Your financial new year's resolutions
As the year comes to an end and we start to look at the next, we make sure to reflect on what’s important, what we’ve done well and what we can do better. The new year is a good opportunity to change things up, set new goals and focus on what’s important. For us that’s personal finance, and now is the time to improve it! Healthy finances and an economic self confidence will give you more room to focus on other things. Here are some tips for financial new year's resolutions:
- Try a budget: It doesn’t hurt to try. By just making a budget you’ll go through several important steps in getting your finances in check. When setting a budget you need to go through it all, from finding out how much money you actually have to spend, what you usually spend it on and figuring out where you can prioritize. Once your budget is made you will have learned a lot already.
- Get some money to spare: A popular budgeting goal is to get some money to spare. Whether you want to spend it, save it as a buffer, or something long term, you will have to get in the habit of prioritizing. That's why setting a savings goal is a good resolution if you want to build better habits.
- Pay of your debts: By paying off your credits and loans you remove some unnecessary expenses. Fees and interest costs can make your purchase more expensive than you planned for. If you also happen to mistreat our debts they can ruin your credit score.
- Invest in the future: I may sound boring,not spending your hard earned cash. Try thinking ahead and set long term savings goals. It could be a large one such as down payment for your future home or even your retirement funds.
- Seek help from others: If you are unsure on how to keep tabs on your money you can start by asking others. By talking to friends, family, or a partner your relation will get stronger. Talking openly about financial goals, wants, and needs removes the taboo around money that our parents grew up with. Ask for help and take inspiration from others!
Remember, your new year's resolutions should be about you, and they can be as big or small as you want. The important thing is that they help you get into new financial habits. Every try is worth it, and i you fail, just try again. Good luck with your new year's resolutions!
