Couples' New Year's Resolutions About Money

Couples' New Year's Resolutions About Money: Resolve to Pay Down Credit Card Debt and Meet Long-Term Goals
Dec 27, 2009 Genna Cockerham

New Year’s Resolutions About Money

Money resolutions are among the more popular New Year’s resolutions that couples can make together. The start of a new year is a good time to create a plan to help achieve long-term goals together. These goals often include reducing credit card debt, becoming debt free, having larger savings or making a large purchase.

Pay Down Credit Card Debt

One positive step married couples can take in the new year is to total their existing credit card debt and make reasonable goals toward paying down their debt. It can be easy in January, when faced with credit card statements from December’s holiday purchases and travel, to resolve to get rid of credit card debt but it is a long-term goal that works best when both spouses are on board. Couples who make money resolutions may want to try credit counseling together or enroll in a program like Dave Ramsey’s Financial Peace University to learn how to pay down debt and move to a cash-only system. Other programs teach how to increase savings by having money automatically deducted from paychecks.

Save More Money Each Month

Couples who resolve to save more money each month or who want to make a big purchase can create plans for achieving these goals. To save more each month, couples can either choose to eliminate certain luxuries or to set up an account for savings prior to spending any money each month. Get creative and challenge each other to give up one little habit or luxury that adds up to a large total on a yearly basis. The combined savings can help kick-start an emergency fund, pay for a vacation or go toward a purchase to improve the home.

Couples whose long-term goals include making a big purchase can map out their financial year and decide how much they need to save each month to make their purchase by the end of the year or achieve a certain level of savings toward the purchase.

Update Financial Documents for the New Year

The new year is also a great time to take a fresh look at key financial documents or to stop procrastinating on the tough decisions. Couples who want to put their financial house in order can resolve to make this the year they make a will, choose life insurance options or start saving for retirement. None of these decisions can be made lightly, which is why it is so easy to put them off for later.

Couples who have these financial documents can resolve to evaluate their financial documents to make sure they are up to date and reflect any changes in the past year. For example, a husband and wife may want to review the life insurance plans they have, see if their homeowner’s or renter’s policies are adequate and review their retirement savings plans. These documents can become outdated if years go by without updating them to reflect the birth of children, renovations to the home, additions to valuable collections and more.

Making New Year’s resolutions about money is a great way for a married couple to start off the year on the right foot. Take the time to set a financial goal and make a plan to meet it together. Ideas include paying down credit card debt, increasing savings, working toward a large purchase, creating a will or updating financial documents to keep their financial house in order.

~Love and be Loved