New Year starts with making a New Year Resolutions but as the day passes these New Year resolutions also vanishes. Many of us make resolutions but we rarely stick to the these resolutions. After sometime we forget about our resolution.
Although money is not everything but this is the most important part of our life. Your life will be much better if you manage your money properly.
So if you want to manage it properly, you need to make some important money resolutions for 2015.
10 Important Money Resolutions for 2015
Here some 10 important money resolutions for 2015 which will help you to achieve your financial goals. And yes, stick to this for at least 3 months & see the great change in your life.
1. Pay Debt
The very first resolution for New Year is to clear your debt. Decide a specific amount which you will keep aside for paying debt. Remember with the amount also set a date, so that you don’t forget it. If you are having already tight budgets then don’t plan for a high debt amount. By this you may cancel the debt clearance resolution.
2. Track all your expenses
Do you know you can save lots of money just by tracking your day to day expenses. You need to track each & every expense that you Just try to track your monthly expenses for at least 2-3 months & you will know how you are wasting your money on very small but unnecessary purchase.
There are number of mobile apps available which helps you to track all your expenses efficiently. By tracking your expenses, you can know how to manage all your expenses & minimize the wastage.
3. Welcome money from different sides
Many of us either sticks to one job or one business and don’t try hard to earn income from other sources. Even though if you are doing a full time job and earning a decent amount you can earn more by trying for some different source of income.
You can earn through your hobby or you can work online 1-2 hours daily or weekly or can work as a consultant in weekends. There are number of ways to earn extra income. But don’t spend all of your time towards making money. You spend some of your quality time with your family too.
4. Strictly No
Many a times people just purchase luxury items like mobiles, new trendy clothes for prestige even if they don’t need the luxury version of the item. Some people have their daily breakfast or lunch outside. Start saying ‘No’ to all these things.
If every Sunday you are outing with your friends, then in New Year say No to them. Tell them you are in debt or have set a budget or saving for a new home, car etc. By saying ‘No’ you will save a lot on the unnecessary things.
5. Convert Bonus, Increment into Savings
Whenever we get an Annual Bonus or Festive Bonus or Increment, we just first plan how to spend and what to purchase from the extra amount. But in this New Year whenever you get the extra money convert the amount into the savings. By doing this you can achieve your Savings Goal for 2015.
6. Automatic Deposit
Every month you can fix an amount and a date with bank to just transfer the amount to your savings account. Automatically every month fixed deposit will be created and even it will be an easy task as no paper work needed. Also you will plan your monthly budget as per the pending amount available.
7. Become Financial Literate
Now a days the investment information is easily available on internet or in business newspaper or in books. You can follow them and can learn about stocks and bonds, how to save, how to invest and where to invest. By becoming more financial literate you will be investing safely and in proper direction. In your area there might be some workshops or classes conducting education on finance which you can join & learn a lot.
8. Less use of Credit Card
Find out from your earlier month credit card statement how much you have spent last month and mark what the unnecessary items were. Many a times people purchase through credit cards and spend more. Stop using Credit Card and pay through cash.
As while making payment through cash you will pay only the amount you have and not beyond that. This way you will be saving money. If you are too addicted to credit card then while going for shopping just leave your credit card at home.
9. Digital Tools
Many a times we don’t understand where our money is going and unable to track the money spent. There are many digital tools online which help you to keep track on your finances. They showcase your spending as per the chart, graph wise etc. This New Year download the digital tools apps to help you in setting your financial goals.
10. Emergency Funds
Set an amount every month as an Emergency fund, as you never know which emergency will arise in future. You may face a car accident or some health crisis may happen at this time you can use this emergency fund.
Keep in mind if you are removing amount from emergency fund, other than emergency then just set aside the same amount whenever the money is available.
Extra Tip – Set Goals
In 2015, note down what are your goals and what will you do to achieve the goals? If your goal is to purchase a New Car in New Year then every month set aside a specific amount. By setting goals at least you will be saving money.
Also at year end you can check how much money you have set aside and can know about your financial goal status. Even you should share or discuss about your new year goals with your family so that they may also remind you every other time.
Let us start this New Year 2015 by being realistic to this money resolutions and achieving our goals.