A Review On My Financial Resolutions This 2014

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We are only counting the hours before 2014 will come to a close. And what better way to end it than by reviewing my financial resolutions I set for 2014 and assess if I was able to achieve it. More so, I am a fan of New Year’s Resolutions and it would be a good way to use it as a basis to generate another set of resolutions for 2015.

In case you missed my financial resolutions for 2014, you can check the whole post here. And whether I was able to achieve it or not, here are the results alongside with my financial resolutions.

Setting up a financial goal.

As stated in my post, I already have a financial goal to reach this 2014. My financial goal was to put up a business. And guess what, I just opened a new business this month. It still is relatively small yet at least I started. I actually franchise a favourite pandesal brand here in the city and so far the reception is good. There are times within the day where people would line up to get a dose of our pandesal. And the good thing about establishing a business is that I was able to provide employment to other individuals. And that is one thing I am very proud of. I currently hired ten individuals who are mostly my neighbours and relatives. Even more, as I look at Kiyosaki’s Cash Flow Quadrant, I already jumped to the 3rd Quadrant! Wow!

Keep track of my finances.

I was able to do this in a little notebook however many times I failed. That is why this 2015, I will be doing it techie style. Instead of having my notebook, I will keep track of my finances using an app installed in my phone. I am currently exploring Expense Manager and so far I love the interface and how easy it is. However, I would still be keeping my little notebook. I still love writing stuffs.

Pay off debts.

I am proud to say that I have zero debts! Hurray *throws confetti to one’s self*. And I love that there are no more monthly bills, no more collections agency and no more stashing down huge amounts from my salary just to pay debts. I don’t even have good debts. I managed to put up my business without asking for loans. And more so, I am not planning to welcome 2015 with debts. Well, it was not an easy journey. It literally took a lot of control and dedication just to manage to pay off my debts. However, after paying all that’s due, you will really feel free and happy. Plus, you can be able to manage your salary better.

Five Envelope Salary.

The five envelope salary was introduced by Bro. Bo Sanchez in his book My Maid Invests in the Stock Market. This means dividing your salary to five envelopes. These are Tithe Fund, Expenses Fund, Support Fund, Emergency Fund and Retirement Fund. But throughout 2014, I was not able to follow it since I have been dividing my salary into Savings, Investment and Expenses. I already have a solid emergency fund and I am planning to redirect my Investment as my Retirement Fund.

I can clearly say that I am successful in realizing my financial resolutions that I set last year. Though I was not able to follow it to the core, I can see improvements with regards to my finances. And more so, I was able to nail a few of them. I hope that you are also successful with regards to your financial resolutions. And with the dawn of the New Year, let us be positive in establishing more financial resolutions and realizing it one by one. 

P.S. My very first e-book is finally here. You can buy it using the Buy Now button at the right or via bank deposit. Only Php 150.00. Purchase your copy now.

P.P.S To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 52 already! Did you deposit the next amount yet?

P.P.P.S Want to know more about investing, savings, stock market and more, check out my reference here