Last year at Fool HQ we asked several staff members to tell us about their financial resolutions for 2008. It's now a year on, and I've been finding out who was successful and who failed miserably!
This article was first sent to Fools as an email in our 'Afternoon' series.
A new year is nearly upon us and many of us will be contemplating our resolutions for 2009. But before we consider next year, the big question is who managed to keep their resolutions for this year? Here's how some of the Fool.co.uk staff fared....
The credit card conundrum
In December 2007, Ben - a senior web designer at TMF - revealed he likes buying expensive things on his credit card and that he always pays off his bill in full.
Resolution: To find a good rewards credit card.
Successful? A big fat no! Why? Well I think a little bit of laziness may have come into the equation, but Ben argues he couldn't find a card with a high enough reward. But any reward is better than nothing.
The fact is, because Ben pays off his bill in full, he's the perfect candidate for a reward card. He won't be affected by the high APRs that often come as part of the package, and will instead benefit from discounts and deals on offer.
For example, you the Virgin Money credit card offers 10% off Virgin holidays, Virgin mobile, Virgin wine, Virgin trains and a range of other Virgin-branded products, while the American Express Nectar credit card offers 5,000 Nectar bonus points when you first use the card, plus 1 point for every £1 you spend.
To find out more about reward cards, check out this article.
Budgeting blues
In December 2007, TMF product manager Lena wanted to make sure that her outgoings don't keep on exceeding her incomings.
Resolution: To budget more effectively.
Successful? Yet another failure! Lena blames her lack of success on a `necessary' holiday to New Zealand and a `necessary' new swanky laptop. But she claims that in 2009 she will be more dedicated to the task and will write down expenditure on a daily basis.
To find out how you can budget and cut back on your outgoings, read How To Make Your Money Last Till Payday!
Stop wasting money
In December 2007, The Fool's head of PR, Sonia, admitted she'd been a bit lazy over the last couple of years and not reviewed where she's put her money.
Resolution: To make the most of her money.
Successful? Hurrah! Sonia successfully met part of her resolution by reviewing her accounts, and bagging herself a more competitive credit card, current account and savings account. She's also got a better mobile phone deal.
Sonia says she has yet to invest in the stock market, but plans to do so in the new year. For tips on how to start investing in the stock market, check out Jane Baker's excellent article.
Sensational savings
In December 2007, Dave, one of The Fool's many talented software developers, was about to get married and buy a brand new car - and he was feeling the pinch.
Resolution: To save more and spend less.
Successful? Yes! In fact, Dave beat his own target, which was to spend less than £40,000. Total expenditure came to £31,000 (wedding expenses totalled £9,000, honeymoon £6,000, car £13,000, other holidays £3,000), and Dave increased his savings by an impressive £17,000.
This year, Dave plans to further increase his savings, do some big work on the house and get a new kitchen, and pay for another car. He also plans to try and consolidate his pensions and manage his SIPP properly. To find out more about this topic, check out this article.
Property problems
In December 2007, Emma - The Fool's publishing director - had some serious property problems. She'd had to move out of her home mid-renovation, due to her partner's job relocation.
So she was responsible for a mortgage and rent. Eek!
Resolution: To sort out the property problems and free up some cash to stash away in a high interest savings account.
Successful? Emma has only achieved part of her resolution. On the plus side, she is no longer renting a flat and has moved back to her house, so she is now only responsible for one mortgage. And she is on a tracker deal, so has benefited from recent base rate cuts to 2%.
On the downside, Emma didn't manage to start saving. Instead, she stepped up her renovation which ate into her cash and her partner decided to change careers. So all her spare cash is now funding that new venture!
A mixed bag
So as you can see there's been a real mixed bag of successes and failures this year among the TMF staff. Let's hope we have better results next year! After all, in times as tough as these, we all need to get our finances in order pronto!
How successful have you been with your financial resolutions for 2008? And what are your plans for 2009? Share your thoughts with Fellow Fools in the comment boxes below.