2012 has started with a bang. Everyone is focused on changing or improving some aspect of their life. Making Financial Resolutions are usual
ly in the top 3 of all resolutions. Here at Smart Money Chicks consider ourselves pretty lucky to know some pretty cool and knowledgeable Personal Finance, Small Business and Career Experts. We asked each one of them to give us a tip that will contribute to our Financial Success for 2012 and many years to come.
1. Have a plan – If your aim is to pay of debt or increase your income there is no point just saying you want to do it. You need to work out a plan of attack. For debt repayment, cut your spending and look at ways to make more money. Write down what you will change to make it happen and clear that debt. To increase your income look at your skills or what you can do then how can you market or make money from that.
Kylie Ofiu, Author of 365 Ways to Make Money
2. Fund your retirement account. I don’t care if you can max it out or not, the main point is that every little bit helps! When you are “young” its important to put the money aside so that it grows over time. I see far too many individuals nearing retirement age and they have nothing to live on. It makes me sad to think that they could have saved more throughout their lifetime but didn’t. I feel like we are in a state of “pay off your debt,” “mind your bills,” etc. And are living in our current state of mind yet it could hurt you in the future!
Trish from The Financialite
3. Do something different in the New Year with your money. If you haven’t donated to charity in a while, put some of your money towards a cause you care about to generate some prosperity in your life. If you’ve been uncomfortable with investing, take some time learning about ways to invest your money and break out of your comfort zone. If you’ve been putting off growing an emergency fund take 5 minutes to set up automatic deposit and a savings account- you will feel so much better about starting the year off right by doing something a little different with your money! Trying something new, breaking an old habit or simply doing something you’ve never tried will help you grow your money by trying something new – this year I’ll be investing for the first time to do just that!
Shannyn from Frugal Beautiful
4. Track your Spending- Track your spending is critical to creating and maintaining a budget. You must know where you money is going if you want to control it.
Ashley Barnett from Money Talks Coaching
5. Stay on top of your credit- You can check your credit once per year from each Credit Bureau with no cost. Order one Credit Report from each bureau every 4 months. Credit is such a huge part of your life – whether you like it or not – and it deserves your attention. With regular checks, you’ll be the first to know if there’s something that needs to be taken care of.
Andrea Amir from Smart Money Chicks
6. Create a new stream of income through freelancing, selling your stuff on eBay or Craigslist, working a part-time job, or starting a home based business) and give that income a job of helping you meet a financial goal like paying down debt, saving for a house, or investing for retirement.
Julie from The Family CEO
7. Expect the unexpected- In my experience, the things that throw people off their financial goals aren’t necessarily things like excessive dining out or shopping, but rather those things that we don’t anticipate but MUST spend money on. Those little expenses that run in the $50 – $200 range that can make the difference between saving for that dream vacation and just staying afloat and out of debt. And while they are unexpected, they can be planned for.
How? Add a category to your monthly spending plan (aka budget) for “unplanned necessities.” To determine the amount, go back over the past 12-24 months and review your past spending on those types of things, then find the average. Set that amount aside each month so that when your cat eats a toothpick, the surgery to extract it won’t set you back 6 months.
Kelley C Long, CPA, from KCL Money Coach
8. Be aware of your emotional state before making financial decisions. Always ask yourself does this bring me closer to or further away from my goals.
Shareeke from The Conscious Spender
9. Can I Get Fries With That?– When it comes to Salary Negotiations: Remember that not only salary is negotiable. If an employer (current of future) is not able to dole out more money, be sure to ask about other perks that may be up for negotiation such as vacation days, telecommuting options, mileage reimbursement, stock options, or a one-time performance or signing bonus.
Monique Eddleton from Golden Parachutes Career Coaching Services
10. Always Be Involved in Your Money Matters. Don’t be caught at the mercy of someone else for money
Lisa Decker, CFDA of Divorce Money Matters
11. Start small when starting a new business. Make a commitment to one action and take it. Test the waters. Don’t overspend before you know if your idea is financially viable AND if you really want to do the work necessary to run the business.
Angela Stalcup from Angela Stalcup.com
12. Take Advantage of Teachable Moments with your kids- Whenever you are in a situation that involves finances and decision making. Take a moment and think is this an opportunity for your kids to learn about money? If so, include them.
Ornella Grosz from Moneylicious
We know it is not realistic to implement all 12 tips at one time but it is possible to choose one tip each month over the next year and work on implementing that tip. We would love to know which tip you are going to work on and how you do.
Andrea is the Chief Chick of Smart Money Chicks. After filing BK twice (once because she panicked, second time because the pro messed the first time up), she realized that it all could have been avoided if she understood more about how her Finances worked and the options available. At that point, she wanted to help as many as she could never make the same mistakes again. Our Promise is that all the content you read on here is created or edited by Andrea
Great post to start off the New Year!!!