Making Our Resolutions a Reality - How Do You Plan to Build Wealth in the New Year?

In a recent article, we discussed some tips for making New Year’s resolutions. Now that we’re (gasp!) halfway through January already, it’s time to take action (if you haven’t already) to realize your goals for this year.

I remember being told in school that “no plan is a plan to fail.” While this saying doesn’t coincide well with my normally optimistic outlook, it does present some truth. In our Dec. 30 post we gave some suggestions for creating your resolutions. Well, now that it’s officially 2007 it’s time to act.

Some tips to start 2007 off on the right foot are:

Create a budget and stick to it - this way you’ll plan where every penny is going ahead of time and not be suspect to compulsive spending
Keep track of finances and financial goals in writing - this can serve as an informal contract with yourself
Spend less than you make - you’ll never get ahead if you live beyond your means
Set realistic goals for yourself - think about your values and set your goals accordingly
Assess your financial situation - make sure you’re up to speed on exactly how much you owe as well as the interest rates you’re paying
Be your own devil’s advocate - ask yourself the tough questions to make sure you’re never in the dark about where you are or where you’re going financially
Make informed financial decisions - whether you hire a professional to help or not, as we’ve said before “no one cares more about your money than you do.” Become an active participant in your own financial present and future.

How do you plan to build wealth and/or get out of debt in 2007? We at 22Dollars invite you to share your tips for success in the New Year. No matter how obvious or simple you may think some of your successful habits are, they just might help another reader as we all work toward a better financial future.