I like lists because people respond to lists. Here’s a list of 10 Keys to Financial Success from AllBusiness.com (Keys from AllBusiness; comments from the author). I like this list because I’ve mentioned each one of these points before. It doesn’t hurt to hear them from another source:
#1 – Track Spending and Evaluate Results – This is the top key to financial success. Learn how to prepare your 2012 budget based on how much you spent in each category in 2011. Everyone needs to know where the family money goes.
#2 – Pay Yourself First – The first item in your spending plan should be money set aside to save/invest before you pay any bills. If you wait until the end of the month, you will find there is no money left.
#3 – Company Savings Plan – Contribute to your company 401(k) plan each payday. If your employer matches any part of your contribution, it is “free money.”
#4 – Forget the Plastic – Use only one credit card and pay it off each month. Know that you are in financial trouble right now if you can’t pay off the card in full.
#5 – Learn How to Shop – Good shoppers do a lot of work before they enter the store or go online. Compare, look for coupons, always use a shopping list.
#6 – Look to Save on Your Home – Raise your insurance deductible; appeal your property tax assessment; check on refinancing your mortgage (but talk with a financial professional first; don’t rely on advice from the mortgage gal).
#7 – Save on Utilities – Shut off the lights when you leave a room; wear a sweater in cold weather. Keep track of how much you spend on gas, electricity, and water.
#8 – Be Car Smart – Most Americans overspend on their vehicle – don’t be one of them. Shop around for gas; keep your trunk empty (less weight equals less gas).
#9 – Get Everyone on Board – Hold a family meeting periodically to discuss spending and saving. Include the kids.
#10 – Read the Fine Print – Read over your bills; understand the charges. I called utilities last week because I did not understand how I was being charged for electricity. Understand before you sign.
Any of these would be a good 2012 resolution. Do all of them and you will have a great financial year in 2012.