By Barbara King

Did you make a finance-related New Year’s resolution? Before you jumpstart your financial life, simplify the resolution.

Step 1 - Follow the Five Bullet Rule

Write down the five goals that this resolution means to you. If you are unable to define the resolution in five bullet points, chances are the resolution will be waiting for you next year. These bullets will be unique to everyone. 

If you’re unorganized, the bullets may be about online banking, organizing your filing or tracking your finances in software. Your list could also be more goal-oriented, and include determining your retirement needs or how to save for college.

Step 2 – Get Organized

Establish a central location for your paperwork and start files for organizing statements. Create a straightforward bill paying system be labeling three folders – To Be Paid, To Be Filed and Tax Information. Set aside a day of the week or specific days of the month to pay bills.

Better half awareness – If you are in charge of your family’s financial life, ensure your better half knows how the finances are organized and how to pay the bills, if necessary. Then the family finances will not miss a beat.

Step 3 – Tools

Online banking – Most banks enable you to track your account, transfer between accounts, download information into your software and pay bills online. For every bill you pay, check the company website for online account access.

Personal finance software - Quicken and Microsoft Money are two of the top choices. Try before you buy. Quicken offers Quicken Online, a free software tool, which is a less robust version of full product. (www.quicken.com) Microsoft Money has a free 90-day trial on their website. (www.microsoft.com/money)

Step 4 – Track

Schedule time every three months to check-in on where you stand against your resolution.

Barbara King is an Associate Financial Advisor with Axiom Advisors (www.axiom123.com) in Merrimack, NH. She welcomes your comments and questions at Barbara@axiom123.com.

Advisory Services offered through Axiom Advisors, LLC. A registered Investment Advisor Securities offered through Cambridge Investment Research, Inc. a Broker/Dealer member FINRA/SIPC Axiom Advisors, LLC and Cambridge Investment Research, Inc. are not affiliated.