Get personal finance advice, learn money management tips and take online financial training courses for Free.Ten Financial Resolutions to Make for 2010
January 11, 2010, 2:50 pm
Springboard promotes financial literacy education as the key to financial freedom.
At the beginning of a new year, many people re-evaluate themselves and adopt resolutions for self-improvement. While personal fitness goals usually top the list, one of the most important goals that consumers can undertake is fiscal fitness. Springboard Nonprofit Consumer Credit Management has been promoting financial literacy education and helping consumers get into better financial shape for more than 35 years. "At a time when consumers are already facing uncertainty in the housing and labor market, choosing to focus on important money matters can be overwhelming," said Melinda Opperman, senior vice president of community outreach and industry relations. "By being proactive, consumers can better position themselves to manage a financial disaster before it strikes, and pave the way for a brighter financial future," said Opperman.
Springboard suggests that consumers adopt the following financial resolutions for 2010:
1. Today, I will take better care of my finances by creating a spending plan to map out my income and expenses. It is essential to set up a household budget to help guide you down the path of financial freedom. If you are paid more than once per month, determine which bills to pay from which paycheck to ensure bills are paid timely and avoid late fees. Implementing a written budget can help you avoid dependence on credit cards that can overextend your household budget.
2. Today, I will plan for the future by saving for goals and unexpected emergencies. A healthy savings account prevents you from having to borrow money when emergencies occur. Having financial reserves safeguards your household form any unforeseen expenses. Unexpected expenses occur all the time. Whether you need to purchase new tires or have repair work done on your vehicle, a savings reserve will prepare you for these type of emergencies. Unforeseen emergencies often are not such emergencies when we have a rainy day fund account.
3. I will consider the difference between my wants and needs before every purchase. Too often, we base our buy decision on emotions. Spend money only on what you need as opposed to things that you want. For example, wanting expensive designer fashions is a want, not a need. Ask yourself, "How did I live without this item before?" Avoiding spending patterns like this will significantly reduce your expenses.
4. I will meet the credit obligations I have made on time and as agreed. If you've had problems in this area, you'll be amazed at how much stress you can eliminate by getting caught up on your bills and debt payments. Springboard offers a credit and debt counseling session that will require your personal financial situation, create a custom budget and client action plan providing options, tips and solutions to assist you with overwhelming debt obligations.
5. I will continue my personal education about financial health, budgeting, credit and personal debt. Knowledge is power. The more you understand about your finances, the more you'll be able to manage them effectively. Springboard offers free educational seminars, tools, and materials to help you better manage your personal finances. Springboard's Financial Instructional Training (FIT) Academy offers free, online courses with embedded audio. Each course offers a pre and post-test to measure percentage of knowledge gained. By following Springboard on Twitter (CreditDotOrg), you'll receive daily tweet on family budgeting, money management and personal finance.
6. Today, I will obtain a copy of my credit report. The Fair and Accurate Credit Transactions Act of 2003 mandated that the three major national credit- reporting bureaus establish a website, a toll-free number and a mailing address for consumers to request their credit report for free every year. If you have not seen your credit report in months or even years, you may want to review it so there will be no surprises. More employers are reviewing credit reports of prospective employees as part of their due diligence functions and they look unfavorably on a negative credit report. Visit www.annualcreditreport.com or call 877-322-8228 to obtain a free copy of your credit report.
7. Today, I will take measures to reduce my risk of becoming a victim of identity theft. The Federal Trade Commission estimates that as many as 9 million Americans have their identities stolen each year. Taking steps to protect yourself against this growing crime is one important aspect of overall personal financial literacy. Ways to protect yourself against identity thieves include safeguarding your personal information, routinely monitoring financial accounts, billing statements and credit report.
8. Today, I will plan for the next holiday season and will not include credit card balances in those plans. By starting early, you'll avoid getting caught up in the shopping frenzy the next holiday season. By using cash, you'll avoid digging yourself deeply into debt before a new year starts.
9. Today, I will write down my goals. If you have a specific financial goal in mind, you'll be more likely to achieve it by writing it down on paper. It is estimated that fewer than 3% of adults have written plans and goals. Meanwhile, it is estimated that people with clear, written goals are 80% more likely to achieve them.
10. Make the most of your New Year's Resolution. If you resolved to gain control of your personal finances in 2010 and would like to take action on your resolution, visit Springboard's website at www.credit.org for free educational materials, articles, and calculators to help you get started. For those without internet access, please call us at 1-800-947-3752 for printed copies of our educational materials.
2. Today, I will plan for the future by saving for goals and unexpected emergencies. A healthy savings account prevents you from having to borrow money when emergencies occur. Having financial reserves safeguards your household form any unforeseen expenses. Unexpected expenses occur all the time. Whether you need to purchase new tires or have repair work done on your vehicle, a savings reserve will prepare you for these type of emergencies. Unforeseen emergencies often are not such emergencies when we have a rainy day fund account.
3. I will consider the difference between my wants and needs before every purchase. Too often, we base our buy decision on emotions. Spend money only on what you need as opposed to things that you want. For example, wanting expensive designer fashions is a want, not a need. Ask yourself, "How did I live without this item before?" Avoiding spending patterns like this will significantly reduce your expenses.
4. I will meet the credit obligations I have made on time and as agreed. If you've had problems in this area, you'll be amazed at how much stress you can eliminate by getting caught up on your bills and debt payments. Springboard offers a credit and debt counseling session that will require your personal financial situation, create a custom budget and client action plan providing options, tips and solutions to assist you with overwhelming debt obligations.
5. I will continue my personal education about financial health, budgeting, credit and personal debt. Knowledge is power. The more you understand about your finances, the more you'll be able to manage them effectively. Springboard offers free educational seminars, tools, and materials to help you better manage your personal finances. Springboard's Financial Instructional Training (FIT) Academy offers free, online courses with embedded audio. Each course offers a pre and post-test to measure percentage of knowledge gained. By following Springboard on Twitter (CreditDotOrg), you'll receive daily tweet on family budgeting, money management and personal finance.
6. Today, I will obtain a copy of my credit report. The Fair and Accurate Credit Transactions Act of 2003 mandated that the three major national credit- reporting bureaus establish a website, a toll-free number and a mailing address for consumers to request their credit report for free every year. If you have not seen your credit report in months or even years, you may want to review it so there will be no surprises. More employers are reviewing credit reports of prospective employees as part of their due diligence functions and they look unfavorably on a negative credit report. Visit www.annualcreditreport.com or call 877-322-8228 to obtain a free copy of your credit report.
7. Today, I will take measures to reduce my risk of becoming a victim of identity theft. The Federal Trade Commission estimates that as many as 9 million Americans have their identities stolen each year. Taking steps to protect yourself against this growing crime is one important aspect of overall personal financial literacy. Ways to protect yourself against identity thieves include safeguarding your personal information, routinely monitoring financial accounts, billing statements and credit report.
8. Today, I will plan for the next holiday season and will not include credit card balances in those plans. By starting early, you'll avoid getting caught up in the shopping frenzy the next holiday season. By using cash, you'll avoid digging yourself deeply into debt before a new year starts.
9. Today, I will write down my goals. If you have a specific financial goal in mind, you'll be more likely to achieve it by writing it down on paper. It is estimated that fewer than 3% of adults have written plans and goals. Meanwhile, it is estimated that people with clear, written goals are 80% more likely to achieve them.
10. Make the most of your New Year's Resolution. If you resolved to gain control of your personal finances in 2010 and would like to take action on your resolution, visit Springboard's website at www.credit.org for free educational materials, articles, and calculators to help you get started. For those without internet access, please call us at 1-800-947-3752 for printed copies of our educational materials.
For more information, contact: Sheri Stuart, Senior Communications Specialist
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