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Top 6 Family Finance New Years Resolutions

Updated on December 18, 2008

Any time of year is a great time to make resolutions. Taking a long range view of family finances is about more than just saving money in the short term. Some of these are on my list and I hope the ideas will help you have a happy and financially healthy new year too!

#1 - Scrutinize Food Costs

Groceries and dining out can be a huge family expense. Cooking at home can save a lot of money, but it’s also no use trying to work against your own nature. If you hate to cook, think about adding a few crockpot recipes to your menu. They’re easy and cheap. Food preparation services cost more than cooking at home from scratch, but they will save a lot of money over eating out. Take the time to understand where you spend in order to cut back in ways that work for you and your family.

#2 - Consider Life Insurance

Life insurance can be expensive, but the right policy buys peace of mind that your family will be taken care of should you die before your children are able to provide for themselves. Your basic choices are whole life (or permanent) and term life insurance. Both have pros and cons and you’ll want to consult with a qualified professional to find out what’s right for you and your family.

#3 - Explore Income Opportunities

What do you have to offer? Do you have spare time at home that you could put to work in an online business? If you have special skills you may want to teach a class through the local community college, or even on your own. A lot of people I know work a shift or two a month at a favorite store in order to get a discount. Every little bit helps.

#4 - Make Sure You Have Disability Insurance

If you experience a disabling accident, it could leave you unable to work for years, or indefinitely. Disability insurance provides a portion of your salary if you can't work. Check with your employer to find out what coverage they offer, if any, and look into an additional policy if appropriate.

#5 - Create a Will

Most people don’t want to think about their own death. But that’s exactly what responsible parents need to do. If you don't have a will, you are leaving decisions about your child's guardianship and future in the court's hands. A will ensures that your assets are used according to your wishes.

#6 - Review Health Insurance

When was the last time to looked at your health insurance coverage? A lot of us skim through the annual enrollment paperwork. You don’t want to have a surprise like I did this year. When I took my daughter to get glasses, I found that the kids weren’t on the vision plan.

 

Image Credit: Kevin, Flickr

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  • jeffrubman7 profile image

    jeffrubman7 

    9 years ago from Coral Springs, Florida

    You make a lot of sense. Your point are right on target. I am working as a marketing executive Full time. My wife and I are carving out nice side business that is paying real residul income. Which something every family should seek out.. Corp america as we all know it not secure, so why not use corp america instead of them using you you use them. Check out this 24 year old company that is so amazing call www.melaleuca.com I is my business I can't get fired and it only cost 29.00 to get my business started.

    Jeff Rubman

    Coral Springs

    954-675-3712

  • Lela Davidson profile imageAUTHOR

    Lela Davidson 

    9 years ago from Bentonville, Arkansas

    boberto, good question! I would say for me personally (and a lot of experts agree) the one thing you should never skimp on is savings - or paying yourself first. Even if it's only $5 a week, you've got to put something back for emergencies. Build from there.

  • boberto profile image

    boberto 

    9 years ago

    Thanks for the advice, if you had to say one thing you should never skimp on what would it be? Obviously the bills but which one?

  • deestew profile image

    deestew 

    9 years ago from Kentucky

    This is good information at the perfect time. I especially like the tip about exploring income opportunities. These days its wise to always have a plan B.

  • RGraf profile image

    Rebecca Graf 

    9 years ago from Wisconsin

    Good list. We are focusing right now on the food one. We are learning a lot.

  • DarleneMarie profile image

    DarleneMarie 

    9 years ago from USA

    I agree with you Lela, resolutions should be made throughout the year and developing plans for saving in all areas of our lives is a good thing!

  • midnightbliss profile image

    Haydee Anderson 

    9 years ago from Hermosa Beach

    This is a good list of financial plans to start the year with.

  • Research Analyst profile image

    Research Analyst 

    9 years ago

    Lela this is a great list of the tip 6 family finance resolutions simply because for the new year finance will be on everyone's mind, thanks for the reminders, having a will and the various insurances is important. I will check into these.

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