By Donna Jones
Just as your waistline and cluttered closets may benefit from a fresh approach, so can your finances. The following are tips to inspire you to make — and keep — your financial resolutions this year:
Review your insurance policies
*Block out time on the calendar to review your accounts.
*Review rates, beneficiaries, insured amounts and more.
*Give a trusted family member important access info.
Put a cap on bad spending habits
*Target one habit, such as online shopping when you’re bored or eating out.
*Set a realistic goal and clear limits.
*Identify and avoid triggers.
Build up at least three months of emergency savings
*Calculate using essential monthly expenses only.
*Make sure it’s easily accessible for emergencies.
*Save more if your job is unstable or you’re supporting others.
Make a plan to pay off unwanted debt
*Ask for a lower interest rate.
*Focus first on the highest interest rate or lowest balance.
*Make a larger monthly payment by cutting spending elsewhere.
Prioritize that account you’ve been meaning to open
*Think: life insurance policy, IRA, kids’ college savings, vacation fund.
*Determine your goal and calculate a savings plan.
*Set up even a modest monthly auto-pay.
Commit to a no-spend day (or weekend) monthly
*Make a “fun and free” entertainment list.
*Use up food in your freezer or pantry.
*Make time for crafts, organization or home projects.