Many people set themselves new year resolutions at the beginning of the year. Most of those resolutions have something to do with finances. It could be to save more and spend less. It might be to pay off debt or purchase something specific. So, as we are now in June. I thought it would be a good time to write a post as a bit of a reminder to you. So did you set yourself a financial new year resolution? How are they looking? Like many people you may have had good intentions, but as time went on you forgot all about it. So as a friendly reminder and with us being half way through the year, here are some tips to get those resolutions back on track.
So many of us would like to save more money, and with the best intentions, we try. But many of us fail at the first hurdle. This is because we don’t have a savings plan in place. If you are one of those people that wanted to save more, then take note. Get yourself a plan and stick to it. This could be opening a regular savings account and having a standing order set up to it each month. Start with an amount that you won’t miss, like £20 per month or more. Then as you get used to it increase it slowly. This way you begin to not miss the money, and it’s safely sat in a savings account.
Clearing off debt
Debt is one of the biggest things people set as a new year resolution. They want to reduce it as much as they can or clear it off completely. The problem is, right after Christmas, that debt amount can be at it’s highest. This is due to christmas spend on credit cards and going along with the season of joy. You can become disheartened with the amount of debt you owe. Again the only way to get this resolution back on track is to plan. Look at all your debts. A great I do this is to check my credit score which highlights all your financial associations. Then work out if consolidating your debt into one monthly payment would work better for you. If that isn’t an option work out how much you can pay each month and stick to the plan. It may not be resolved overnight, but in time, you will see your debt amount reduce.
That big purchase
Whether it was to buy a house or pay for a wedding, the big purchase can add unnecessary pressure to our finances. This is one reason why your resolution may have been forgotten. But that isn’t to say you can’t finish the year off on a high. Saving regularly and speaking to your bank is the only way to make those big purchases happen. So take some control a little and work out how you can do it. This might mean looking at your disposable income and making a few sacrifices.
Reducing your outgoings
Finally, many of us want to reduce our outgoings. Of course, we do. We would all like more money in our purses. But did you take any action to do that? Possibly not. The best way to look at your bills is to work out what you have control over and what you don’t. The amount you spend on food shopping is controlled by you, as is the company you pay for your Sky contract or electricity bill. Your rent and mortgage won’t be a negotiable amount. So work on the ones you can control and see if you can save any money. A great way to save on your food shop is to meal plan.
I hope this get’s your financial new year resolutions back on track.