5 financial New Year’s resolutions you should consider for 2019
The start of the new year provides an excellent opportunity to make financial New Year’s resolution. In this article, you will find five resolutions you can make to improve your financial situation in 2019.
The start of the new year provides an excellent opportunity to make New Year’s resolutions to improve your finances. In this brief guide, you will discover five financial New Year’s resolutions you can make to improve your finances in 2019.
Set goals to improve your finances in 2019.
1. Set up or optimise your budget
Having a budget is one of the best new years resolutions you can have when it comes to improving your finances. A budget will inform you about how much you are actually spending as well as help to keep your spending in check. If you haven’t set one up yet, then 2019 is the time to do it. If you have a budget, go over it again in January and optimize it where you can.
2. Identify the areas where you are overspending and make a point to reduce expenditure for these items
Once you have set up or optimised your monthly budget, you will be able to discover areas where you are overspending, which will help you to reign in your spending and hopefully enable you to subsequently be able to put more money aside for savings or investments.
Write down your financial goals, plan and take action.
3. Clarify and write down your financial goals
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Having a budget and knowing where you can cut back to put more money aside is a great start. However, if you want to build your wealth, you will need to set yourself financial goals, such as how much you want to invest next year, what major purchases you will save up for, and how much debt you will pay off.
4. Make a debt repayment plan for the year
If you are still paying off debt, then the start of the new year is a great time set up a debt repayment plan so that you can pay off as much debt as possible over the course of the next twelve months.
5. Schedule a monthly check-in for your finances
Finally, as the fifth New Year’s resolution, you should consider scheduling a monthly “check-in” for your finances. That means once a month you sit down and have a close look at your budget, your financial goals, your debt repayment plan, and your investments so that you can gauge where you are at and to see if you are still on track with your financial plans for the year.