I feel like every January, most personal finance columns encourage us to kick off the New Year with a fresh set of financial resolutions that involve finding ways to streamline our budget and save more. At the top of almost every list: give up that daily Starbucks latte.
Iím kind of tired of hearing that same tip, and feel that if at this point people havenít gotten the message then writing it one more time isnít going to persuade them to change their habits.
So letís assume that we all know itís not the smartest move to spend several dollars on that higher-priced cup of Joe every day when you can brew a less expensive version at home and put it in a go cup. This year, what else can we do to get our financial house in shape?
Bob Stammers, who heads up investor education for CFA (Chartered Financial Analysts) Institute, offered a few other ideas that I found pretty helpful:
Last year, my New Yearís Resolution was to go paperless. I succeeded, but not in the way that I expected.
I began the year trying several new online applications that aimed to help me organize tasks ranging from setting up a snapshot of all my bills and reminders to pay them, to creating a family system that would allow my kids to track their allowances and chores.
As I often discover (and re-discover) when I embark on an effort to create new habits, starting simple is best. As such, I found that a lot of these applications fell by the wayside, probably because I tried to integrate too many of them into my busy routine at once. Collectively they were too new, and therefore too difficult to master, in an efficient amount of time.
I ended up laying the foundation for my paperless life Ė and eliminating literally bags upon bags of clutter - with three simple steps:
1. Assign one email address as my contact for reminders from banks and bill companies, and then sign up for paperless statements.
2. Create a filing system on my computer to organize all documents, back it up twice with an external hard drive and a cloud-based storage system, and set quarterly reminders on my calendar to download statements.
3. Buy a desktop scanner thatís also portable for when I travel. As silly as this may sound, having the big all-in-one printer/scanner/fax machine that sits at the opposite end of the room was simply too much effort when I could more easily throw a piece of paper into the scanner to file online while talking on the phone or finishing an email.
2013 is going to be another good year for borrowers, and a lousy year for savers, as interest rates remain low amidst a slow-growth economy, Bankrate Senior Financial Analyst Greg McBride said in an interview.
McBride forecasts that the U.S. economy will expand by about 2 percent this year, tempered by an unemployment rate that will decline very slowly and gains in wages that will be ďnothing to write home about.Ē
Those consumers looking to purchase or improve their homes or upgrade the cars will have a window of opportunity as borrowing costs remain low. Auto loans, for one, are at record lows and are still falling, making 2013 a favorable year from a financial standpoint for anyone looking to buy either a new or used car, McBride said