Over the coming weeks you will hear literally dozens of predictions and New Year’s resolutions. This is usually a time where everyone looks back and says, “Wow what a year”, or “Wow what a crappy year”. Hey, don’t feel bad, we did survive then end of our world according to those crazy Mayans!
I wanted to come up a profound list of things to focus on for 2013. But you know what, this New Year will be no different, we’ll need to focus on the same stuff as always. Instead, I’m going to share with you what my own financial focus list for 2013.
My 2013 New Year’s Financial Resolutions
1. Save more. Since I’m self-employed, I don’t’ have the benefit of an employer’s retirement plan. I also don’t have the huge benefit of payroll withholding. So I have to be more disciplined to put that money in savings before it gets spent. While I do save a great deal, I have been a little light on retirement savings.
The reason being – three kids will be going to college before I retire. So I’m saving for college, saving for an emergency, saving for major purchases and trying to save for my own retirement. Yes, retirement. Sorry folks, don’t’ want to be working at investments till I’m 90.
So my resolution is to commit to a set percentage from each check, and stick with it no matter what. You can do this too with your 401(k) plan. Set that percentage and challenge yourself to increase it.
2. Control spontaneous spending. I really don’t have a problem with impulse spending, and neither does my wife. Like most people there are times when I don’t think like a financial advisor and spend a few bucks on stuff that could wait. I have a serious problem with Amazon. I just love the convenience of that site, and I love to read. They make it really easy to spend way too much.
So my resolution is to think before I buy. Avoid impulse, and maybe sleep on my purchases before I commit. I’m absolutely going to avoid using credit cards as much as possible in 2013.
3. Invest more in my business. Financial advisors are lucky in that they don’t have to go into debt to begin as business owners. Just like all business owners, we need to invest money back into our practice for it to grow. In business, if you aren’t growing you’re dying.
I have some goals that after 10 years of independence that I have just not reached. I think with some additional investment that those goals can be achieved. So my resolution is to invest more in my business.
So these are my 2013 New Year’s Financial Resolutions. I firmly believe that you should focus on just a handful of items. Don’t over complicate it by making too many goals. You could just work on one to three like I am. If you’d like some help with your finances in 2013, write to me at firstname.lastname@example.org or just give me a call at (859) 225-2596. Oh yea, Happy New Year!