Make some financial resolutions

Farm Forum

It’s the time of year when we are still talking about New Year’s Resolutions. The most common resolution made (after weight control and improved health habits) is money management. Unfortunately the success rate for keeping resolutions isn’t very high: even after just the first week, only 75% are still keeping up with the changes they promised themselves; after one month 64% continue; and after 6 months, the number drops to 46%. Here are some tips for making your resolution more likely to be accomplished:

· Take care of a financial chore you have been putting off. Clean out the files; create an online tracking system for spending records; start with one room and do a household inventory; review insurance coverage; update or create a will. Pick one that’s been on the “to do list” for a while.

· Identify one problem area of your budget and resolve to improve it. Eating out too much, spending too much on clothing or entertainment are small parts of a spending plan that can be fixed with easy solutions. Review the amount spent and set a realistic target.

· Start automatically saving something from each pay check. Most of us can find $5 or $10 by making small changes in our spending habits. $5 is equal to drinking one less fountain drink for 5 of the 7 days in a week.

· Learn something about finances. Your public library, the internet, local colleges offering adult education, and Extension are just a few of the resources available. A few minutes each day is all it takes to improve our understanding of money and how it can be used.

It is never too late to make that resolution. It will help you succeed in improving your financial well-being!

Reach Karen Slunecka at 605-626-2870 or