NDSU Extension Service - Ramsey County

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New Year's Resolutions for Dollars

New Year’s Resolutions for Dollars

 

Saving money, managing my money better or paying off my credit card are among the top ten New Year’s Resolutions that many Americans make.  All have to do with money and can be the toughest New Year’s resolutions to keep.  To ensure success with your New Year’s resolutions, try breaking that resolution down to smaller, bite-size pieces.

          - Use ten minutes a day to review your bank balances, pay a bill or two, contact your bank, your credit card company or a lender for a quick check on an issue that may keep you up at night.

- Set up an automatic savings account for your retirement.  If your company offers a 401(k) plan sign up, make sure you're contributing and max out your contributions. Open an IRA account and contribute the max there too.  If you've changed jobs, roll your existing 401(k) accounts into accounts with your new employee.  

-  Cut up high interest credit cards.  Payoff existing credit card debt by paying off the highest interest rate account or loan.  Try to pay a minimum amount due on all accounts, every month. This creates a regular payment pattern and doesn’t let you sink in debt.
          -   Build up an emergency fund.  Medical expenses, job loss or any other sudden and unforeseen expenses can be a hard blow for any budget to absorb.  Building an emergency fund can help you tide over the rough financial weather. Plan for an emergency fund that covers at least 6 months’ worth of expenses.
         -   Track your spending.  Try to categorize your spending into necessities, education, luxury, travel etc.  Analyze which of these components require the most from your budget and work towards trimming the expenses.

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