Written by Elizabeth Young, Associate Financial Planner

Here we are in January 2012 already. This can only mean one thing: It is time to make New Year’s Resolutions! Alas, by March I’ll likely be muttering and sputtering about how I resolve not to make resolutions ever again, but for the time being, I’m going to give it my best shot. While I intend to continue this year with my never-ending resolution to trim some measurable amount from my waistline, I also want to do some “trimming” of a different sort in 2012. My resolution is to trim the fat not only from my waistline, but from my budget! My ultimate goal: Increase savings.

So, my husband politely reminded me during a recent shopping trip that money does not grow on trees. You’d think he would realize that a financial planner knows where money comes from, but alas, he continues to remind me of this fact from time to time.  I don’t consider myself a spendthrift but with the flurry of the holiday season I will admit that I’ve been a little less than thrifty with my spending habits as of late. My guess is after reviewing a couple months worth of bank statements, I’m likely to find issues in the categories of eating out and entertainment; these would be the typical “problem areas” for many people. Admittedly, I also enjoy spending on my children; probably a little more than I should from time to time.

Don’t get me wrong here; I have no intention of living and dying by a budget day in and day out for the next 365-ish days of the year. That would most certainly be unrealistic for me and I’m trying to set myself up to succeed here! My real goal is to get a better handle on exactly how much I’m spending and where it’s going. With this information in hand, I hope to be more budget-conscious when contemplating purchases.

Maybe after creating a plan of action for trimming my budget, I should start on the details of how I intend to trim my waistline! Good luck on achieving your resolutions in 2012! Best wishes to you and yours in the New Year!

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