.
We use an electronic version of the envelope system called M-velopes. It’s one of the best financial decisions we’ve ever made, and my wife has never had more fun paying the bills each month!
2. Save for a Florida Vacation and Caribbean Cruise
We’re saving money for travel to Florida and “extra” expenses that we’ll incur on a cruise that my wife’s parents are taking our family on in January 2014.
We plan on arriving in Florida a few days early to catch some extra fun in the sun before we depart on our Royal Caribbean cruise to Belize City and Cozumel.
3. Accelerate Debt Pay-Off
We’re accelerating the pay-off of or Lending Club loan (which we used to install a new furnace in our rental house in 2011).
4. Review Insurance Coverage & Compare Rates
I want to make it a point to annually review our homeowners insurance, auto insurance, and life insurance coverage and compare rates.
Have you made any money-related New Years Resolutions or goals in 2013?
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Good call on reviewing insurance policies. I need do a checkup on that myself.