Comments on: Making Financial Resolutions for 2006

By: Nensy Jones

Nensy Jones — Tue, 30 Jan 2007 19:58:14 +0000

This post is about making personal finance resolutions for 2006. He enlisted help from Jim, FMF, Flexo, Smarty, Jose, Alexander, and Jonathan. Together, they cover emergency funds, getting out of debt, 401ks, IRAs, budgets, and personal finance statements. It’s worth your time to read every bit and reference every link.

By: John W

John W — Wed, 06 Sep 2006 18:50:57 +0000

Thanks for the advice. Couple of good nuggets.
Couple of comments.
Emergency fund. I agree, but with the caveat that you define “emergency”. Hurricane is a good one. The problem with most people is that if you don’t specify what an emergency is then anything can be an emergency. The car needs major repairs or replacing, the roof needs fixing, etc. etc.

Pay out the credit cards. Yep. But don’t cut up the last one. Keep using it. Reduce the limit to 500 if you have to but keep it active some way.

Budget. Yep. Just don’t forget to include some “fun” or “other” expense money. Reward yourself every month for doing such a good job at keeping to the budget. Celebrate the small things.

By: Adam

Adam — Wed, 11 Jan 2006 21:45:04 +0000

This is a great list of New Years resolutions. I would add two things:

1. When making a budget, look for ways to cut spending, from changing a gym membership to switching banks to re-assess grocery expenditure. You’d be surpised what you decide you can do without–they key is to do the self-assessment. Put the saved money directly into savings or investment.

2. Plan to make just a little more money each month than budgeted, then save that money. One of my favorite ways to make extra money is attending focus groups. You might also think about becoming a paid research subject for research projects. These can sometimes pay quite well.

Any other ideas?

By: Suresh

Suresh — Sun, 08 Jan 2006 00:45:21 +0000

Regarding “5. Set up a Budget,” you may wish to track your expenses after setting up your budget. Tracking your expenses has two benefits: 1) it lets you know whether you need to adjust your allocations next year, and 2) it helps the budget become realized in your lifestyle habit, as opposed to serving as a mere academic exercise. Once you develop the habit that conforms to your budget allocations, then you may not need to track your expenses, except in a general sense to advise allocation adjustments for inflation, etc.

By: Wealth Today » JLP of AllThingsFinancial writes about Resolutions for 2006

Wealth Today » JLP of AllThingsFinancial writes about Resolutions for 2006 — Sun, 01 Jan 2006 07:39:51 +0000

[...] JLP probably has one of the best all-in-one personal finance posts I’ve seen all year. This post is about making personal finance resolutions for 2006. He enlisted help from Jim, FMF, Flexo, Smarty, Jose, Alexander, and Jonathan. Together, they cover emergency funds, getting out of debt, 401ks, IRAs, budgets, and personal finance statements. It’s worth your time to read every bit and reference every link. Filed under: Credit Repair, 401k, Retirement, Savings — [...]

By: fivecentnickel.com

fivecentnickel.com — Sun, 01 Jan 2006 05:15:47 +0000

Happy New Year!

Just a quick note to wish you all a Happy New Year! No major resolutions for me this year. Just a couple of things that we have to get in order… First off, we still need to put together an estate plan. We’re currently living with wills tha…

By: MyMoneyBlog

MyMoneyBlog — Sat, 31 Dec 2005 06:21:13 +0000

Stuff I Found Useful

I don’t always get a chance to talk about all the posts I find especially helpful during the week, so I think I’ll start doing that. JLP of AllThingsFinancial put in some hard work and posted his growing guide to 2006 resolutions. Savvy Saver informe…

By: Sam

Sam — Sat, 31 Dec 2005 00:51:38 +0000

Good list of ideas. It seems to track the advice of Dave Ramsay in Financial Peace University pretty closely.

I am skeptical, however, about rebalancing my investments every year. It seems to be pretty common advice, but to me it doesn’t make much sense.

By: Frugal Momma

Frugal Momma — Fri, 30 Dec 2005 20:56:36 +0000

Good article about financial resolutions. Mine are fairly simple!

Theresa

By: Free Money Finance

Free Money Finance — Fri, 30 Dec 2005 17:31:02 +0000

Star Money Articles: Resolutions Abound

As you all know, I’ve been posting my 2006 financial resolutions at Free Money Finance, but I’m not the only one doing that from around the blogosphere. Here are a few others you should check out: All Things Financial has…