Financial New Year Resolution

FINANCIAL NEW YEAR RESOLUTION The Online Business Now
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Financial New Year Resolution

New Year is always a good time for a new resolution, especially financial new year resolution.

Personal finance has to be one in the list. You can’t go into 2017 without preparing a financial plan and goal, can you?

 

New Year Resolution Ideas for 2017

People love to set goals in January every year and regret not doing them on every New Year’s eve. The main problem is not people not willing to do it but they don’t realize it is a habit making.

Yes. A resolution always needs a change of habit. If you are too comfortable now, you might not have the drive to do a new resolution. It will be a dream in the blue sky.

Let’s go and talk about some New Year resolution ideas. Hope they will help you put more drive in your engine!

 

Start Small

People love to go big at resolutions. Dream big, they said. I don’t against of dreaming a big goal. I have even one big dream. I want a home with 4 bedrooms, 3 bathrooms, a backyard, and a garage for 4 cars. It is a big home that can hold a house party for our relatives. I love family gathering.

What I mean with start small is you have to set attainable goals. Like weight loss. Don’t say that you are going to lose 10 kg this year. It is a big number. That number will punish you at the end of January. You will see that you only lose 1 kg and then you give up.

You better set a goal of losing 1 kg each month. This is more attainable. You even wonder how you accomplish it. Then go for the next 1 kg. By December, you will lose 12kg. That’s even better than your 10 kg goal, right?

 

Find an Inspiration

You need to have a role FINANCIAL NEW YEAR RESOLUTION 2 The Online Business Nowmodel. Read books. It is better to learn from someone else mistakes than to make them yourselves. There are a lot of good books out there. I personally love Rich Dad Poor Dad by Robert Kiyosaki. These are some other good books:

  1. Think and Grow Rich by Napoleon Hill. This classic book will help you change your mindset and have a good financial habit.
  2. The Seven Habits of Highly Effective People by Stephen Covey. Of course, you really need to develop habits so you can be effective. This book will guide you to have not just a better financial situation but to be a better person.
  3. The Millionaire Next Door by Thomas Stanley. A book that will showcase you how a millionaire lives and how you can, too.
  4. The Intelligent Investor by Benjamin Graham. Warren Buffett learned from him. Enough said!

 

Stop Spending

This is a straight forward advice. If you are in a financial trouble, check your spending. You can live without the tv cable, magazine and newspaper subscriptions. Quit smoking. Cook your own food and stop those expensive restaurant meals.

I know that this is a really hard resolution for you but it has to be done. You want to get out from the debt quicksand. Remember the start small tip? Start with unsubscribe one service.

Do not add another bad debt. If you are thinking that new iPhone 7 is sexy, you are wrong. It is not sexy if it put you in neck deep situation. You can’t justify any luxury if you are struggling to make end meets. Just stop spending.

 

Find an Accountability Buddy

Share your financial New Year Financial New Year Resolution 3 The Online Business Nowresolution with an accountability buddy. The person can be your spouse (the best thing), a friend, a family member, or even a group.

I love to share my resolution with my wife. She can enforce what I already set. After all, it is about our own family’s money management. We need to prepare a lot of things for our future. Our daughter will soon enter school age. A good school will cost a good amount of money.

Your accountability buddy will keep your resolution in check.

 

Tools for Financial New Year Resolution

Like I said in the beginning of this article, a resolution is a new habit in the making. You will need to understand this. New habit can be formed by forcing ourselves to do it.

Nobody loves to go to the gym regularly at the beginning. The muscles ache so much after the first workout. This is why people left the gym as soon as they registered for it. People who do understand that muscle needs to be trained the “hard” way will love the workout. They will build a strong body because of the “forced” habit. Even your muscle will crave the challenge.

This is so true about building a new habit. Your body will crave for you to do it again and again.

To help you “ease” the pain from forming a new financial habit, I will list you some of the tools for personal financial planning that you can use:

  1. Mint. If you live in USA and Canada, this free web-based financial tool will help you tremendously. You just need to input your bank, investments, retirement funds, credit cards, and other financial accounts to quickly give you a complete picture of your financial health. It is also available in App Store and Google Play Store.
  2. BudgetSimple. This is also a free web-based financial tool. You can set up your budget immediately and see where the money has been going. But if you want a full connection with your bank accounts, you need to pay for a premium account at $4.99/month.
  3. You Need a Budget. This is a huge community that really passionate about personal finance. Yes, you have to pay to use its service but you get a whole lot more. For $50 a year, this is a great bargain. Let’s just say that you skip a meal but gain access to a financial education community that helps you enhance your financial situation. Not just a budget tool.

 

Final Thoughts

Your financial New Year resolution means nothing if you do want to change yourself. Form a new habit. Cut any unnecessary spendings. Read some books to help you understand how money works. Use the tools provided.

What is your financial new year resolution? How are you going to attain it? Please share it with me down below.

 

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6 thoughts on “Financial New Year Resolution

  1. It’s always nice to set financial goals.

    Though it’s much more difficult to actually stick to them hahaha.

    Just for the record, though, the version of “Think and Grow Rich” in amazon is heavily edited and the original copy was far better.

    Another recommendation I would give would be asking questions on Quora.

    Liked your post overall.

    Cheers, Vlad!

    1. Hi Vlad,

      Thank you for pointing out the that the original “Think and Grow Rich” has some nuggets. I think the editor of the new version just want to show how the book still impacts today’s circumstances.

      I think Quora is a good place to ask “random” questions. But if you are serious about your financial situation, you better consult a professional rather just asking some guy on a life changing decision.

  2. great advice you have here buddy. from my personal experience, the stop spending tip is the hardest… its just so hard to stop indulging in things you love. for me that’s fine dining. I used to spend lots of money every Month for expensive dinner, a few times a week. coupled with irresponsible spending, that a recipe for financial disaster.

    it took me a great deal of will power to stop all of that and get my finances in check. its super hard, but definitely worth it. for a start, I’m eating healthier food since I’m mostly cooking my meals myself. And I could be happier with all those money saved 🙂

    1. Hi Isaac,

      Stop spending is also my biggest obstacle. I love finer things in life. Modesty is not something our consumerism world advocate. Especially when people say “You have worked hard. You deserve it”. They just want to sell you things. It is not helping when you already tight in the budget.

      I also learned that by cooking ourselves, we save a ton of spending. 😀

  3. Thanks for sharing these tips, these are some great points to financial freedom it is all about sitting down and putting a plan in place,then working that plan. Finding books and reading them to keep you encourage and going as you seek to see the fulfillment of those goals in 2017. It is possible all we have to do is stay focus keeping our goals and dreams before us.

    1. Hi Norman,

      It is a great thing to have a financial new year resolution. It will be your guide throughout the year. Nothing can beat a focus mind to achieve a goal. Keep chasing your dream!

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