Keeping your New Year’s Resolutions…this time


Happy New Year!!

January is that time of year when we list our resolutions , hoping these will improve our lives in the year to come.  However studies show that only 8% of the population actually achieve New Year’s Resolutions!

The most common resolutions we make are about health and money, but whatever your plans, check out these tips to help you make 2015 an even better year for you financially.

Goals to Reduce Your Debt
This year write down your list of all the debt you owe – yes, this is a difficult one but should really take only 20 minutes at most.  Then, make a plan to pay off your debts using the priority of those with the highest interest rates first. Always try to pay more than the minimum monthly payment if you’re financially able to  do so. That way you will pay off that debt faster –  and save money on interest charges.

Goals to increase (or start!) Your Savings
Write down one short term goal – perhaps for this year’s holiday or to start an emergency fund to cover unexpected expenses.  Then write down a medium term goal – perhaps it;s that dream vacation, or a deposit on a home. Next, decide on a realistic deadline to achieve these goals – and list the regular action you will need to do within that time to accomplish your goal.

Goals to Improve (or Develop!)  Your Spending Plan
Your Spending Plan is the most powerful tool to help you succeed this year. your new “budget,” it may help you to think of it as a spending plan instead. By planning out your food, entertainment, education, and other expenditures, you’ll have a better understanding of where you’re allocating your income and how much is available to spend on each activity.

Review your credit report
You are entitled to one free report a year from each of the three major credit-reporting agencies—Equifax, Transunion, and Experian. Go online to request your credit report at the beginning of the year (or request one at a time in the year that suits you). Review the info and raise any disputes regarding any incorrect information you find in the report.

Further your financial knowledge in 2015
One of the easiest ways to boost your finances is to first write down your financial goals and then learn more about the finance topics that interest you and will help towards achieving your goal/s.

You only need a few resolutions to help improve your overall financial health.

What’s your resolution for 2015?
Best wishes and Happy New Year!


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