What are your New Year’s resolutions when it comes to money?

Posted on December 30, 2013 by Kagem Tibaijuka | one comment

We all know New Year’s resolutions can be hard to keep but you should definitely put your best foot forward when doing so. There are all kinds of New Year’s resolutions that you can try. We have listed some of the most popular ones that Brits are trying to adhere to:

New Year money resolution

  • Pay off debt: Whether you have store card debt or you have an overdraft you need to pay, paying off debt is something that needs to be an ultimate priority for your lifestyle. The quicker you can pay off your debt, the easier it is to put the money towards the things that you want such as a new car or moving into a new flat.
  • Increase your savings: You should definitely be thinking about how you want to save in the New Year. Get on a frequent savings plan whether you are saving every month or every week. The more your savings increase, the easier it is going to be to give yourself a financial cushion for things you want to save for such as a deposit on a house.
  • Create a 3 month emergency fund: Everyone needs to have an emergency fund and a 3 month emergency fund is exactly what you need. 3 months is a good insurance policy against losing your job or if you fall ill. You should make this a number one priority especially considering how tough the economy is.
  • Paying bills on time: If you get into a habit of paying your bills on time, it is much easier to deal with financial problems in the future. Paying bills when they are supposed to be paid helps to build your credit rating which will come in handy if you want to buy a house in the future, for example.

We’d love to hear what your New Year’s resolutions are. It may be difficult but we know that these financial goals are worth it in the long run!

About 

Kagem Tibaijuka is an outsourcing specialist that focuses on small business.

ONE COMMENT

Jason Gates

Great post, thanks! As we all know Christmas is very pricy now days and I am really looking forward using some of these tips!

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