Yes, a recent blog was just making fun of New Year’s Resolutions. But the new year does feel like a good time to embark on fresh starts, be it health, relationships, or money. I can only help with one.
Ignore all economic forecasts, prognostications, tea leaf reading, crystal ball predictions and financial news in general. Why? Because they are mostly wrong. The International Monetary Fund (presumably well-educated nerds with access to the best data) have predicted 5 recessions in various global economies from 1991-2018. Twenty-six recessions actually happened worldwide during that period. By skipping the tedious reading of economic forecasts, you have freed up hours going to the gym – your other resolution.
Pay for your vacation in advance. Set up an automatic transfer from your checking account to your special never-to-be-breached savings account for $100-$300 per month. Voila! Vacation without the credit card hangover.
Find one thing you are not using and cancel it. This may be a gym membership, cable, an old life insurance policy, Netflix that you are paying for but also getting free with your phone plan, a subscription, an app on your phone, a professional organization you don’t really attend anymore, a credit card with an annual fee, or a babysitting service and your kids are grown. I’ll bet if you really look at your credit card bill, you could even come up with two services to cancel.
There you have it. Financial resolutions you can do in a day! And then, off to the boxing gym – before you cancel that membership in March.