NDSU Extension Service - Ramsey County

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New Years Money Resolutions

News Years Money Resolutions

Two of the most common New Year’s resolutions are to lose weight and to save more money.   For the money side of those resolutions, consider the following resolutions.

Spend Less Than You Earn - It sounds simplistic, but many people struggle with this first basic rule, no matter how much you earn – single, double or triple digits - you'll never get ahead if you spend more than you earn.  Consider automatic withdrawals to both savings and retirement accounts as a way to establish some limits to how many dollars are available for your use.

Stick to a Budget –Budgeting is not a four-letter word but debt is.  And debt is often a result of no budgeting.  Budgeting tells you where your money is going, gives you data for setting goals and more data for determining if you are meeting your goals.

.Pay Off Credit Card Debt – It’s costly, it affects your credit rating, it can last forever!  Credit is easy to obtain and easy to use but if balances aren’t paid off quickly, we end up paying far more for things than we would have paid if we had used cash.

Feed Your Retirement Plan - If your employer has a 401(k) plan and you don't contribute to it, you're walking away from one of the best deals out there.  If you're already contributing, try to increase your contribution. If your employer doesn't offer a retirement plan, consider an IRA.

Update Your Will -70% of Americans don't have a will. If you have dependents, no matter how little or how much you own, you need a will.  It need not be lengthy, it need not be detailed – a simple one-page statement of your wishes will save your survivors many headaches.

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