The She Spends Guide to New Year's Money Resolutions

At She Spends, we’re all about practical advice. We’re excited by New Year’s resolutions, but we want to make sure our resolutions are things we can achieve in a year. Here is our guide to achieving some money and career resolutions. Some of these were shared by members of our Facebook group, while others are our own. Check them out, and share on social media what your resolutions are. 

Resolution: Take on a leadership role at work
How you’ll get there: Start by making sure your performance is top notch, and then offer to take on small managerial tasks for your boss, like leading meetings or training new hires. If you’re close with your boss, have a conversation about ways you can begin leading at work. Perhaps you can work with a summer intern or offer mentorship to new employees. Make sure to document these leadership initiatives. They might be able to land you a raise or promotion in 2018. You can also become a leader outside of work. Work on your skills by joining a committee at your local community board or offering to mentor students at a local high school or college. Connect with the professional development organization in your field and offer yourself up as a mentor or an expert. Work to appear on panels or pen “thought leadership” articles.

Resolution: Travel more
How you’ll get there: Start by researching now. How many times do you want to travel this year? Do you value one big trip or a few smaller ones? Once you’ve selected a couple of options, set up alerts for flights on the Hopper app, which will help you find the lowest prices for airfare. Begin setting aside some cash (if you haven’t already) in your savings account that will cover travel costs. If you don’t yet have a travel credit card, consider signing up for one to use the sign-up bonus for travel. Obviously be smart: Always pay off the statement balance. 

Resolution: Give more
How you’ll get there: Start now by researching local organizations you want to volunteer with. If you’re not sure, you can use an app like Deed or a site like VolunteerMatch to find local opportunities. Sign up to complete one volunteer opportunity in January. Additionally, use Charity Navigator to find some of the best ways to support a cause you believe in. Pick one, and sign up to contribute on a monthly basis to that organization. Your donation amount can be as small as $5, but that makes a difference. 

Resolution: Save up for purchases rather than making impulse buys
How you’ll get there: Here’s a trick She Spends Founder Alicia McElhaney used to keep her money on track: She wrote down everything she wanted to buy (or had a passing desire to purchase) in the notes app on her phone. She ended up making far fewer impulse buys than she normally would have and ended up with more money in her pocket for those things she wanted when she revisited that list. Other ideas include creating a vision board for the things you want to keep your spending on track and opening a savings account expressly for that type of spending. 

Resolution: Pay off credit card debt
How you’ll get there: Start by picking a debt repayment method if you have multiple credit cards. You can choose the snowball method, which encourages starting off the with the smallest balance first, then going to larger balances. The avalanche method means paying off the debt with the highest interest rates first. Cut back on spending using our guide, then throw any of the money you save at your debt. Consider picking up a side hustle or asking for a raise to increase the income you’re able to use to pay off that debt.

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