Makeover your money in 2018! Check out these awesome New Year’s Resolutions ideas for some inspiration to take control of your finances.
I’m a New Year’s resolution fanatic. I simply love pressing the reset button at the beginning of every year.
New Year’s resolutions give me the chance to forgive myself for mistakes made in the past year, and set myself up for my most successful goal-conquering year yet.
Each and every year since graduating college several of my resolutions have been related to money. Welcome to adulthood…whomp whomp.
Are you on a mission to pay down debt, save more money, spend more wisely, or simply live a better life by feeling empowered by your finances? Do you make financial resolutions? If not, try taking advantage of the motivating feeling that the New Year always bring.
Get some ideas for New Year’s financial resolutions in the list below. Remember, just pick a few resolutions that you think you can achieve.
You also don’t have to do these resolutions for the entire year. Maybe you can pick twelve resolutions and do one per month for the year. I did this a few years ago by avoiding fast food for the entire month of January (this was a diet and money saving resolution). I reached my goal, felt accomplished, lost some weight, and saved some money – what more can you ask for from a New Year’s resolution? Don’t put pressure on yourself to do something for 365 days; sometimes all you need is 31 days to make a difference.
Check out this list of over 100 financial New Year’s resolution ideas. They are split between frugal living resolutions, making more money resolutions, paying off debt resolutions, budgeting resolutions, saving for retirement resolutions, financial relationship resolutions, financial education resolutions, and some I-have-no-idea-how-to-categorize resolutions. Happy New Year and let me know which one(s) you choose!
Frugal Living Resolutions for 2018
- Start meal planning to drastically reduce your grocery spending (try out Five Dollar Meal Plans)
- Drink more water and less soda/alcohol/juice
- Try making one new dish at home each week
- Stop (or limit) eating fast food
- Cancel your Amazon Prime membership so you can avoid those unnecessary online purchases
- Visit the library and check out all the benefits
- Unsubscribe to all sales emails so you aren’t tempted anymore
- Review all your subscriptions and cancel the ones you don’t need
- Create a want/need list to help you make better purchases
- Quit an expensive habit (coffee at Starbucks, smoking, drinking)
- Subscribe to a community Facebook group and go to one free event each month
- Start packing lunch
- Buy better quality items so you can stop wasting money on cheap stuff
- Negotiate all of your bills (cable company, Sirius XM, car insurance)
- Create a list of 10 free state and national parks to visit this year
- Complete a money savings challenge
- Eat less junk food
- Try Meatless Mondays
- Take better care of possessions to prolong their life
- Start a themed/ethnic food night once a week
- Start using coupons
- Stop impulse spending
- Replace one night out a month with a night in (for example, host a pot luck at home instead of going to the bar)
- Search for used items before you buy new items
- Find a new (free) hobby
- Try a no-spend challenge (for a week, a month…make your own rules!)
- Start having family game night (or start another free/cheap family tradition)
- Make a buy-plan to help you plan your purchases and make better spending decisions
- Start a garden and plant fruit and vegetables that you’ll actually eat
- Download easy, free money saving apps like iBotta or ebates to save money on your purchases
- Find something you can DIY instead of buy
- Choose to walk or cycle instead of drive
- Start a carpool
Making More Money Resolutions for 2018
- Start a side-hustle to make more money
- Ask for a raise
- Learn a new skill and see if you can make money from it
- Purge your closet and sell clothes on ThredUp
- Sell anything else you are not using (furniture, exercise equipment, technology)
- Start investing
Paying off Debt Resolutions for 2018
- Develop a debt payoff plan and stick to it
- Find an accountability buddy to keep you accountable on your debt-free journey
- Stress less about your debt (because now you have a PLAN)
- Don’t get into any more debt. Not $5 borrowed from a friend; not $5,000 borrowed on a credit card.
- Start tracking your debt balance (you’ll get motivated as you see it shrink)
- Make an extra debt payment each month
- Share your debt story with someone. Get it off your chest.
- Encourage someone else to get debt free
- Look into refinancing or consolidating your loans
- Stop using your credit cards if that is your vice
- Negotiate a settlement with a debt collector
- Increase your mortgage payments so you can pay off your house faster
Budgeting Resolutions off Debt Resolutions for 2018
- Start budgeting
- Stick to your budget
- Start an emergency fund
- Start tracking your spending
- Review your largest budget categories (housing, transportation, etc.) and brainstorm ways to reduce them
- Try a cash-only diet
- Stop paying late fees
- Set up automatic payments
- Set up automatic savings transfers
- Start using budgeting software that works across all computers/phones (try Mint.com or YNAB)
- Evaluate your budget on a regular basis
Saving for Retirement Resolutions for 2018
- Learn all about your company’s retirement benefits (401(k), matching, pension, etc.)
- Start contributing to your retirement account
- Increase your retirement contributions by 1% (or 5%…or more!)
- Open an IRA
- Calculate how much money you need to retire (and see if you are on track)
- Calculate the age you are able to retire (with the amount you want)
- Create a my Social Security account to learn more about your social security benefits
Financial Relationship Resolutions for 2018
- Start having monthly budget/financial meetings with your spouse
- Dream about your retirement with your spouse
- Create a bucket list with your spouse and associate a cost with each item
- Go on one free date each month
- Volunteer with your significant other
- Organize your financial life as a couple (combine accounts, give access to accounts, etc.)
- Prioritize your financial goals as a couple
- Don’t hide any purchases from your spouse
- Check that the beneficiaries on your accounts (like retirement, life insurance, etc.) are correct
- Talk to your parents about their will and estate plan
Financial Education Resolutions for 2018
- Read one personal finance book each month
- Order your three credit reports from the three credit bureaus and make sure the information is accurate
- Increase your credit score by 30 points
- Listen to one financial podcast episode each week
- Bookmark three financial blogs and read them each week
- Have one financial conversation a month with a family member, friend, coworker, neighbor, etc. Learn from their successes and mistakes.
- Teach your children about personal finance (each month a new topic like budgeting, saving, investing, retirement, etc.)
- Sign up for a free personal capital account to track your account balances and investments performance
- Meet with a financial advisor if you need help managing your money
- Meet with a CPA (who specializes in individual taxes) to learn about your taxes and to see if there are any strategies you should be implementing to ensure you aren’t overpaying taxes
- Ask for advice
Miscellaneous Financial Resolutions for 2018
- Keep a money journal of your money thoughts, struggles, accomplishments, worries
- Set financial goals and map out a plan to reach them
- Review your current health insurance
- Review your rental or mortgage insurance
- Review your car insurance and inquire if there are any discounts you aren’t taking advantage of
- Take a step back and review your financial achievements; celebrate them
- Organize your financial documents
- Close unnecessary accounts to help clean up your financial portfolio
- Create a will
- Start tracking your net worth
- Start saving more money towards the things that really matter
- Start giving more. There’s a magic that happens when you give, whether it’s your time, money, or both.
- Think of a money mistake you made in 2017 and vow not to repeat it
What are your New Year’s Resolutions?
Bonnie | Playing Perfect says
Liv, I love this so much!!!!
There are so many great ideas here and for so many types of financial goals! Is it weird to say you should be proud of this post lol?! Seriously, I haven’t seen a post like this! It’s very rare for me to think “Wow, I want to bookmark this post” and when I came here I thought that!
I’m going to seriously share this as much as I can AND I’m going to read this throughout the year to inspire me, check in with my financial goals, and to remember that there is a lot that a person can be doing in terms of their money.
Thanks, and I’m so excited to look around your blog! 🙂
Thanks Bonnie! You are too nice 🙂 Glad you enjoyed the post!
Great! I will probably be able to save money this year 2018! I will love to try everything you said to have a better and financial problem free life.
Yay, cheers to a great 2018!