New Year, New Goals

The vast majority of people begin their new year with goals and resolutions and the full
intention of following through with them. You may decide to aim towards exercising more
regularly, improving your knowledge or start a better eating plan as part of your new year’s
goals. However, included in your resolutions for 2023, financial planning should be a priority
on your list.

Deciding on your goals is an excellent starting point to help improve your finances.

However, the next important step is to take action.

  • Saving more: this is a goal most of us, unsurprisingly, list as important. There are a
    number of ways in which you can do this.
  • Spend less: find ways to reduce your monthly bills. Take a look at your subscriptions
    – perhaps you have one that you no longer really need.
  • Plan your budget: a budget is one of the most useful tools we can use to help us save
    money. Be realistic when setting up a budget and when it is in place, stick to it.
  • Pay your bills and instalments on time: paying late means that you’ll pay more. The
    interest on your overdue accounts can be 2% more than the prime rate. In addition,
    it is also a sound idea to pay more than the required minimum on the instalment.
  • Tackle your debt: Make an effort to reduce your debt on your store accounts and
    credit cards. Using your store accounts merely adds more debt. A conscious decision
    to not use these accounts can significantly reduce the amount you have to pay back
    every month.
  • Set up a debit order to transfer money into a separate account for saving: Each
    month, money is transferred and by the end of the year, you’ll have a tidy sum
    saved.

While new year resolutions are often considered a tradition, with many people not
following through with them after the first few months, it is still sensible to have a plan in
place. A resolution can be your goal, and the resolutions you plan are the steps to reach that
goal. As such, your new year resolutions can help you with your financial planning
throughout the coming year.

Speak to a friendly consultant today for more details about financial planning.

Posted in Debt