Helping you with your Financial Resolutions

It’s that time of year again when use the new year as an excuse to overhaul different aspects of our lives and make financial resolutions.  For many new years resolutions involve health and fitness but many people also try to make changes to improve their financial health.

3 keys to making good Financial resolutions

To be brutally honest, I am not a big fan of financial resolutions because far too often the change is temporary.  Long-term change requires a change in lifestyle.  I call it a long-term change in your financial habits.  For resolutions to work, I believe there needs to be three key qualities.  Resolutions need to be:

1. SIMPLE – If it’s too complicated, it won’t happen.
2. SPECIFIC – Vague goals are useless.  It’s important to be specific.  For example, if you want to reduce your debt, you have to come up with a realistic amount and a time frame. If you try to do too much, it also won’t happen.  You are better to one thing right than have a list of 3, 5 or 10 things that you won’t do or won’t do well.
3. AUTOMATED – We live in a busy world and the best way to make sure things get done is to make it a priority.  The best way to make it a long-term priority is to automate it.

Common Financial Resolutions

Rather than re-invent the wheel, I thought I would share some articles revolving around some of the most common financial resolutions I see.

Helping you with the basics

• The best idea is the implemented one
• 6 Financial Habits to Take Control of Your Money
• Money Tip – Know Your Spending
• Money Tip – Calculate your net worth
• Principles of implementing your financial resolutions

Helping you pay down debts

• 5 strategies to manage your debt levels
• Debt might be a good reason not to save
• 5 ways to pay off your credit cards
• Time to Get Rid of Debt
• How much debt is too much?

Helping you save more money

• Principles of saving money
• Useful Tips to Help You Save More Money
• More Tips to Help You Save Money
• The Latte Factor

Helping you with your investments

• Are you taking care of your investment portfolio?
• Practical Tips for Investing your RRSPs
• 5 Timeless Tips for Investing Your RRSPs
• It’s time to review your RRSP portfolio

Helping you protect your finances

• Three legal documents of an estate plan
• How often should you review your estate plan?
• Financial resolution – Get a will
• 10 Things To Know About Tax Planning
• Choosing The Right Executor Is Important

Do you have any other financial resolutions you want to learn about?  Whether you call it a financial resolution or a change in lifestyle, or whatever you want to call it, good luck in making some positive changes to your financial affairs!