New Year's Resolutions That Will Succeed

Track expenses for a week: Choose a week where you keep track of all your expenses down to the penny. It doesn't need to be a fancy system. Keep a small notebook in your pocket or enter each expense into your personal organizer or phone.

Why this resolution will work: All you have to do is record your spending to succeed. You're not being asked to reduce spending. The hope is that you will realize you are spending a lot more than you thought in certain areas, and you won't need any prodding to make changes. The time period is short enough that it shouldn't be a burden.

Play a money-saving game: If saving money is on your list of goals, play a money-saving game instead of trying to slash spending. Many people already play money games without even realizing it. Keeping a coin jar is one example.

Why this resolution will work: By simply playing the game, you have succeeded, no matter how little or much you save. It's usually much easier to save money if you make a game out of it and turn it into a challenge rather than a chore. You know what motivates you the most, so you can tailor the game with that in mind.

Find a new income stream: The part of personal finance that often gets ignored when it comes to improving your finances is earning more money. Just as you want to be diversified in investments, diversifying your income is a positive step. There are many hobbies that can be turned into income streams with a bit of thought and effort. And there are plenty of part-time businesses you can begin that cost little to no money.

Why this resolution will work: If you learn to make $1 in some new way, you have succeeded. You aren't forcing yourself to find something you can do to replace your current income. In most cases, it's the process of starting that is the hardest, but expanding your earnings from this new source should be quite easy if you want to.

Remember to break down major goals into simple steps to get yourself going. By doing so, you will start off in the right direction and build on your resolution with more goals.