Posted by Fred Lake

Six Tips to Stick to Financial New Year’s Resolution

Six Tips to Stick to Financial New Year’s Resolution

Every New Year is characterized by new resolutions that involve financial goals as well. It is, however, unfortunate that many people let go of the zeal to pursue their New Year resolution by the second month of the year. Yet, if you want to succeed financially, you need to work out your finances diligently.

With this in mind, this article will revolve around making your financial resolution work out for you. We hope that applying these principles will help you.

Keep it Simple 

You might have many exciting and beautiful money ideas you want to accomplish this year. However, trying to tackle it all at once might be a recipe for disaster. It is the simplest one that can improve your life the most that you should go for. This means that paying off the debt so that your credit score rises make more sense. Saving towards buying a home will surely help you financially in the long run.

Prioritize Easy Wins 

Consider your budget and explore areas where you are better off without. You might spend way more than necessary on food. Then try grocery shopping and bumping up your culinary skills so you can eat more homemade meals. Chose to entertain guests at home rather than being bothered about the cost of restaurants. Get a coffee making machine to serve you coffee every morning rather than buying on your way to work.

And if you are diligent enough to make this happen, be sure that the savings from your endeavor help actualize your saving goals.

Automate Your Savings 

It is always important to pay yourself first before you start spending on other things. The best way to accomplish this is to automate your savings. You should have a certain amount of money that you want to set towards your savings goal. You could direct this money towards paying your debt or an emergency fund.

Bear in mind that saving should always be part of your budget. As a result, set a particular fund for this goal. In time as the year proceeds, you will be amazed at how far you can save!

Check-in once While

Many people admit to not sticking to their New Year resolution. This also includes their financial goals. You can, however, chose helpful strategies to help you stay on top of the situation. One useful way is to have a midyear review to ensure that you are on track. If you are not meeting your goals, it could be that your goal is not feasible, or your plan is faulty.

This is the point where you need to go back to the drawing board and adjust your spending plan or tweak your goals. 

In contrast to the middle of the year, you can also review your plan every quarter as well. Find a friend that will keep you accountable. Stay in touch, and you will be surprised how it can keep you in line.

Make Your Goals Achievable 

In other words, you must have something you will do every week to make your goal achievable. If you are planning to buy a house, for instance, have a set amount you will save from each paycheck. Be diligent with the saving such that you will not be able to desist from the goal. Open a new account or have a fixed account where the amount you are saving goes to every paycheck.

Help Yourself Stay Motivated 

There are many simple tricks you can use to keep yourself on top of the goal. It can be as simple as associating it with everyday activities. It can be brushing your teeth, bathing, drinking coffee, etc. Have a sticker on your coffee machine, hang a picture on your mirror, have the screen saver on your laptop remind you. 

Concluding Remarks 

Remember, baby steps as you go about setting your New Year Financial goals. These are simple and helpful tips that will go a long way in ensuring you accomplish what you set your heart to. Make a priority to remind yourself every day why you have your financial goal. It can go a long way in keeping you on track, which will help your success.

Fred Lake
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