Happy New Year Everyone!

The first thing on most people’s mind is, making a resolution. In my opinion, stop making yearly resolutions, especially financial ones.  Why do people torture themselves, especially when they know that they don't keep a resolution?  Make a life plan instead.

Here are some financial suggestions I have for you:

• stop living on credit – get rid of your credit cards or using only one for business


• use cash, limiting how much you spend each week


• pinch every penny you have, investing it


• walk more often, its both healthy and saves you money


• build an emergency fund along with other funds for long-term goals (a new car)


• create a budget, adjust it regularly until it reflects your needs, then stick to it


• saving small amounts add up, especially with compound interest

People often refuse to believe that saving a small amount will add up to much. If you put aside $20 a week for 30 years earning 10% interest (the historical rate of the stock market) you end up with $188,200 and you will only have had to save $31,200 yourself. The rest is all compound interest.

Can’t find $20? Spend less each day. Buy less: lattes, chips, minutes of gossip on your cell phone, candy bar, less bottles of water and you can actually save more than $20 each week. If you also put aside all of your pocket change each day adding it to your weekly deposit, you will have an additional $6 each week. Saving money doesn't have to be hard. You just have to do it on a regular basis.  This can't be that hard to do, or is it?

Make this your Life Resolution instead.