Getting your financial life in shape is a common New Year resolution that is more likely to be broken before the first month. It’s easy to make big financial goals, but difficult to achieve due to unrealistic expectations and lack of planning. So it’s essential to be smart about your financial goals and your plans for meeting them.
Be careful while you are setting the financial goals together with your spouse. Some resolutions may sound good, but if you fail to achieve them, your financial situation will get worse. Make realistic financial resolutions or goals for 2017 that you should be able to achieve as a couple.
Here are 5 financial New Year’s resolutions you should avoid as a couple:
- Spend Less and Save More
You wouldn’t be able to keep up this vague resolution if you’re not sure what you’re saving for and how much more you have to save. Set some specific savings goals and define a base amount you want to save each month. Take a look at your last year’s spending habits and identify where you can cut back your expenses.
- Fight about Money
You are likely to break this resolution even before you have made it. Arguing about money is very common between couples. Instead of fighting over money issues, learn how to compromise and work together to improve your financial life. You’ll be able to achieve your financial goal if you both commit to that goal.
- Creating a Perfect Budget
There’s nothing like a perfect budget. What works for others won’t work for you and what worked for you years ago may not work for you today. So don’t be worried about creating a perfect budget. Instead, be honest with your partner about your finances and develop a solid financial communication with each other.
- Getting Out of Debt This Year
This resolution is bound to fail if you don’t take proper steps towards achieving it. If you have less debt, you can easily get rid of it; but, if your debt amount is large, you need to find ways to manage it properly. Pay off your high interest loans first and figure out how much money you can put towards the debt every month.
- Having Your Finances under Control This Year
It takes time to bring your finances under control. So give yourself enough time, set small goals, and stick to them. As a couple, you should keep track of your monthly income and how much you are spending each month. Once you have a realistic budget, you will be able to make the right financial decisions.
Related Article: How to Stay Debt-Proof in Your Marital Relationship
Make financial resolutions that actually help you achieve financial success in the coming year – and beyond.