14 Financial New Year's Resolutions You Should Make

The start of a new year is a great time to take stock of our finances and aim to do better. As we gear up for what will hopefully be a rewarding 2021, here are some financial resolutions to put on your list.

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A budget can help you track your spending, boost your savings, and avoid costly debt. If you don't have a budget in place, spend a few hours putting one together, but also pledge to stick to it. You may find that you're able to spend more confidently once that budget is all mapped out.

ALSO READ: 3 Painless Ways to Save for Retirement in 2021

You never know what unpleasant financial surprises life might throw at you. That's why it's so important to have a strong emergency fund -- ideally, enough money in the bank to cover three to six months' worth of living expenses. If you're shy of that goal, aim to boost your near-term savings in the course of the year.

Carrying a credit card balance, perhaps from the holidays? The sooner you shed it, the less money you'll lose to interest payments. Incorporate a debt payoff plan into your budget so you're free of that nagging balance by year's end.

Getting out of debt is only half the battle on the road to financial security. You'll also want to go out of your way to avoid new debt that's unhealthy, and following a budget will really help in this regard, as will having a robust emergency fund.

ALSO READ: How to Find Legitimate Debt Relief

You'll need money to cover your senior living expenses, and Social Security alone won't cut it. That's why you should aim to increase your savings rate in your 401(k) or IRA. Even if you boost your contributions by as little as $40 or $50 a month, in time, it will go a long way.

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A health savings account can lower your tax bill while helping you cover near-term and long-term medical expenses. If you're eligible for a health savings account, aim to get as close as possible to maxing out this year.

The right asset allocation could help you meet your long-term goals without exposing yourself to needless risk. See how your portfolio is invested so you can plan to make strategic changes, if necessary, at the right time. As a general rule, you can afford to take on more investment risk when you're younger, but if you're nearing retirement, it may be time to shift toward more conservative assets, like bonds.

ALSO READ: We Ask Successful Investors: How Would You Double $1,000 in 2021?

The closer attention you pay to your credit reports, the more likely you'll be to maintain a great credit score and also avoid falling victim to fraud. You're normally entitled to a free copy of your credit report from each of the three major reporting bureaus -- Experian, Equifax, and TransUnion -- once a year, but currently, credit reports are free on a weekly basis through April.

The purpose of a no-spend weekend is to give your savings a boost, so you should aim to do so once a month. That means no going out, no ordering takeout, and no buying new things. Instead, you'll need to find entertainment at home (or free entertainment outside the house) and eat food from your pantry and fridge.

Impulse purchases can be a huge budget-buster, so you should aim to steer clear of them in the coming year. You can do so more easily via the 24-hour rule. Whenever you're tempted to buy something on a whim, force yourself to wait a full 24 hours before completing that transaction. Chances are, during that time, you'll realize you either don't need the item in question, can't afford it, or just plain shouldn't be buying it.

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Many of us pay for services that don't enhance our quality of life enough to be worth the cost. Common culprits here include gym memberships and cable TV plans. Comb through your expenses and aim to shed at least one that doesn't really do a lot for you.

ALSO READ: How to Spend More Mindfully in 2021

Staying on top of health issues could help prevent small problems from escalating into major ones. Be sure to follow up on outstanding diagnostic tests, or anything else your medical provider has flagged, to protect not just your health but also your money.

Increasing your earnings could be your ticket to financial security in 2021. If you're underpaid, aim to find a job that will compensate you more generously. Put your resume out there, network like crazy, and work on boosting your skills to make yourself a more appealing candidate.

Feel clueless about managing your money? Then make 2021 the year you take control. Subscribe to a few financial podcasts, check out some books from the library, or find a financial advisor who can guide you and set you on the right path. Educating yourself could really be your ticket to growing wealth.

ALSO READ: The Smartest Investors Should Do This in 2021

We all have things we could improve upon on the financial front. Whether you're hoping to grow your savings, learn to invest, or sock away enough money to buy a home, it helps to map out your goals in writing so you have a plan to stick to. With any luck, you'll have much to be proud of and celebrate by the time 2021 comes to a close.

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