Most New Year’s resolutions end in failure. News flash, huh? The key to making a New Year’s resolution work for you is to treat them like baby steps rather than huge leaps forward. After all, it’s no big deal to lose a couple of pounds, but losing 50 seems like an impossible task.
Similarly, you can tackle most financial resolutions much more easily by taking them in small chunks. Try these nine resolutions on for size:
1. Read ONE financial book
You don’t even have to buy one, just use the local library. There are probably dozens of great books there just waiting to be checked out. If you don’t see one you want, many libraries will order whatever you want to read. Just ask. I would recommend these:
- How A Second Grader Beats Wall Street
- The Total Money Makeover: A Proven Plan for Financial Fitness
- Debt is Slavery: and 9 Other Things I Wish My Dad Had Taught Me About Money
- I.O.U.S.A.: One Nation. Under Stress. In Debt.
- The Millionaire Next Door
- Outliers: The Story of Success
2. List your debts
List every debt you owe with the interest rate and minimum payment. If you want to get out of debt, make a resolution to just get started by making a list and checking it twice. If you can, consider making double payments on your credit accounts. If you keep paying that same amount each month, never charging another penny and you’ll pay off your credit card in less than three years, regardless of the current balance.