3 Financial Resolutions You Can Follow this 2018

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Happy New Year fellow Kuripots.

New Year, new beginnings and new resolutions. I hope this time your financial resolution would be to become financially literate in the coming year. They say resolutions are very hard to follow but if you have realistic and bite-sized resolutions, you can most definitely achieve it. Not to mention, a little motivation can go a long way in realizing those resolutions too.

If you are still eyeing for a financial resolution or two, any of these three would be a good starting point in making your finances right on point. Make a personal finance overhaul to make your life and your finances better. And a good way to start is making solid financial resolutions that can help you in achieving your money goals. Here are three suggestions:

1. Pay Debts

It is always a good way to start the year by minimizing and if not eliminate your debts. So better start moving and allocating some of the funds to pay those debts right away. List your liabilities and sort them in terms of interest rates. There are many methods in paying your debt. You can start by paying off the least amount or using the snowball method. Make sure to have a budget that goes directly in paying those debts. You might need months and even years to pay those but the important thing is you are consistent in paying the money you owe. And not to mention, don’t incur more debts in the process unless very, very necessary.

2. Save Money

Saving money can be a chore sometimes but it doesn’t have to be this time. Enroll in an automatic savings account! Ask your bank where your payroll is connected and inform them to deduct this much every payday. This guarantees you can save money instantly before it hits your ATM. Make sure to not include an ATM in this savings account so access to money is very limited if not inconvenient. If you want to push yourself further, you can always take the 52 Weeks Money Challenge. Regardless of how little you save today, it will sum up to something bigger tomorrow.

3. Spend Less

Financial experts would often say, decrease your cash outflow. In order to earn more, decreasing your expenses would definitely be a big yes! Be creative in finding ways how you can decrease money spending. Start by packing snacks and lunches to work instead of eating out. Start a challenge every month like No Spend January, No Dine Out February and more. You can have your unique challenges every month or every week so as long as it entails cutting cost, minimizing expenses or increasing cash inflow.

New Year Resolution’s might be a thing of the past. However, these are definitely helpful especially if you want to have a fruitful year ahead. It might be hard keeping up with the tabs but these resolutions are worth creating and sticking into. So what are your financial goals for 2018? Let us know.

P.S To those doing the 52 Week Money Challenge, it is Week 1 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too. 

P.P.P.S I am also sharing my stock market secrets and information via these resources