Editor’s note: We asked our resident money experts to share how well they did fulfilling their financial resolutions from last year, and what they've resolved for the year ahead. Here, the second in our series:
I don’t usually make New Year’s resolutions, and now I know why. It was a bit of a bummer to look back on the good financial deeds I was determined to do last year, and see how much was thwarted by fate. And, OK, by me.
I didn’t pay off my car loan, although I only have two months of installments left. Nor did I replace my old kitchen stove, which I believe was imported to this country on the Santa Maria. And my driveway is still a mess, as the icebergs that remained in its cracks after the last snow retreated reminded me.
However, I did bulk up my emergency fund and spent less on just about everything, including clothing (although I swear late at night, when the moon is full, you can hear my closet weeping).
I’m using some of my extra savings to install a whole-house generator, which will add to my property’s value and allow me to stay toasty when the power goes out this winter. My little country neighborhood loses electricity frequently, which causes me (and the power company reps I constantly nag) no end of agita. Last year an outage during sub-zero temps made it necessary to pack up my pets and retreat to a friend’s house. It took three days for the power to be restored; meanwhile I worried about the pipes bursting, toilets exploding, and other nasty bits of damage. Although the house survived intact, I found the other “wants” on my list faded away, and I resolved to get a generator.When I recover from that expense, I’ll start thinking about that replacing Columbus’ stove.—Mandy Walker, senior project editor
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