Many people have new year’s resolutions revolving around eating better or even being more outgoing etc. What about one of the most important aspect of your life, your finances? Start your new years with financial resolutions so that your 2020 is stress free and financially stable. Here are 5 simple resolutions to make sure your finances can improve.
Start a budget
One of the most effective ways to take control over your finances is to start a budget. A budget shows you where your money goes each month and how much you have left over after your expenses. It can show you how much you have each month so that you do not overspend. Read How to start a budget for help on starting yours.
Start paying off your debt
Being in debt can prove costly and only hinder your finances. Start paying off your debts so that you can improve your financial situation this new year. If you cannot afford to pay off your debts, you can contact Meerkat today for help. We can help you to pay off your debts at an affordable rate. We work out an affordable budget so that you have enough money left over at the end of each month for your living expenses.
Reduce your expenses
Review your expenses and see where you can cut back. Is every expense you have vital? Write down a deadline list so that you can keep on top of your repayments. This will also give you perspective of how much you are spending on expenses and what automatically is deducted from your account each month. See if you can get cheaper packages or if you are spending money on useless expenses that you don’t need.
Start an emergency fund
Once you’ve taken control of your debt you can start to build an emergency fund. This is in case your income is compromised, or you end up in an emergency where you need finances fast. A great goal to work towards in an emergency fund is 3 months salary saved up so that it can support you and your family for at least 3 months while you are in a tough situation. Sign up to be the first to know when our savings product launches! The right solution to get you started.
Educate yourself on Personal Finance
Read books and articles to educate yourself on personal finance. This way you will be able to make good financial decisions that will improve your finances and your life. There are also great podcasts you can listen to that will help your financial education.
Start your New Year with a bang and stick to your financial resolutions. This will ensure your 2020 is a great year with good finances and less stress.