[colored_box color=”blue”]Tools to Help You With Financial Resolutions[/colored_box]
- Tools to Help You Stick With Your Financial Resolutions
- Tools to Help You Stick With Your “Quit Smoking” Resolutions
- Tools to Help You Stick With Your Weight-Loss Resolutions
- Tools to Help You Stick With Your Lifestyle Resolutions
- Tools to Help You Stick With Your Productivity and Time Management Resolutions
- Tools to Help You Stick With Your Organizational Resolutions
You may not be an accountant or financial wizard, but this doesn’t mean that you can’t keep track of your money. Whether you are a stay-at-home mom, entrepreneur, or CEO, finances are essential. Thanks to the Internet, there are plenty of resources that you can take advantage of, a myriad of apps, websites and strategies out there, and forums for support. By correctly utilizing them you will be able to stick to your New Years resolutions for 2014. Here are a few basic tricks that you should take into consideration before downloading the tools:
- Track your monthly income and expenses: granted, this may seem a little too basic, but it actually works. I usually have the displeasure of running out of money for the simple fact that I do not keep track of my expenses and income. By keeping tabs you will have complete control over your money.
- Take an accounting class: understanding the basics of accounting can be extremely useful for you, even if it’s only the basic knowledge. Just being able to correctly read accounting reports will save you a lot of money.
- Stick to a budget: You think everything is going great, then all of a sudden your birthday comes and you have no money for the party. Now that there are still holidays, you should plan out your own budget. (you can also do this in weekends).
- Save Money: nothing is more useful than a secret stash of money for emergencies. According to financial consultants, people should put 10-20% of what they make, away, every month, for security. Do you really need that chocolate or that 20th pair of shoes? Probably not. Instead of wasting your money on useless stuff, why not put it to better use?
Now that this is out of the way, here are the best tools for sticking to your Financial Resolutions:
1. Level Money
Level Money is basically a digital personal trainer, for personal finance. It is very useful for people who wish to keep track of what they spend. For example, if you are grabbing a quick coffee after work, you will be able to write it down, and see how trivial expenses affect your broader context or long-term finances. You probably have no idea just how much small purchases can impact your financial future, and having the daily “money-meter” by your side, will help you immensely. For real-time, easy-to-digest snapshots of your financial health, Level Money is perfect.
If you are extremely worried about your finances, then Mint is the tool for you. It is a free online money management tool that enables you to bring all financial accounts into one place. With it you can track your savings, investments, retirement fund (if any), credit cards and life checking. There are also features that will enable you to track goals about anything from payong of the balance-transfer credit card, to buying the computer that you’ve always dreamed of. If you’re an entrepreneur you will definitely fall in love with Mint, because it will let you view your entire financial portfolio from your smartphone.
Are you thinking of saving and investing money on a monthly basis? With Betterment you can access a myriad of ETFs that instantly diversify your portfolio. Furthermore, you can track this portfolio on Betterment with the help of Mint, so using the two as a combo might be extremely useful. After you signup (for free), you can link your checking account to Betterment. With only a few clicks of the mouse you can set up one-time transfers or recurring transfers. By adjusting the allocation feature you can diversify your investment options.
Lift is an incredibly simple app that helps you create better habits, one small step at a time. Although it can be used for all types of resolutions, because it basically tracks your progress by checking off micro-tasks upon completion, it can be very useful for finances. You can create small goals like “put 20$ away every day”, or “refurbish the old sofa”, and invite your friends to cheer you on. Once you have completed the tasks you check them off, and you can continue monitoring the rest.
5. Accountability Buddy
We know, we know, this is neither an app nor a website, but it is still a tool. Having an accountability buddy is probably the most effective way of sticking to your financial resolutions. Before you choose someone who is willing to help you with your finances you should take into consideration a few things. As Entrepreneur.com explains:
An accountability partner is a business peer who helps you grow your company by offering guidance and by holding you to your commitments. While it’s similar to a mentor relationship, both partners work on bettering their businesses with the feedback and support of each other.