Resolving to Get the Money Thing Right

Financial goals are usually among the top resolutions people make for the New Year, but this time around even more people have finances on their minds.  In a story summarizing the findings of numerous New Year’s resolution surveys, CNBC noted that one-third of people who make resolutions usually have a financial goal on their list.  This year, nearly 45 percent have money-related resolutions.

The top financial goals identified by a Fidelity survey were to save more money (51 percent), spend less (30 percent), and make or stick to a budget (14 percent).

A survey by the Principal Financial Group found that paying off credit card debt (33 percent) was the top goal, followed by setting aside a fixed amount for savings every month (32 percent).

While many surveys point to the widespread failure to follow through on New Year’s resolutions, 88 percent of Fidelity’s survey respondents said the recession has strengthened their resolve to achieve their goals in 2010.

Some of my financial goals for the New Year are to drive a steadier flow of income (some of my income sources are highly seasonal), involve my wife in our finances to a greater degree (we talk about our goals, but I’m typically the one who implements any changes to our investments and pays our bills, which means she may not even know the passwords to some of our accounts – need fix that one ASAP), and budget more for enjoyment (date nights, hobbies – too much work and too little play is not healthy).

Hopefully one of your goals is to put together a cash flow plan for 2010. If so, please join me for a free webinar on that topic on January 19th at noon central time.  Click here to sign up.

What other financial resolutions are on your list for 2010?

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