A New Year – A New Money Resolution

New Year’s the perfect opportunity to reflect on your money practices and goals for the future.  You don’t have to set a goal or resolution around money to achieve your bucket list, but you do have to evaluate the way you think about money.

Dream of joining the FIRE (Financial Independence, Retire Early) movement? Start evaluating your finances in 2017.

By changing your perception or focus around money you may achieve goals naturally without necessarily becoming a financial spreadsheet guru.

For example, last year I took on the 52 week money challenge as one of my New Year’s money resolutions.   I saved an extra $1,378 as a result.

You could afford a 7 day cruise for two with the 52 week challenge!

The concept is so simple.  You start off with saving $1 in the first week, $2 during the second and continue increasing until week 52 when you save $52.   Plenty of free printables out there to help you stay motivated and track your spending.

Not sure where to start on your money resolution?

Start simple with basics:

  • Begin tracking your finances (I recommend Mint, yes it’s free!)
  • Create a budget based upon your needs v. your wants
  • Maximize your employers 401k matching contributions
  • Check out and open a Roth IRA
  • Take on the 52 week money challenge or stretch those “want” budgets

This year, I’m challenging myself (dragging along my husband) to minimize our eating out.  It’s far too easy to go out for dinner or grab take-out after a long day at the office.

Look forward to my future posts on thrifty grocery and meal planning tips.

Kick the eating out habit with me and share how much you’ve saved.

*Update* I made it 11 days before finally giving into temptation and eating out.  My estimated savings within 11 days = $50

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