It’s hard to believe that 2013 is right around the corner! Before you open the champagne bottle to celebrate, it’s a good idea to take a few hours on a quiet afternoon and think about the kind of year you would like 2013 to be.
We all hope that in addition to health and happiness, the new year also brings financial peace of mind to our families. It’s very stressful to have to worry about money all the time, and avoiding or minimizing financial stress should be among everyone’s goals for 2013. Rather than allowing financial hardships to defeat us, we should rise to the challenge and say “I will be financially responsible and make 2013 better for me and my family!”
To have a financially sound 2013, consider adopting the following New Year’s Financial Resolutions and sharing them with your family:
1. Each month -and for the entire year- I will spend less than I earn.
One of the biggest obstacles preventing Hispanics from improving an unfavorable financial situation is the lack of action. Just hoping the situation will get better won’t work. You have to take initiative and do something about it! Stop making your financial situation worse by overspending and then trying to plug the hole through high-interest, short-term loans, payday loans, loans from friends and other unattractive options. You, your spouse and anyone else living in the same household must work together to cut expenses until these are in line with your income.
2. I will make myself more attractive to employers.
If after the first few months of trying you still can’t lower your expenses enough to improve your financial standing, then you will have to find alternatives to generate additional income. To do this, you need to earn a raise at your current job, take on an additional job or qualify for a new job with higher pay. Achieving this goal will be much easier if you make yourself more attractive to current and potential employers. Consider studying for a certification or taking a continuing education class that will give you more marketable skills. Also, reach out to a more experienced coworker and ask for their advice on what you can do to improve your chances of obtaining a raise. Finally, you should find ways to meet and get to know people that have achieved what you would like to accomplish. These individuals can serve as valuable career resources that can open professional doors for you and help you avoid making important mistakes as you work towards your goal of increasing your income.
3. I will make sure that my family is protected with the appropriate amount of life insurance.
Having no life insurance or inadequate insurance are both very dangerous for the long-term financial health of your family. If the main earner in the family dies unexpectedly, this places a tremendous financial burden on the remaining members of the family. The medical bills and bills associated with funeral expenses could weigh heavily on them and leave them in a lot of debt. Should you unexpectedly die, this is not something you would want your family to have to deal with. It is a terrible burden that can easily be alleviated with the purchase of adequate life insurance. The life insurance policy will pay your family a designated sum of money – income tax free – if you die during the years when the policy is active. Visit www.lifehappens.org to learn more about your options, how to obtain coverage, and the right amount for your specific needs.
Three simple decisions that can transform your life
These three resolutions can completely transform your quality of life and give you tremendous peace of mind. These steps are within everybody’s financial reach. People make the decision to adopt these measures every single day of the year and are better off for it. What is stopping you from doing the same?