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My Money Resolutions

It’s the time of year where we all resolve to change. This year I’m making some personal goals but am also making a new list this year—money resolutions to get me back on track. I try my hardest to practice what I preach when it comes to finances. I make a budget (and mostly stick to it), I put quite a bit away for retirement, I have an HSA, and about six months’ worth of money in an emergency fund (just a savings account that I don’t touch unless necessary). However, I have some goals I would like to work on in 2018.

1.     I will try to stop spending money to save money

At the end of December I got an especially exciting email from Yankee Candle—6 large candles for $60!  Are you serious?! That’s an insane price per candle especially when I love them so much. The problem is—I already have 11 candles that I haven’t even touched (and even more tea lights, votive candles, and other sizes…oh my!). This is a gimmick that all retail shops do. The savings come when you spend the money, but you’re not saving money because you’re potentially buying something you don’t need. There is a time and place to stock up but right now I do not need any more candles.  My goal in 2018 is to avoid spending money to save money. I’m going to be thoughtful with coupons and emails. 

2.     I’m going to take better inventory of what I already have

I’m a person who likes to take advantage of deals and I’m also a person who likes to make sure I always have stuff on hand. We have enough TP to last being snowed in for a year (OK not really… but we have a lot!), I have toothbrushes in all shapes, colors, and bristle strengths just in case I have a last minute guest who needs a red medium bristle brush. Being prepared is a good thing, and having necessities on hand has come in handy but I’ll admit (and my husband wholeheartedly agrees) that sometimes I got a bit overboard.  My 2018 goal it to take better inventory of what I have on hand so I can make a better decision about spending money on that 18th giant pack of TP, just in case! 

3.     I’m going to limit my emotional spending

I just got a paper accepted for publication at an academic journal…bought myself a present to celebrate. I had a rough week with many meetings, late night workshops, and missed a deadline… bought myself a present to make me feel a little better. I made it through another semester…bought myself a present to pat myself on the back for doing a good job. The list goes on, but I’m an emotional shopper. There’s nothing wrong with treating yourself (and in fact you need to every now and then). My problem is that if I celebrate or commiserate everything then nothing is actually celebrated or commiserated. My goal in 2018 is to limit my emotional spending. The first stop after something big, medium, small, bad, or stressful is not going to be Kate Spade. 

Photo by Gyorgy Bakos on Unsplash

These are some of my money resolutions for 2018. I try to make realistic goals that I actually want to do, because if you don’t actually want to change some of these things then you won’t even come close to your goals (money or otherwise). What are some of your money goals for 2018? I’m always looking to improve mine!

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