Ten Financial Resolutions

by ryan on October 2, 2018




Sponsored

Ten Financial Resolutions

 

With the new year just around the corner, many people will be contemplating the changes they want to make for this year, whether it is to lose weight, exercise more, go on regular holidays, work fewer hours or spend more time with family and friends.

Perhaps the last thing that people consider in depth is their financial situation. It is just as important, if not more so, to assess your financial goals and what you hope to achieve financially in the new year. Many people may aim to reduce debts and create wealth and financial stability.

But there is no point in wanting to achieve these things without putting together a plan. Below are ten financial resolutions that can help you to be in a better financial position by the end of this year.

Financial Resolution #1:
Planning your finances means getting your finances under control. Put financial budgeting on the top of your financial resolution list for this year. A budget will help you manage your cash inflow (income) and cash outflow (expenses). A budget can help you highlight areas where you can make cost savings, freeing up money that you can use to reduce debt or to invest.

Financial Resolution #2:
Reduce your debts. The credit industry has made it very easy to apply and get approval for personal loans and credit cards, fooling people into spending more than they can afford and in some cases building up more debt than they can repay. Make this the year that you take control of your debts and pay off your credit cards and personal loans – make this your priority this year. Your primary objective should be to ensure that the income you earn is higher than the expenses that you incur, in order to create a positive cash flow.

Financial Resolution #3:
After your debts are paid off and you have surplus funds after your monthly expenses, use these funds to create a savings account. This is essential for emergency situations. Keep a reasonable amount saved in a high-interest bank account that you can turn to if needs be.

Financial Resolution #4:
Once your debts are under control and you have some money saved up for emergencies, start thinking about investing. As the interest rates earned through bank savings accounts are rarely very high, it is important to invest in financial markets so that you are receiving a good level of return on your investments. Consider setting up funds for your children’s education and a retirement fund to secure yourself financially in the future.

Financial Resolution #5:
Protecting your family and securing their financial future is another important aspect that you need to consider. Speak to your employer about life insurance. This is a matter that should not be overlooked. Life insurance means that your family would be provided for and looked after if something unexpected were to happen to you.

Financial Resolution #6:
Make a will so that there is a fair distribution of your assets in the case of unexpected death. This ensures that there is no delay in the process of splitting your assets and means that only the people that you care about receive what you intend..

Financial Resolution #7:
Keep an eye out for coupons and discount vouchers that may save you money on items such as, groceries, clothes or vehicle maintenance. Discount vouchers exist for almost any item, so pay attention. Even though the vouchers may not save you a significant amount of money when you have debts to reduce, every penny counts.

Financial Resolution #8:
Print off your bank statements for the previous twelve months and analyse your transactions. Look for recurring direct debits for membership fees and subscriptions and cancel any that are outdated or unused. Eliminate any unnecessary expenses. Make the review of your bank statements a monthly habit to highlight areas where cost savings can be made.

Financial Resolution #9:
Make a list of all your creditors and arrange by phone a payment plan for your debts. This will help you to pay off debts slowly but will avoid incurring a late repayment fee. In addition, this may save you from getting a bad credit history which, in turn, may affect any investment opportunities you might want to participate in the future.

Financial Resolution #10:
Speak to a friend or family member about your financial resolutions so that they can keep you accountable for achieving the goals and targets that you have set. Approach a friend or family member that you know has the same goal of improving their financial situation and set up a support system for each other, holding each other accountable for the goals set.

Financial resolutions are meaningless without good planning.

There is no point in setting financial resolutions if you do not plan to achieve them. It is therefore essential to set goals and objectives with the intention of success. Put in place strategies and steps that will help you succeed in your resolutions and achieve financial security and independence.




Sponsored

{ 0 comments }

20 Excel Formatted Financial Statements

by ryan on January 18, 2018




Sponsored

20 Excel Formatted Financial Statements

 

Download and print these new free Excel Formatted Financial Statements and template XLSX Samples and use them in your business. See content below.

Templates ( Excel )




Sponsored

{ 0 comments }

25 Excel Formatted 2018 Calendars

January 18, 2018

Sponsored 25 Excel Formatted 2018 Calendars   Download these excel calendars and use them on all types of business projects such as marketing, sales, tracking, customers,  inventory and much more. Templates Sponsored

Read the full article →

15 Data Analysis Templates

January 18, 2018

Sponsored 15 Data Analysis Templates   Got customer data, don’t know what to do with it? Do you want to .. Get more customers? Keep your customers? Get them to spend more? Increase word of mouth referrals? Make your advertising & mailers more effective? Customer Data Analysis excelltemplates.com, is a group of like minded customer […]

Read the full article →

Project Daily Log Templates for Excel

July 29, 2017

Sponsored Project Daily Log Templates for Excel   Use these XLSX Excel templates to get the most out of whatever project that you are creating this month. All templates are in XLSX and Excel WORD DOC formats. Templates: Sponsored

Read the full article →

Hotels Excel Templates

April 10, 2017

Sponsored Hotels Excel Templates   Hotels Excel Templates will make a great deal by helping you to create a hotel-related tracking and spreadsheets. With their help you’ll be able to work your hotel finances and acccounting easily. It doesn’t matter where your hotel is situated, Hotels Excel Templates in xlsx formats be genuinely useful online […]

Read the full article →

Work Schedule Template

March 13, 2017

Sponsored Work Schedule Template and Its Importance in Managing Work   Office work environment is hugely influenced by the way in which various employees work and the kind of work schedules maintained. For most of the managers, it is a challenging situation to enable the workforce properly as part of meeting the demands of clients. […]

Read the full article →

Identify your Financial Needs

January 5, 2017

Sponsored Identify your Financial Needs   Earlier two steps assessed your current financial position. Now that you have a better grasp of your net worth (and your investible funds) and cashflow positions, you should be able to identify your financial needs. For many people, the most pressing needs are: tertiary education funding, retirement and home […]

Read the full article →

Personal Risk Tolerance

January 2, 2017

Sponsored Know your Personal Risk Tolerance   Nothing is free in life. If you want to get rich, you have to be able to stomach at least some level of risk.no_free_lunch But what is the correct level of risk? In practice, not eveyone can stomach the same level or risk. Based on reality, it is […]

Read the full article →

investment Programs into Action

December 28, 2016

Sponsored Put your investment Programs into Action   By now, you are all set to put your investment programmes into action. To start, prepare an asset allocations spreadsheet using the personal budgeting spreadsheets. Decide on which asset allocation models that will suit you. Before you embark upon any investment programmes, please ensure that you have […]

Read the full article →
Sponsored