Find Out!! 7 Easy Financial Resolutions For 2017 You Should Take Up

Find Out!! 7 Easy Financial Resolutions For 2017 You Should Take Up

By Michelle Wanjiku

With this New Year the goal is to become financially stable and improve your financial status. This can only be done by getting rid of all the bad habits you had in 2016 and picking up good money habits.

Here is a list of the financial resolutions 

1. Identify your financial goals

First things first you need to know what your financial goals are for 2017. Do you want to save more money, buy land, a house or a car, invest or pay your loans? This will enable you to come up with a financial plan that will help you achieve the goals.

It helps to know what you are working towards because it will act as motivation to stay on course and work hard. Without a clear goal it is difficult to accomplish anything.

2. Start tracking your budget

This is the first step when it comes to creating a budget. Take time to track how much money you spend every month this will enable you to come up with a working budget. This will also help you see the areas you are misusing money on.

This will enable you to come up with a solid budget that can help you improve your financial status.

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3. Have no spend days

This is a good way to help you keep your spending in check. Pick a certain number of days you can live without spending any money at all. Try a day when you don’t have to go to work and instead of going out and spending that money save it.

Ensure no money leaves your hands or bank account at least 2 or 3 times a month. This will help you add to your savings no matter how small and you end up having more money than you would have initially.

4. Boost your retirement contributions

You may think it is too early to start planning for your retirement but the earlier you start the better. You will be able to save more and ensure you live a financially stable life after you retire.

If you are contributing about 500 per month to your retirement, then consider raising this amount to around 1000 or more.

5. Pay off your debts fast

The longer you take to repay your debts the more you have to pay back. Make a plan to pay more on your debt in order to finish repaying quickly. Getting rid of debt also means you will end up having more money in the long run.

6. Cut out the bad spending habits

Try as much as you can to get rid of those bad spending habits like impulse buying and eating out. Why spend 500 shillings on food from a supermarket when you can spend like 200 buying the ingredients to cook the same food?

To try and avoid impulse buying don’t carry a lot of money around. Have only what you will use and a little extra just in case fare prices go up. You may need the help of a friend or someone to keep you in check when it comes to this.

7. Have a budget and stick to it

This will take a lot of self discipline as it requires you to stick to spending only a certain amount of money. You do not necessarily have to make a monthly budget you can start small and budget for a week or something.

This is the best way to get accustomed to making and sticking to your budget.

READ ALSO >>> 4 Money Habits You Need In Your 20s To Live a Better Life in 10 Years

With a good financial plan you will be able to save more and become more financially stable and will give you financial freedom. Take up the challenge to follow the above and improve your personal finances.

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