One of the most common things that people make resolutions about when the new year hits is finances. And while New Year’s resolutions are infamously hard to keep, there are definitely ways to make resolutions that you’ll be able to stay on top of all year long. Here are some examples of smart and easy financial New Year’s resolutions you’ll actually be able to keep in 2017.
Eliminate unused subscriptions and memberships.
Here’s one that you can accomplish in January and then enjoy the savings all year long. Reflect on all of the things you currently subscribe to, and then ask yourself, “Am I really getting my money’s worth on these things?” If there is anything that you are paying for but not using enough, go ahead and cut it out of your budget. Some examples of subscriptions or memberships you may be able to eliminate from your budget:
- Amazon Prime
- Netflix
- Magazine subscriptions
- Gym membership
- Wholesale club membership
- Online dating membership
- LinkedIn Premium
Sell your pile of giveaway items.
This is a resolution that you can conquer in January as well, and it can help you create a habit that continues throughout the year. After the holidays, create a pile of giveaway items and then pull out the things that could actually make you some money (new or gently used clothing, accessories, collectibles, movies, video games, furniture, etc.) List things that you can easily mail on Ebay and things that could be picked up locally on Craigslist. The more things you list, the more surprised you’ll be at the amount of money you can earn from your pile of “junk.”
Organize your financial records.
Organizing your financial records in January will help you better stay on top of your finances throughout the entire year. How you organize your financial records, of course, will depend on your particular situation. One great way to start is to establish a few different folders:
- Vital documents (birth certificate, marriage certificate, will, house deed, vehicle title, etc.)
- Bank and credit card statements (include phone numbers for reporting a lost card, as well)
- Income (such as pay stubs)
- Insurance
- Mortgage and loans
- Investments
- Estate planning
- Charitable donations (tax receipts)
Keep these folders in a prominent space in your home where they will always be handy (except for your vital documents folder, which should go in a safe deposit box.) For tax purposes, aim to keep anything that shows income or deductible expenses for three years.