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The beginning of the year is always a good time for people to take stock of their finances. It’s a time of new beginnings, and it’s a time for those who have perhaps not had the best financial history to start down a new path. These are the best personal finance resolutions to stick to throughout this new year.

Start A Budget

Many would agree that it is difficult to plan for the future when you don’t know what to expect next. Thankfully, your finances are something that you can usually prepare for. Setting up a budget is a significant step to take. A budget is effectively a monthly spending plan that allows you to track income and expenses. Budget what you can and can’t spend so that you can curb any wasteful spending.

Be Charitable

Giving away money can be a great way to make a lasting impact on communities and the world at large. Even giving small sums can make a difference. Start small, give $5 a month. From there you can scale up and offer more down the road. When you see the impact your minor donation can do, you’ll want to give more.

Invest In A Retirement Plan

Many Americans fear their ability to pay for retirement. To avoid this pitfall, many personal finance experts make the recommendation that individuals should put away at least 15 percent of their income each month. The recommended amount has grown over time as the number of traditional pension plans has declined. Don’t let yourself get to retirement without some sort of savings.

Get Rid Of Clutter

The average home in America has grown in size over the past few decades. With larger homes comes the perceived notion to furnish it with high-end items. This can mean more expensive furniture, knick-knacks, and clothing. All of this adds up over time. By getting rid of some of the clutter through charitable donations or a local marketplace, it’s possible to begin to detach from the notion that you need more to be happy. This is a positive New Year’s Resolution to keep going forward as it will cut down on future spending.

Adjust Short-Term Savings Goals

Many families will have a large purchase like an HVAC system or a car coming up in the relatively near term. It’s a good idea to save up for these purchases ahead of time. By paying cash for reasonably large items, it’s possible to save on interest payments. The money saved could go toward building long-term wealth.

Maintaining financial New Year’s resolutions can be a great way to get ahead. Using one or more of these recommendations can provide a good starting point for personal economic success.