Happy New Year, savers! January is almost over, which means it’s time for a resolution check-in. If you’ve fallen off the “New Year, new you” bandwagon, don’t fret! It happens to the best of us.
To jumpstart our financial goals and get back on track, sometimes all we need is a bit of inspiration. We want to help you get motivated to turn your financial health around and focus on the Future You, so we turned to the best and brightest personal finance minds of the FinCon community to ask: What is your New Year’s financial resolution?
“I’m resolving to maintain an adequate emergency fund, make the maximum contribution to my Roth IRA for the year, and automatically save enough each month to pay for big and/or end of year expenses like travel, taxes, insurance and gifts. As a bonus resolution it would be good to get serious about starting a taxable investing account.”
“This year, I didn’t make a financial New Year resolution. I completely restructured my finances following my divorce over the summer, and right now I’m in exploratory mode. Before deciding what financial goal to set next, I’m taking this year to think about what I want my money to accomplish for me.”
“My plan this year, and every year, is to max out all retirement accounts to the legal limits no matter what it takes [Editor’s note: If you have a 401(k) and are under 50, the legal limit this year is $18,000]. I figured by investing $20k+ every year it’s bound to make me a millionaire at some point, eh? :) Along with this, I’m also working on breaking my title of being a workaholic now that I have kids and an established career. All the money in the world is great, but if you’re not living your life what’s the point?”
“My personal resolution is to finish my book on financial literacy by the end of the year. I started it 20 years ago, so it’s what my mom calls a ‘hot mess,’ but as I used to tell clients: I can’t worry about the past. I can wake up every day and choose my path. This year I’ll choose to finish this job.
It’s become an epic journey. The book has adopted a new tone every time I’ve started writing again. Because of that, the topics are scattered and the tone ranges from slapstick funny to over-the-top serious. Like any elephant project, I need to swallow this one bite at a time. I’ve created milestones along the way. By the end of the first quarter I’m going to have a coherent outline. By the end of the second quarter I’ll have a second draft complete. By the end of the third quarter I’ll have the book ready for editing. During the fourth quarter I’ll hire an editor and begin shopping agents and (hopefully) a publisher.
See what I did there? Often people don’t make resolutions because they’re too emotionally tied to past results, and they also don’t set realistic, achievable goals. So, in an effort to shield themselves from more disappointment, they instead do nothing. Don’t do that. Break the goal up into manageable chunks and get started. 2016 is your year. You just have to reach out and grab it.”