Happy New Year!
Today, we’re talking about the R word - resolutions. The start of a new year brings feelings of rejuvenation and rebirth, so it’s a popular time to set new goals (or… give the goals you set last year and didn’t quite accomplish another go).
While most people’s focus is on improving their health by setting fitness resolutions, or perhaps on having better relationships or a more balanced lifestyle in the new year, you should also consider setting some financial resolutions to get your money right too. After all, money is the currency of life and often an integral factor in achieving our big picture goals (everything costs something, whether it’s time, money, or both!)
So, if you want to learn how to create a budget you can stick to, how to pay off your student loans or credit cards faster, start investing, or feel confident that you’re saving enough for retirement and other goals, here are 9 Money Resolutions for 2019 that can help.
#1 - Commit to learning more about money
Having a strong foundation of financial knowledge will reward you for the rest of your life. Seriously. The easiest way to learn more about money is to make it part of your daily routine. Here are some ways to incorporate financial education seamlessly into your life:
read personal finance blogs
listen to money podcasts
follow money accounts like ReisUP on Instagram.
You should also make a list of money terms or concepts that you’re sick of being confused about, then commit to learning one or two each week until you’ve mastered everything on the list.
If you want someone to walk you step by step through must-know money concepts, then I highly recommend enrolling in one of my online personal finance and investing courses - MONEY and WEALTH.
Check them out to learn how to manage your money with more confidence and clarity today!
#2 - View money as a tool
Mastering your money mindset is more than half the battle. Try to switch from viewing money as something that controls you and stresses you out to a powerful tool that YOU can control. Your future self (and wallet) will thank you.
#3 - Spend and invest with more intention
Stop swiping your card mindlessly, cut out shit you don’t need, and allocate your funds to things that really matter to you. Once you’re clear on your financial priorities, assess whether or not your spending and investing habits are in alignment. Tweak your habits until every money move gets you another step closer to your goals.
#4 - Be more selfish with your money
Here’s the truth: no one will ever care more about your money and financial dreams than you. So it’s your responsibility to protect your funds and make sure you’re sticking to a plan to reach your goals.
Create a budget that gives you permission to live the way you want now and into the future. If someone asks you to buy or do something that isn’t in your budget, say “Sorry, that doesn’t jive with my goals.” You must put yourself first because nobody else will.
#5 - Talk about money more freely with friends and family
Think about it… Why are you so comfortable - excited even - to share embarrassing dating stories with your loved ones, but feel uneasy bringing up salary, bonuses, student loans, investing, or retirement accounts in casual conversation?
Here’s my challenge to you: The next time you’re at coffee or brunch with friends, start a conversation about something money-related.
#6 - Get more organized
Gather all of your financial information - your budget, bank account information, student loan balances, credit card bills, tax documents, insurance policies, investment and retirement account info, and all of your usernames and passwords for everything in one place. This will help you track your progress and make it much easier to make changes to your financial plan when necessary.
#7 - Map out big money goals + post them
Create at least one short-term goal (1 year or less), medium term goal (1-5 years), and long-term goal (more than 5 years). Make them SMART goals, write them down, and post them somewhere noticeable. I recommend near your front door or some other location you’ll see before heading out for the day. That way you have a daily visual reminder of your goals to set the tone for your money actions each day.
#8 - Start using tools and apps to reach your goals
There are SO MANY amazing sites and apps that are designed to make your financial life easier. Whether you want to get better at budgeting, pay off your student loans faster, or start investing, there’s an app for that. Do some research, download a couple, and decide which ones you like best.
#9 - Hook up with a money buddy
Everybody could use a little accountability to stick to their goals. Find a friend who wants to be more intentional with their finances too! Create your goals together, then plan to meet up regularly to chat about your progress.
Don’t have a money buddy? Check out my courses and learn how you could work with me to achieve your big money dreams.