Monday, January 4, 2016

New Year’s Financial Resolutions

I’ve never been much for setting New Year’s resolutions for myself – I tend to make changes on my own schedule. But if making resolutions works for you, then that’s great. The Findependence Hub published a list of financial resolutions that are very sensible. What surprised me was how they all missed the mark for my circumstances.

Here are the resolutions and how they fit into my situation:

1. I resolve to figure out my finances.

I did this years ago. They seem quite figured out. Maybe I’ll learn new things around the edges, but I can’t think of anything major that needs figuring out. One thing I’ll need to sort out sometime is how to minimize taxes as I draw down my various accounts in retirement, but that’s hardly the intent behind this resolution.

2. I resolve to stick to a budget.

Nope. I refuse. My finances are ticking along wonderfully without ever having created a budget. I fully realize that most people would benefit from budgeting. I’d venture that even most people who think they don’t need to budget are probably wrong. But I don’t seem to need one.

3. I resolve to get out of debt.

Done long ago and it feels great.

4. I resolve to save more.

Nope. I already save more than half of my take-home pay. I don’t need to save any more, thank you.

5. I resolve to stop wasting money.

Nope. What little wasting of money I do now fits very comfortably into my finances. So, I’ll keeping eating out, taking my sons golfing, and all the other wasteful things I do with my money.

So there you have it. I serve as a terrible example for the vast majority of people who need to follow most of these resolutions. I’ve even provided defiant refusals that fit my life and shouldn’t be adopted by others. Sorry.


  1. Is this a "do as I say not as I do", article? Maybe more of a "RESOLUTIONS??!? We don't need no stinking resolutions!" ? Well stated either way

    1. @Big Cajun Man: I guess it's sort of a "do as I say not as I do" thing. As long as people do what I've already done in the past (eliminate debt and start saving a large fraction of income), then they can consider taking the same approach I do.

  2. Michael, I'm with you on all 5 resolutions.

    1. @Grant: Hopefully, your reasons are similar to mine: your financial life is ticking along very well.

  3. This reminds of the "slow down" signs along the highway... I'm going at a reasonable speed, there's no need for me to slow down.
    If other people want to follow your lead, the lead isn't ignoring the 5 resolutions, it's not needing to follow them by getting our acts together beforehand.

  4. If you don't need financial resolve, you're in a good place. I'm not so lucky but working on it :)

    Happy New Year!