My 2009 Resolution: Financial Independence

Everyone has heard how bad the economy is at this point, and we have officially gone into a recession. People are getting laid off left and right, there are talks of bailouts and bankruptcy, and the cost of living has skyrocketed. It seems the only silver lining in the whole situation is the dropping gas prices, and let's be honest -- how long can that last?

I think the scariest part of it all is the not knowing. Will I have a job in a month? Will I have to choose food over a mortgage payment? Will I have to choose medication over the utility bill? The uncertainty of the economy and our place in the world can be a bit frightening. That is why, as the calendar turns from December 2008 to January 2009, I have decided to adopt a New Year's Resolution that will put matters into my own hands.

My New Year's Resolution or 2009 is to become financially independent. It is important for me to have peace of mind that I could survive, even for just a limited period of time, if I did happen to lose my job in this falling economy. Along with this new year's resolution, I have come up with a few steps that will help me on my way to financial independence.

01. Create A Plan - The first step to doing anything is to create a detailed plan. A plan must include achievable goals as well as a timeframe in which to achieve them. Goals without deadlines are merely good ideas that won't go anywhere. So my first step in my 2009 New Year's Resolution is to come up with a definite plan that will save me money and take me down the road of financial independence.

02. Write It Down - Something like trying to become financially independent can seem a bit daunting at first, and all of the steps that come up in the plan can make it seem impossible. But writing it down in a clear, concise way makes it seem more easily attainable. Each action should have a purpose, and writing it down will help me keep the goal in focus all the way throughout 2009.

03. Pay Off Large Debts - One of the most important aspects of becoming financially independent is to owe as little as you can to as few people as possible. And when tackling these debts, it's wise to start with the larger ones, as the smaller ones will clean up easily with the big ones out of the way. I'm not foolish enough to think that I'll get everything paid off quickly, but with enough time and work, I know I can make a dent in my own debts and get them down enough to make a difference.

04. Cut Down On Unnecessary Spending - It's easy to say that you have no unnecessary spending, but the truth is, there is almost always something you can cut back on - even if it means carpooling to save on gas money or turning off lights and appliances when leaving a room. Being that I live out of town, I could make a better habit of making one trip to town for everything that I need instead of making several unnecessary trips.

05. Start Saving Money - It's one thing to cut down on costs, and save yourself money each month, but it's another thing to actually sock that money away for later emergencies, in case the economy lets me down and unemployment knocks at my door. So, in 2009, on top of cutting down on unnecessary costs and paying off my debts, I'll be keeping the money I save in savings.

New Year's Resolutions are a fun way to ring in the new year with hopes for a better year. In the past, I've adopted silly little resolutions, as well as the cop out, "my New Year's Resolution is to not make a New Year's Resolution," of course because many times, my New Year's Resolutions don't manage to make it past the spring months. In economically hard times, such as these, however, I think it is important to keep a goal in mind and continue working toward it. That is why I am determined to make 2009 the year of the kept resolution and financial independence -- or at least less dependency than I have at the present moment.