She Strengthens

Rethinking New Year’s Resolutions: A Fresh Approach to Financial Challenges

As the calendar flips to a new year, we’re bombarded with friends’ and acquaintances’ declarations of self-improvement on social media. The usual suspects make an appearance: exercise more, eat healthier, spend quality time with loved ones, give back to the community, and travel extensively. But let’s be honest – the initial enthusiasm often wanes, and those lofty goals are abandoned by February.

The Problem with Resolutions

A resolution is simply a plan, and plans are prone to change. That’s why I prefer to set challenges for myself, especially when it comes to my finances. Last year, I took the first step towards budgeting, but I didn’t quite meet my expectations. I created a detailed spreadsheet, tracked every expense, and outlined my savings goals. Despite my best efforts, I still spent more than I saved.

A New Approach: Six Financial Challenges

This year, I decided to create a list of financial challenges that would push me to improve. After narrowing down my list, I settled on six key areas to focus on:

Limit Online Shopping

My Achilles’ heel is online shopping. I’m easily tempted by product advertisements, and before I know it, I’ve clicked “order” and committed to a purchase. To combat this, I’ve removed my favorite online stores from my browser’s homepage and made a conscious effort to avoid browsing altogether. My goal is to only shop online for absolute necessities.

Make the Most of My Library Card

As an avid reader, I’ve spent a small fortune on books in the past. This year, I’m challenging myself to utilize my library card more. I’ve compiled a list of classic novels I want to read, and I’ll focus on borrowing those first. Not only will I save money, but I’ll also support my local library and tackle my reading list.

Maximize Cash Back Bonuses

My credit card company offers an additional 5% cash back bonus on certain online purchases. I’ve made it a habit to check their website before making a purchase to ensure I’m getting the best deal possible.

Automate Savings

It’s time to take control of my savings. By setting up automatic transfers from my checking account to my savings account, I’ll eliminate the temptation to spend money impulsively. This simple step will help me build a safety net and achieve my long-term financial goals.

Invest in Timeless Pieces

I’ve fallen prey to trendy purchases in the past, only to regret them later. This year, I’m committed to buying classic, high-quality items that will stand the test of time. Whether it’s clothing, jewelry, or home decor, I’ll prioritize timeless pieces over fleeting fads.

Prioritize Experiences Over Material Possessions

I’ve come to realize that money spent on experiences brings me far more joy than money spent on material possessions. This year, I’ll focus on creating memories with loved ones, exploring new places, and attending concerts and events that bring me happiness. These experiences will stay with me for a lifetime, unlike the latest gadget or trendy accessory.

The Road Ahead

These challenges won’t be easy, and I’ll undoubtedly face moments of weakness. But I’m determined to stay committed and remind myself of my goals whenever I’m tempted to stray. By taking control of my finances and making conscious choices, I’ll be stronger, wiser, and more fulfilled in the years to come.