18 Financial Resolutions That Will Help You Overcome Your Money Fears
Financial planning and discipline is for everybody whether you earn a lot or a considerable amount. People usually run from the ‘money talk’ because money raises a lot of tension and generally causes apprehensiveness. Especially when the account doesn’t look so appealing and there are plenty of responsibilities lying in wait.
Well, running will not make it any better until you realize you are stuck in a financial rut and it is too late to dig your way out. You don’t have to wait for that to happen before you act. You can make a difference by learning the secrets on how to make the most of your gross pay package at the end of every work or business month. For this reason, we have put together a list of money resolutions for you to get started with.
- Save at least 30% of your monthly income to grow your savings rate
- Open separate accounts for savings and living expenses; automate your savings with your bank.
- Start a monthly investment.
- Track your daily/monthly income and expenses.
- Account for every spend
- Don’t buy on impulse any major item unaccounted for in your budget
- Create a side hustle to foot the bills for your luxuries
- Review every investment opportunity critically before staking money into it
- Start and develop a retirement plan now.
- Always create a debt repayment plan if you have need to borrow money for a capital venture
- If you must borrow, do not borrow to buy liabilities, borrow to buy assets that can generate money to easily pay off the debt in time.
- Look at your bank statement weekly to help you know where your money is going and to make necessary adjustments if need be.
- Have a clear distinction between wants and needs
- Make value comparisons when making purchases
- Have a no-spend day.
- Ditch your savings debit card to avoid the bugging need to buy on impulse or overstepping your budget when you go shopping.
- Increase your financial literacy to help you make smarter money decisions.
- Set rewards and consequences for sticking to or breaking your financial resolutions.