6 Financial New Year’s Resolution Ideas to Set and Keep


By Karen Rae, Founder of Balanced Life by Karen Rae® and Creator of The Signature Balanced Life Planner®


1. Start a Side Hustle to Earn Additional Income


What better way to increase cash flow than to start a new side job that is flexible but allows you to work an extra few hours a day while earning an additional income. There are many different ideas, depending on your interest. But some suggestions include taking paid surveys, taking part in online research studies, providing online proofreading services, or online tutoring for primary school kids.


2. Take Care of Your Debts on Time


The first expense you make after you get your income should be to clear any pending debts. This year, work on avoiding accumulating debt that can only put an extra burden on your shoulders, and pile on a larger sum that you’ll have to clear in the future.


3. Use Cash When Shopping


Sticking to using cash when shopping is great for keeping yourself in line and avoiding extra spending from impulsive buys.  When you use cash, it will allow you to only spend what you have on-hand and keep you from running up credit card debt.


4. Create a Spending Plan


If you can’t stick to a budget, then you should ditch the traditional budgeting method and create a spending plan instead. With a spending plan, you can choose WHAT you spend your money on instead of limiting yourself to what you CAN’T spend. Start with a necessity list which likely includes such expenses as rent, utilities, groceries, and putting something aside in your savings account. After you identify how much you need for those expenses, you can create other spending lists.


5. Start an Emergency Fund


It’s never too soon to start an emergency fund. You can contribute as little or as much as you can, but as long as you’re putting something aside every month, you can have that extra cash to spend in case of any emergency. After the year we had, this is probably one of the smartest and most important resolutions you should stick to. Start by opening a separate savings account and then set a savings goal with automatic contributions.


6. Track Your Expenses


It’s never a bad idea to write down how much you spend each month. When you have a journal to track your spending, you can understand better what you are doing right and wrong with your budget. You can also improve and live up to your financial resolutions!



The coronavirus pandemic has affected almost every aspect of our daily lives. People all over the world suffered financial hardships because of job losses, paycheck reductions, and other issues. However, with some simple planning and strong will, you can accomplish all your financial goals in 2021. Are you ready to start?

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