Money Magazine recently shared the top five money resolutions people have for 2014 as follows:
1. Simplify my finances
2. Save more for retirement
3. Pay down debt
4. Donate more to charity
5. Create and stick to a budget
Here's where I stand on these:
- I have been working on simplifying my finances for the past few years, namely reducing the number of investment accounts, credit cards, banks, etc. that I do business with. So I'm pretty set in this area.
- I have recently updated my retirement plan numbers and have a goal I want to save for 2014. It's a good-sized goal, but I think I can beat it.
- I have been debt free for almost 20 years now and I don't plan on taking on debt at this point.
- I have an annual budgeted amount both for giving to my church and outside charitable giving as well.
- I haven't had a budget in years, but this year I'm planning on making one, just to see how much potential retirement savings I can squeeze out of a year.
In addition to the above, here are other financial plans I have for 2014:
- Review my investments once a month just to make sure they are on track.
- Complete my (increasingly complicated) taxes. Yes, I'll be using a CPA.
- Complete a list of where all my accounts are, contact info, web passwords, etc. for my wife in case I pass away.
- Review my credit report twice.
- Update our will/estate plan.
- Complete my real estate remodels and manage properties as needed.
That's what I have planned for 2014. How about you?