By George Reed on January 14th, 2017
New Year has already made its significant start in our lives and many of us were looking forward to this moment in order to make their biggest New Year resolutions come true. It’s no wonder since by changing habits people expect to start out fresh, would it be quitting smoking, losing weight or handling your finances better.
While you are still thinking of ways how to improve your financial situation in 2017, we have already composed a guideline with 5 most essential tips how to set more effective personal finance goals this year.
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How Was It Going in 2016?
But before you can move on to some serious actions, you should grab a cup of coffee, sit down with a blank sheet of paper and a pen and consider whether each of your last year’s financial resolutions was successfully completed. This means you have to ask yourself the following questions:
- What good things happened to your finances?
- What steps did you take to have such success?
- Did you manage to pay down the existing loans and achieve good loan rate?
- Did you manage to save?
- Did you have some big purchases you could fully cover without taking a loan?
- Was there any financial hardship going on and were you able to solve it out?
If you have a chance to analyze all of your successes and failures, this will certainly become another lesson for future, which can substantially influence your choice of 2017 financial goals. The list of questions above would also give you a nudge for other reflections. For instance, you may start considering of ways to make some crucial improvements in your budget.
Oftentimes it happens that your last year’s goals were a little strict. So, if you feel like you were bad at saving money in 2016, this time don’t try to go short on everything you can – such goals wouldn’t outlast for long. Instead, based on your previous experience, try some new ideas how to settle up finances in a better way. This can be everything: a new habit of writing down each of your made purchase or starting to use a new financial app on your smartphone.
By the way, you can start from tiny little things, like not buying a big cup of Starbucks coffee each morning and not going out for a dinner on Friday evening but rather cooking the one at home.
5 Financial Resolutions for 2017:
- Open a savings account to have your own emergency savings fund. Do not make an ATM card so that you will have no temptation to withdraw the money when you think it is “necessary”.
- Go full bookworm. Nowadays it’s not difficult to find information on finances from books, magazines, and journals that can educate you on this topic. Even online blogs like ours provide a whole bunch of useful things about financing to keep in mind.
- Review your credit report. It helps you find out your current credit score situation and generally your overall financial status.
- Get organized. This does not only mean getting your papers all folded and archived but also get your preparations for the day done in the evening. For example, packing lunch ahead of time means you won’t rush in the morning, which often leads to buying the meal eventually.
- Refuse from subscriptions to all online retail stores. Tempting deals can make you buy unnecessary stuff you won’t probably need so much. Therefore, unsubscribe.