New Year’s may be one of my favorite holidays. I wasn’t at Time Square and I didn’t watch any of the countdown specials. But I am a big fan of what the holiday stands for, new beginnings and a fresh start.
Last year, for the first time in our lives, my wife and I started to track our net worth. It started off well and kept us motivated to keep our finances on track. However, one big problem with our system was that we updated it quarterly instead of monthly and we didn’t have a budget. Sometimes it took months for us to realize how badly or finances had gotten off track.
This year we hope things will be different. With a fresh new year, we have a budget in place and plan to track our net worth every month instead of quarterly. By making these two changes we hope that by 2014 our finances will be in better shape.
I hope everyone has a safe and enjoyable New Year.
What will you do with your fresh start?
Photo Provided By: *Sally M*
Happy New Year Justin. I hope to do the same thing with better tracking and better budgeting. With a new baby, our money is going to be coming in and instantly going out, so I need to control where it may be bleeding.
Grayson @ Debt Roundup recently posted..Setting Goals For My Finances In 2013 + $100 Giveaway
Congrats on the baby. It’s definitely going to be different for you with a new baby around. Planning now can help you in the future. I’ve also heard that it’s important to make a mock budget with expenses like diapers and formula to see how it will impact your budget.
Happy new year Justin! I am putting myself back to work on my land project, that is a first so a bit daunting but I am taking it a step at a time.
Pauline recently posted..13 money resolutions for 2013: #1 start somewhere!
With my fresh start I will try to prioritize my time more. I think the first thing that will go for now is the weekly Saturday posts.
DC @ Young Adult Money recently posted..How to Know the True Value of a Home
Happy New Year Justin.
I’m going to be using my fresh start to refocus on all of the things I want to get done during the year. I’ve really decided to focus down on three or so goals in each important area in my life. It’s been really exciting just going through the process of articulating what I want.
Knowing that what you want is right there waiting to be realized if only you put in the effort is pretty exciting and liberating.
My major goals:
-Pay off half of my mortgage (currently 6m old)
-Live on 25% of my salary
-Earn $5,000 from non-salary sources (internet businesses that I’m developing)
-Run 1,000km
-Read 52 books
-Grow a kickass beard.
Aim high I say!
James @ Free in Ten Years recently posted..The hidden psychological stress of work and why I want out
Happy New Year Justin! Good luck with the budgeting and following your net worth. We’ve been budgeting for years now and I still love doing it. We still go back to it regularly to see what ways there might be for us to further stretch it.
John S @ Frugal Rules recently posted..What My Air Conditioner Taught Me About Saving Money
Happy New Year to you!
Happy new year Justin. I think it is great that you decided to track your net worth and hopefully by tracking it monthly you will have better luck staying on track.
Glen @ Monster Piggy Bank recently posted..December 2012 Goal Review
One thing is I get another go at staying in budget! I totally messed that up last month!
Budget and the Beach recently posted..2013: Living in the Moment
No watching the ball drop? This was the first year that we actually stayed up to watch the whole thing!
This year I want to add a new passive income stream to the mix! I’m doing a little reading on P2P lending … There’s also growing the blog!
My Money Design recently posted..Our Long Term Financial Goals and How We’ll Meet Them in the New Year
Justin, You make a great point about new beginnings and the need for a budget. Your other point about needing to track wealth and expenses closely is great advice for anyone wanting to reach a financial goal.
Jerry recently posted..Does An Additional $25 A Month Matter To Your Credit Card Debt?