New Year’s resolutions can be difficult to keep, as anyone who has tried to spend January losing weight, saving money or doing some other type of self improvement knows. Too often, the resolution is thrown to the side by February, and that includes financial resolutions.
With a late start being better than no start at all, I’m starting February with three financial resolutions that I hope to keep on track. These go beyond my resolution to lose weight, which I started in October 2015 after getting the idea that an early resolution might help motivate me. So far, not much, but I’m working on it.
After losing weight and getting organized, spending less and saving more was the third most popular resolution in 2015, according to the Statistic Brain Research Institute. Forty-six percent got past six months, which gives me some hope.
Here are three financial resolutions I’m working on immediately in 2016:
Find a better business checking account
I accept payment in various ways as a freelance writer and editor, and as owner of three other websites, and I’ve been mostly happy with my business banking account. PayPal works great, but I’m never thrilled with the fees they take out of the payments I receive.
I also have direct deposit from a few clients, which I think is the best solution for both sides. For others, I accept checks, and taking a photo of a check on my phone and depositing it via my banking app is swift.
The problem is with the checking account that I keep my business income and expenses in. When I first started freelancing as an independent contractor, an accountant recommended having a separate account from my family’s checking account. I quickly set one up, but a few years into it my bank changed the requirements for having a free account. ...continue reading