Now that it’s a new year, you can now start afresh with a new financial leaf. But an important question regarding your finances is: “How are you going to do better or different in the new year”?
Get ready to have your finances in order and wave a final goodbye to your debt woes with these five fundamental financial resolutions that you can incorporate this year, shared by the Zeeva team:
Take a thorough look at your bank statements
You cannot determine where your monthly income is going if you don’t inspect your leakages. Print out your bank statements of the last few months and see where those spending leaks are.
More debit and avoid credit
Rather use your debit card and avoid your credit card when paying for your purchases. Remember: when using a credit card, the first 55 days are usually interest-free but after that, you pay interest. Why don’t you tuck your credit card away and get into the habit of not using or needing it?
Use financial phone apps to your advantage
Mobile phone apps are still a thing these days and the following apps are rated as the best free money-saving apps:
- Spending Tracker
- FillApp or Fuel Log3
- Money Mammals Save for a goal (ideal for kids)
Save for those emergencies
It is important to save for emergencies after you have allocated your budget amount for the month as well as other expenses that you need to cover. Set an emergency savings goal amount for each month, starting with a small amount at first and then increase it throughout the year.
Before you get lost in debt – ask the pros…
Life happens. Don’t be ashamed of getting the financial help you need. Ask your financial advisor or your banker for assistance and get your finances on the right track.
It is never late to try and incorporate the above tips in your financial new year’s resolutions or goals. It will make your life a little easier and your future financial position a whole lot better.