Friday, December 31, 2010

Financial New Years Resolutions

New Years Resolutions

Make 2011 your best financial year yet. Whether you are looking to get out of debt or perhaps you are want to pile up some extra cash. 2011 is the year to do it. Need some inspiration? Here are a few ideas.

1. Start an automatic savings plan: Open a bank account with a high yield savings account. I use Ing and I love them, after the account is set up schedule an automatic withdrawal from your regular account to your new high yield account. Only have one debit card from your new account and leave it at home. This will remove the temptation of using it. Once a month check the account to monitor the balance and enjoy watching the savings build. If possible talk to HR at work and have that monthly amount sent directly to your account with your direct deposit.

2. Lose some weight: obesity is the leading cause of death in the United States and we all know that medical expense can deplete the best savings accounts. So set a goal to improve your health by losing weight. It won't take long to notice the savings.

3. Open a wroth IRA: Securing a comfortable retirement without investing is getting harder and harder. The wroth IRA is a excellent choice for most people looking to save a lot of money and utilize the miracle of compound interest.

4. Remove the chains of debt: Debt is the largest obstacle to overcome when trying to become financially independent. Check out my get out of debt plan here.

5. Cash, cash, cash: Develop a cash only budget, cut up the credit card and start saving to purchase everything in cash. Spending thousands of dollars a year on interest is devastating to financial independence. Waiting to purchase with cash helps me to determine how badly I really want the item. It's helped me avoid a lot of purchases that I really didn't need, which also helped save on interest.

6. Start a budget: the best way to save money is to start a budget. It's amazing to me how much money can be saved by weeding out those wasteful purchases.

 It's important to set goals, and the new year is a perfect time to do it. Have a great night tonight and an even better new year!!!

1 comment: