The beginning of a new year can be exciting, but it can also bring financial stress. New opportunities can become expensive. The children need back to school supplies, the oldest has university fees due, grandma needs help paying her medical bills, and petrol, rent, food and other expenses have increased again. We all face these struggles from time to time. We make New Year resolutions to try and attain our goals realistically, so why not make some financial New Year resolutions too?
Here are some of our top tips for a financially successful new year
Our first step towards financial security is to always approach your financials with a strategy in place. This means designing, implementing and sticking to a budget, which should include short-, medium- and long-term goals and limits. With a firm plan in place, you are exercising better control and oversight over your spending. Let your budget reflect your resolutions for the new year. The next step can be used in your budget planning as well. It involves comparing the previous few years’ financials. This can help you plan for future expenses, and if you notice a particular expense becoming significantly higher over the years, it can help you decide to cut that expense down or choose an alternative, more affordable solution. Step 3 towards a more financially secure 2019 is to always be cautious with your spending. Practice responsible spending by avoiding splurges and shopping sprees. Don’t borrow money unless it is absolutely necessary and you are able to repay the loan. If making investments, be very aware of the risks of doing so.
Be prepared for the future
The biggest financial tip for 2019 is to always be prepared. Insurance is a key part in being financially prepared. Make sure your budget can cover life and accident insurance for yourself and your family, as well as for your most important assets like your home and car. Small payments every month can prevent financial disaster should a major expense unexpectedly occur. Contact One Debt today for more financial tips to implement in 2019.