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Your Take: Your New Year’s Resolution?

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Two days ago I wrote a post about how to set a New Year’s Resolution you can keep and today I want to know what your resolution for 2010 is going to be!

Mine? I plan on taking half of our emergency fund and committing it to the stock market in individual company holdings. I’ve long been an advocate of index funds, all of our retirement savings are in index funds, and only recently have I been dabbling in buying stock in companies that offer dividends. Our emergency fund has twelve months of expenses, a conservative amount because I am self-employed and my wife is a lightly compensated graduate student.

We will invest half of the fund over the next six months in individual stocks and then replenish the emergency fund with income as the months pass. Part of the process will be learning more about the investing and the stock market in general, so this won’t be a random selection of stocks “we think will do great,” but a more analytical approach. The idea is to learn more about investing in the stock market, perhaps learning it’s just not for me, and the means to measure success will be in committing to investments and feeling good about it.

It follows the whole SMART mantra and I am confident this is a resolution we’ll be able to keep.

What’s your New Year’s Resolution? If you need some ideas, Bankrate has a list of New Year’s resolutions that will save you money (and years on your life!).

And Happy New Year!

{ 35 comments, please add your thoughts now! }

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35 Responses to “Your Take: Your New Year’s Resolution?”

  1. Kate says:

    My financial resolution is to have at least 5k in my savings account. Might not be doable, but if I take my lunch to work and limit the nights I eat/go out – totally could work. Another thing I am going to try and get going is a ‘slush’ fund where I drop all my change and dollar bills into a container to accumulate over the year. Each pay period I will add a $20 bill and then use that money to go on a fun vacation when I have a good bit saved up.

  2. Jill says:

    Use blog/extra income to pay an additional $1,000 on my student loan.

  3. Big Spender says:

    My advice for a resolution (which can still be upheld because it’s not possible to do just yet) is to throw 20% of your tax refund into savings and 80% pay off debt. No splurging.

  4. otipoby says:

    My New Year’s resolution is to clean up some loose ends of my finances. I have an account at a credit union where I lived 10 years ago where I had the minimum balance required, solely to get a cheaper car loan. Every month, they send me a statement saying they added $0.01 of interest. I am going to close this account. I have several items that will not make a big difference individually, but will simplify everything. Also, I am going to move a Roth IRA that I never look at to my other retirement account provider so I have better visibility.

    Oh ya, and I would like to loose a few lbs 🙂

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