5 Financial New Year’s Resolutions You Should Try Out
Happy 2015 everybody! After the parties are over, and the holidays wind down, the work routine starts to take over quite quickly. At the same time, it can be hard to keep track of your New Year’s resolutions. There, however, a few important aspects of your life which you might want to change for the better, and that includes your finances. However, if you don’t have any idea where to start, then don’t worry. While there are many different means to save and invest money, a few of them are a little more efficient than others. Here are some of the ways you can save your cash until the next year comes along.
5. Schedule your Bill Payments
It’s very easy to let your bills slip away after such a long holiday season, but while it is nice to sit back and relax, the financial year is starting up and that means keeping up with your bills. This is especially important for things like your mortgage, credit card invoice, or basically just your bills. Each one of them can pile up quickly and interest costs can cripple you early on in the year. So keep consistent. If you need help, there are apps and programs which enable you to pay bills automatically online. It would also be prudent to look up your interest rates and find out which loans take priority over the others.
4. Use Cash over Credit and Debit
Plastic cards make cash matters so much easier to deal with, however, they do come with a very simple sickness. Each card you hold makes it more tempting to charge constantly. The issue which lies in wait here is that you can’t always keep track of the amount your spending. Your limit is basically invisible to you, and the only time you can check is if you go online and get in touch with your bank. So, instead of that, why don’t you start carrying cash again? The act of withdrawing and calculating your exact needs can help you keep your budget in check, which leads into the next tip.
3. Set a Budget
A lot of people make this financial resolution without ever going through with it, but this won’t be your problem. Just think about it in this way; if you don’t start saving now, you won’t be able to get that car, computer, or doodad which you’ve been eyeing for a while now. It’s easier to make a budget when you have an aim in mind, but the secret here is that you can set aside even more every time you want that fancy gadget. Even 5% of your paycheck, when saved monthly, can amount to something big after a year.
2. Budget Harder
If you’ve got your gadget budget ready, then the next step is to make even more budgets. This kind of micro-management will enable you to cut back properly and be a little more efficient along the way. Of course, these methods sound like a bit of a downer, but you might be surprised. Once you set a recreational budget, combined with a daily life budget, you will be able to see where you can cut back wherever you can. Each will, in the end, save you enough money to be good on a rainy day.
1. Plan for the Long Term
One of the major failings of living in the moment is that is that you’ll end up spending on things in the moment. It’s a fun concept for a while, but the fact here is that saving cash means patience and effort, much like everything else which needs to develop over time. Waiting for something to grow, however, can be maddening but all you’ll need to do is to ignore it. The little you spend can also help you feel a little less guilty about joys like a few extra drinks or an extra meal.
So, how are you going to spend your new year? Are you going to save a bit of cash this year, or will you wait for the next year to start building your security? Whatever you choose, just remember even some of your financial resolutions. You’ll feel a lot better if you stick close to your convictions.
Photo Attribution:
Featured and 1st image by Stuart Miles freedigitalphotos.net
2nd image by Twobee freedigitalphotos.net
3rd image by Stuart Miles freedigitalphotos.net
