New Year's Resolution

Many people choose the new year to make changes in their financial and personal lifestyle. Whether you want to save more money, get out of debt, loose weight or start a healthier lifestyle; the start of a new year with a new year’s resolution is the way to go for many. We have some tips that will help you begin this new year off strong. 

 

A new year’s resolution for financial stability

Financial stability starts with reviewing your current financial resources. This is important because your current finances affect your ability to reach your goals and protect those goals from potential financial crisis. These are the resources you will draw on to meet various life events. To start, calculate your net worth – this isn’t as difficult as it might sound. Your net worth is simply the total value of what you own; your assets, minus what you owe; your liabilities. This gives you a snapshot of your financial health. 

First, add up the value of all your assets. This includes personal possessions, vehicles, homes, checking and savings accounts, and the cash value (not the death benefit) of any life policies you have. Include the current value of investments, such as stocks, real estate, certificates of deposit, retirement accounts, IRAs and the current value of any pensions you have. 

Now add up your liabilities: the remaining mortgage on your home, credit card debt, student and personal loans, taxes due on the profits of your investments if you cashed them in, and any other outstanding bills. Subtract your liabilities from you assets. Do you have more assets that liabilities? Or more liabilities than assets? According to Forbes Magazine “If you have $10 and no debt, you are richer than 15% of American Households put together.”

Your goal is to create a positive net worth, and to have it grow each year. Review this number yearly to monitor your progress. Make a monthly budget to help keep yourself accountable for your spending.  Websites like Mint.com help you keep track of your income, expenses and net worth on a daily basis. 

A new year’s resolution for a healthier you

There are numerous ways to create a healthier you. Healthy portion sizes and making time for fitness are two common ways to accomplish that goal. 

Healthy Portion Sizes

  • A serving of meat is about two or three ounces – about the size of a deck of cards, or the palm of your hand. 
  • One serving of grains is equal to one slice of bread, one ounce of cereal, or 1/2 cup of pasta or rice. 
  • A serving of fruit or vegetables is equal to one piece of fresh fruit or vegetable, 1/2 cup chopped, or 3/4 cup of fruit or vegetable juice. In general, it’s not as necessary to be vigilant about vegetable and fruit intake, as any amount is healthy – just make sure you’re getting enough while being aware of the sugar content in fruit. 
  • The key to any meal is to have 75% of your plate covered with vegetables and 25% covered with meat or pasta. 

Make Time For Fitness

  • Park your car far away, and walk farther to your destination.
  • Participate in a charity run, walk or bike event. 
  • Take the stairs instead of the elevator or escalator. 
  • Squeeze a stress ball while at work to relieve tension. burn calories, increase flexibility, and improve blood flow. 
  • Exercise during your lunch hour, even if it’s just a walk around the block or up and down a flight of stairs. 

Getting even 20 to 30 minutes of exercise per day will improve your health. It will also make you feel better overall and can be fun. 

Set yourself up for a successful new year

In conclusion, the point of a new year’s resolution is to make changes in your life. Make sure to set reasonable goals and don’t set unrealistic expectations. You don’t want to start off the new year with a goal that is impossible to reach. There are numerous resources available online and as an app that can help you along the way. Budget websites and apps, workout videos and apps, even calorie counters are easily accessible and will help you along the way. 

Most of all, stick with your goals and you are on the right track to a new you!