4 New Year’s Budget Resolutions {Infographic}

Budget Resolutions Infographic

Happy New Year, everyone! The hustle and bustle of another holiday season has come to an end, and I need a vacation! Between Christmas and New Years (and Taylor’s birthday too!), it’s a busy time of year. So it’s a relief to welcome 2014 and I can’t wait to see what the year brings.

2014 kicked off with a bang as Holly from Club Thrifty interviewed me for her staff post at Get Rich Slowly on how to get your financial life on track in 2014. This is something so many people want, yet struggle with implementing the necessary changes to make it a reality. As you follow my steps and create your own plan, I encourage you to assess where you feel any resistance to your planned actions. Address your resistance now so when life throws you some curveballs (and it will), you keep moving forward, rather than giving up.

Today I have a great infographic from Turbo Tax. As you know I’m a big fan of budgeting and developing a budget mindset is a key step towards achieving financial freedom. You don’t need to make a complicated budget (a common mistake that leads many to quit budgeting) to reach financial independence. The best budget is the one that you will follow and shows an accurate accounting of money coming in and out. Now you have the freedom to chose how you spend money. These four steps can help you becoming a budgeting pro.

4 New Year's Budget Resolutions (an Infographic)

What’s your best budgeting tip?

Have a great weekend, everyone!


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January 3, 2014  •  17 Comments  •  infographic

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  1. Friday, January 3rd, 2014
    Cool infographic Shannon! You know I like budgets, so this was right up my alley. :) It just shows again how powerful planning ahead is and not waiting around when it comes to money. Hope you have a great weekend Shannon!
    • Shannon
      Friday, January 3rd, 2014
      Thanks, John! Planning ahead is key. We too often think we have unlimited time but we don't. You have a great weekend too, John!
  2. Friday, January 3rd, 2014
    I'm with you on the budgeting front. I think keeping it simple is key. Great infographic! I would say the avg credit card here in Canada charges about 18.9%, Didn't realize there were differences. But I remember when I told my cousin in Italy that, who works with his province's finance dept, he was surprised and told me there it was illegal there to charge more than 11%. Not sure if that's still the case. The amount of people saying that they would spend their tax refund on this seems a little low. I would've thought the majority would spend it (or at least admit they do) :)
    • Shannon
      Friday, January 3rd, 2014
      Budgeting definitely doesn't need to be complicated. But for some reason a lot of people in order for it to be effective it needs to be! :) I agree - more spend their refunds too. :) I also think the number of people who say they live within their means is a bit high. But I also think some people have a skewed definition of living within your means too.
  3. Friday, January 3rd, 2014
    This is a great infographic that highlights the costs of not being fiscally responsible. The best budgeting tip I give clients is to tell them to change the way they "think" of a budget. Budgets are like diets, they have a negative connotation. I tell my clients to think of a budget as the plan or roadmap that will lead them to achieving their life goals. Otherwise, they are lost and it will take them longer to get where they want to go.
    • Shannon
      Friday, January 3rd, 2014
      I agree, Shannon. Budget have an unfortunate negative connotation in too many people's minds. I want to accomplish my goals and without a budget, it's very hard to know if I'm track.
  4. Friday, January 3rd, 2014
    Glad to hear you survived the holidays, and Happy Birthday to Taylor! I like the infograph a lot - what was a little confusing, though, was that procrastinators pay more taxes if they file between March and April versus February? If it assumes previous fiscal year's earnings, I wonder why that is? I usually file early so it's not a super concern, though! :)
    • Shannon
      Friday, January 3rd, 2014
      I will relay your birthday well wishes to Taylor. :) My guess is that procrastinators end up paying more due to rushing so they end missing some tax breaks/credits they could have taken advantage of. Have a great weekend, Anna!
  5. Friday, January 3rd, 2014
    Happy New Year Shannon!

    My husband didn't understand when I said I needed a vacation after the vacation. The holidays are fun but man they're hectic! Being a dad, he doesn't get it ;).

    Congratulations on your interview! I know for one your advice is right on....Holly couldn't have picked a better finance blogger to interview!

    The infographic you shared is a real eye opener. I can't believe it would take 300 months to pay off $7K debt...that is scary!

    That stop procrastinating is for me! I tend to put off doing my taxes because I itemize but seeing how I'm paying more, I'm going to get on it quick this year :).

    And I'm part of the 41%. I know what it's like to not have money so I'm careful with expenses, to my hubby's delight, LOL :).

    Interesting stats Shannon, thanks for sharing!
    • Shannon
      Friday, January 3rd, 2014
      Happy New Year, Corina! The holidays are great but I'm happy life is back to normal! :) Thank you for your kind words - I truly appreciate them. Yes, people don't realize how long it takes to pay off their credit card bill when they only pay the minimum. It can be a bit frightening when you do the calculations! Have a great weekend!
  6. Friday, January 3rd, 2014
    We learned this year just how very valuable budgeting really is. My best budgeting tip? Just do it! :-)
    • Shannon
      Friday, January 3rd, 2014
      I don't think there is a better budgeting tip than just do it. :) Find one that works and follow it. As you well know, it can make a huge difference! Have a great weekend, Laurie!
  7. Friday, January 3rd, 2014
    I plan on opening a Roth IRA this year and I'm (surprisingly...or maybe not surprisingly?) excited to have a second retirement account that I can throw money at. Hope you have a great weekend, Shannon!
    • Shannon
      Sunday, January 5th, 2014
      Those are some great goals, DC. And I find it very exciting whenever anyone can throw more money towards their goals! :)
  8. Monday, January 6th, 2014
    I have become really lax with my budgeting since being able to pay off our mortgage. So my best budgeting tip is to always set good financial goals, as the minute you stop is the minute you start to lose track of your money.
    • Shannon
      Monday, January 6th, 2014
      Congrats on paying off your mortgage, Glen! Such a huge accomplishment. It easy to get lax on budgeting when you achieve a major goal like that. :) That's a wonderful tip. Goals really make a huge difference and help keep me focused. Otherwise it's so easy to spend mindlessly.
  • Meet Shannon

    "As a Certified Financial Planner, it is my passion to help individuals and families build a healthy relationship with money. I look forward to helping you raise financially confident kids.” - Shannon Ryan