02 Jan 5 Financial Resolutions for New Year
Happy New Year!! It’s a new year and a great time to set some financial goals. You may want to start with a large goal like buying a house or retiring early and then think how reach to that larger goal. Set up a support system to make it easier to reach your financial goals. It is important to measure it periodically throughout the year.
So here is the list of 5 financial goals you can set for this year:
- Start to budget
If you want to be financially successfully, budget is the most important thing. So plan where you are going to spend your money and stick to it.
Goals for budget
- Set up a monthly budget & stick to it all year long.
- Reduce your spending in specific categories each month
- Get out of Debt
Getting out of debt is another key step to take control of your finances. It is an incredible feeling to be debt free. You have more freedom to do things that you want to do. It may take some sacrifice to make it happen but it’s worth the effort.
Goals to get out of Debt
- Set up debt payment plan.
- Reduce spending to pay off debt.
- Start saving
Saving is another important key to financial success. Every month 10% of your income should be saved. Sacrificing a few dinners out a month can pay off in the long run. By establishing saving habit at early age you are opening door for your retirement years.
Goals to help you save
- Stop eating out.
- Reduce your grocery bill.
- Find ways to save on utilities.
- Learn about money and finances
You should literate yourself about finances and on how to manage your money. You can do this online or by consulting an expert.
Goals to help you learn about finances
- Consult an expert
- Read more about personal finances.
- Enrol on finance class.
- Start Investing
Don’t just save money start investing whatever you save. Investment allows you to grow your money at a quicker rate. Some people can invest on their own successfully but if you don’t know you can always find a financial planner. They can help you understand risk and benefits of investing.
Goals to help you start investing
- Find a financial planner.
- Learn about stack market.
- SIP (Systematic Investment Plan).
Making plan is easy… seeing them through is more difficult.
Let’s do this in 2019!!!