We’re about to start a brand new year and decade, so if there’s a time to make a change and start fresh, now is the time. Of course, everyone has different resolutions for the new year, but there is certainly one that many people share… to save more money.

Money Crashers has helped us break down eight resolutions YOU could do for your path to financial freedom.

1. Become Debt Free

High interest rates can really hurt you and your financial freedom, so reducing your debt is a beneficial resolution to have. Not only do you have to pay money every month, but there is typically a high interest rate that makes it almost impossible for you to pay it off in a timely manner. In this new year, try focusing on paying off your debt. Less dinners out, and higher payments when doable.

Money Crashers recommends beginning with credit card debt, as they’re likely to have higher interest rates.

2. Make Extra Mortgage Payments

Start the year off by making an extra payment on your mortgage, and make it a habit. If you do a little extra each year, it will reduce the time and interest rates – ultimately guiding you to financial freedom.

3. Find Ways to Generate Side Income

It’s surprising the amount of opportunity people have for side cash, but simply just don’t realize it. If you have the time and want to make more money in 2020, see how you can make a profit. Drive for a ride share company during your days off, or finally sell those items you always think you need but never use. Even if you’re only making a small amount, it can really make a difference.

4. Start a Rainy Day Fund

A good goal to have for the new year is to begin building an emergency fund for when you need it. Life can be unpredictable, and it’s important you have cushion should you ever need it. Putting aside a small amount of cash each month can really make the difference when you suddenly need something extra.

5. Invest In Your Retirement

Similar to having a rainy day fund, it’s also a good goal to begin committing more to your retirement fund. Whether you have a 401k or a simple savings account, start building a habit to put aside small amounts each month. Start low, and if you can, put aside larger amounts when possible. Regardless of the amount, it can really build over time.

6. Understand Your Investments

Having a financial education is crucial to financial freedom, so it’s always important to seek more information about your assets. Many people have investments that they know little about, or 401k accounts without knowing the specifics and benefits. Money Crashers recommends, “we should understand topics such as where that money is invested, how much our credit costs us each year, how our Social Security benefits are calculated, and other similar financial information.” Having a better understanding can lead to wiser choices, ultimately giving you the financial freedom you want.

7. Learn to Save

Sounds simple enough but having a good savings habit doesn’t come overnight. It takes discipline and hard work. In 2020, make a point to set aside something (or more) each month. Skip that dinner out or have a movie night at home rather than going to the theater. Make a habit of thinking of your savings before spending money, and you’ll discover that you can find many ways to save rather than spend.

8. Build a Budget

Putting your finances on paper can really put things into perspective, so creating a budget can really make the difference. In 2020, organize your finances and see how you can improve. As Money Crashers points out, the hard part is always committing and adjusting to your budget. Creating a habit to stay in your budget is a great way to start the decade.

Money Crashers recommends “putting your budget in an easy to see place like your refrigerator or computer desktop so that it will be a constant reminder of your financial goals and your commitment to those goals.”


Regardless of the resolutions you pick, there are many different ways you can build better financial habits. Whether you make extra payments or begin putting aside cash each month, these habits will pay off in the future providing you with a better path to financial freedom.

The Infinite Banking Concept

The Infinite Banking Concept is a banking method that not many people learn about, but it’s a powerful and modern way to take full control of your financial future by creating your OWN banking system. Here at Up Planning Edge, we help people everyday open their eyes to how simple it really is to save and multiply their wealth. Interested in learning more and beginning your financial freedom in the new year? Check out our free resources and contact us at