Have you made any resolutions for 2014? I told you about a few of my goals for 2014. Resolutions can be a positive and productive way to start the year but they are easy to forget. In order to stick with your resolutions beyond January, try framing them in a positive light. Instead of saying “I won’t” or “I will stop,” write them down using positive and actionable language such as “I will.”
Many people resolve to save more money in the New Year and we’ve come up with some tips to help you with your financial resolutions.
Four Tips for Financial Resolutions
- Organize and take inventory. Keep a catalog of important financial information and make sure it is current for 2014. If necessary, add new expenses or income to your list for the New Year. Compare to 2013 and if any bills have increased, consider contacting your service provider to see if you can negotiate a lower rate.
- Budget. Did you set a budget for 2013? If so, check your budget and see what areas were difficult or easy to stick to. Use this information to carefully set your 2014 budget month by month. I find it easier to set a monthly budget as it is easier to think on a monthly scale instead of a yearly scale.
- Get the most from your credit card. Open your wallet and inventory your credit cards. Your credit cards should help you make smart spending decisions and support your financial goals. If you aren’t happy with your primary card or the value you receive, consider applying for one that better meets your needs.
For example, the Discover it card is a no annual fee credit card which offers cardmembers the rewards and service for which Discover is known. It also provides a unique combination of features, benefits and an enhanced customer experience. For example, you aren’t charged a late fee for your first late payment and the card eliminates many other common fees, such as foreign transaction fees, overlimit fees and an annual fee. Discover was also the first credit card issuer to provide Discover it cardmembers their FICO Credit Score for free – right on their monthly statements. Plus, Discover’s $0 Fraud Liability Guarantee means cardmembers are never responsible for fraudulent charges on their accounts.Cardmembers can sign up to earn 5% Cashback Bonus in shopping categories that change throughout the year, such as restaurants and movies, gas, home improvement, and holiday shopping. After reaching the spending limit for the category, cardmembers automatically earn 1% Cashback Bonus on all their other purchases – not points!
4. Know where your money goes. Categorizing spending patterns can be a time-consuming experience but knowing where your money goes is one of the best ways that you can analyze your spending and figuring out how stay within your budget. Discover cardmembers can take advantage of the Spend Analyzer, which is a free online tool that categorizes spending and shows you how much has been spent over periods of time. You might be surprised by how much you are spending on something very frivolous! I know for me, it was my daily coffee. By making my own coffee at home, I’ve been able to save over $800/year!
How have you been doing on your financial resolutions?
My views are my own and do not necessarily reflect the views of Discover Products Inc. and its affiliates. This post was sponsored by Discover Card. Rest assured, this Post was written by me and was not edited by the sponsor. Read more on my Disclosure Policy.