I’m not joining a gym. I’m not going to eat less.
And let’s face it, I’m probably not going to earn more. But I am going to spend less, and thus have more.
You’ll note there’s nothing here about replacing your light bulbs with more efficient ones. That’s good for the earth and I enthusiastically support it, but it’s not going to make much of an impact on the thickness of your wallet.
Here are my 2017 New Year High-Impact Money-Saving Resolutions:
- I will avoid making large purchases unless I really need to. We limped along with an ancient boiler for years. It required a lot of nursing. The water makeup broke and I had to manually advance fresh water for years (yes, I’ve been told it’s a fire hazard). Then it started to leak on the floor and I’d have to mop it up regularly. Eventually we capitulated and got a new boiler, but it was years after most people would have. And all those years we were socking money away.
- I will avoid entering into monthly payment plans unless I really need to. It used to be that monthly payments were limited to a mortgage, car payment, and utilities. Now lots of things are monthly plans: Cable TV, streaming music, Netflix, gym membership, smart phones. Consumers like it because there is no down payment and the monthly charge is relatively small; companies like it because there is a constant, never-ending flow of cash. That’s YOUR constant, never-ending flow of cash. Critically examine new and existing plans – do you really need them? I have a smart phone and high speed Internet, but that’s about it. Nora decided she doesn’t really need a cell phone, so she goes without.
- Before I make a large purchase or enter into a monthly payment plan, I will wait 24 hours. Think about it. Pray on it. I can’t tell you the number of times I thought of a better or cheaper alternative to a large expense after sleeping on it. Be a wild and spontaneous person, but not with your spending.
And one 2017 New Year High-Impact Non-Money-Saving Resolution:
- I will invest in myself, even if it means spending money. Sometimes investing in yourself means reading a library book or joining a bible study (free), sometimes it’s taking a night class or subscribing to a premium level of LinkedIn (not free). We make strategic investments of time and money because we think they will pay off in the long run. Personally, I can’t think of a better or safer investment than myself.
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The only debt I have right now is for my kids’ college loans. A worthy investment.
Yes, should pay many dividends!
Penny deSaver says
I like that you’re approaching your goals with the understanding that things can go wrong. So often when people miss their goals as a result of some unforeseen emergency they beat themselves up for it. Working towards a goal, while realizing that life will happen, can be better for your emotional self. Also, as you increase your savings, you’ll find that what would have been an emergency will instead just be an annoyance. Good luck with your 2017!
Yes, things always go wrong at some point. Thanks for the insight!
Ah…why not set a resolution to save more? Maybe something like a 52 week or a 365-day money challenge?
After all, if you save 5 bucks a week or a buck a day, you’ll build good habits and save money at the same time.
Can’t argue with that approach!
Valerie Mendenhall says
It is annoying that cable TV and smart phone plans are so doggone expensive and recurring expenses at that. It’s nice that there are some options for cutting the cable cord, so to speak, but no real options for good coverage cell phone plans. I’m not a data hog, but I also really appreciate how my smart phone keeps me connected no matter where I am.
Valerie Mendenhall says
If I could give advice to someone coming out of college looking for their first job, I’d counsel them to research companies/employers who still have pensions. What a difference that can make toward saving for retirement. I understand it’s much more of a rarity these days and companies who used to have them have phased them out.
Yes, finding a job with a pension is liking spotting a jaguar. They exist, but darned if I’ve ever seen one. Haha.