Happy New Year! In the spirit of the New Year, and in thinking about possible changes, goals, hopes, dreams and resolutions, the COMPASS blog is providing space during the month of January for reflections about New Year’s Financial Resolutions. To start this series, I figured it would only be fair if I shared some of my own.
I’ve never been a big fan of making resolutions. Maybe that is because I am generally very goals oriented as it is. That being said, I do have a few things that come to mind when thinking about my wife’s and my finances for the year ahead. I offer these with the caveat, that as our financial and employment situations have fluctuated so much these past couple years, I am hoping that 2015 first of all is one of adventure, growth, and ideally with a greater sense of sustainability and stability.
Saturday Budget Breakfasts
My wife Allison and I have a regular custom of sitting down at least one Saturday morning per month over breakfast. During this meal, we review our spending and budget for the previous month(s) as well as the current and future month(s). We share and reflect on how we have used our resources, and what goals we are working towards, questions we have, etc. I firmly believe that it is imperative to communicate openly and honestly about finances with your family (and especially your life partner).
Give More Regularly
We have worked hard to increase our giving over the past couple years of our marriage, but I would love for us to be able to not only increase our giving this year, but also our frequency of giving. This is important to me especially in the sense of my understanding of vocation and stewardship. Giving is an important part of our faith lives.
Make Regular Contributions to Retirement and Life Insurance
With our various roles and incomes, we have made some contributions toward retirement accounts. However, it would be nice to be able to increase frequency and amounts this year. Additionally, we would like to be able to invest in life insurance and other types of accounts for peace of mind. We are tentatively planning on doing both in 2015.
Allison and I have been married for 4.5 years now, and have yet to go on our honeymoon. It is a goal of ours to go on a honeymoon in the next year, and we have been saving for one since getting married.
These are just a few of the financial areas where I am focusing on this year. In what areas are you wondering about or contemplating making changes or resolutions?
This blog is a component of the Ecumenical Stewardship Center’s COMPASS initiative to engage young adults in conversations about faith and finances. Like what you see and want to know/do more? Visit the COMPASS web page and join the COMPASS community on Facebook.
Image Credit: Happy New Year from Seattle