Jeunesse

It's a new year and I have to ask you the traditional question: have you made any financial resolutions for 2012? Let's be realistic, we all make lots of personal resolutions--eating better, exercising more--but we often forget our finances. And yet they have an effect on our decisions and have to be taken into consideration. Here is my very first post on what I consider the 5 most essential financial resolutions.

1-       Avoid impulse purchases: Before spending money on something, ask yourself whether you really need it. Often the answer to the question lies in the asking. And if you're trying to reduce your expenses, try to simply avoid stores and restaurants.  

2-       Get informed: Learn about the world of finances. The first step is reading our blog but make sure you also consult credible sources of information. Check out any offers and benefits for students.

3-       Know the interest rate on your borrowing: You'd be surprised how many students I meet who have no idea what the interest rate is on their credit card. This is an important detail to know because it determines how much you have to pay if you don't pay your balance in full each month.

4-       Develop a habit of saving: This can't be said often enough. The important thing is developing the habit. Automatic transfers can help you save without thinking about it. Savings are key to achieving your short-, medium- and long-term projects.

5-       Stay on budget: Take note of what you make and spend. Then you'll know whether you have money to save or are living on credit. In either case, resolution 2 will help you figure out your options.

Set achievable goals and you'll want to keep building on them. So, what are your financial resolutions this year?

I also invite you to enter the Get a Boost Back to School! contest. Fill out the entry form and you could win one of 5 iPads worth about $750 each. That's a nice dividend for the school year. Hurry, you only have until March 2, 2012, to enter.