Have you ever tried listing down all of your New Year’s Resolutions? After a few weeks or even days, all of a sudden they came to a halt? We may get tired of this monotonous goal setting every year. Or we may not even try doing them at all especially when it comes to dealing with money.
There are several reasons why we don’t push on with what we planned for. Examples are a lack of specific planning and objectives, no motivation or just being plain lazy. Good news, it is never too late to start the year right. If you believe your financial decisions will greatly affect your future, then it’s time to put plans into actions. These are three basic steps that can help you reach your financial success:
Step 1. Start planning and increasing your investments.
Do you want your money to work for you? Investing is one of the best ways to make your hard earned money grow. Know your risk profile and the type of investment product you need. Make it a priority to save a certain percentage of your income for your investments before you spend or pay off any debts. Talk to your financial partner to discuss what are your plans and needs.
Step 2. Prepare for your retirement
Some may see it as a lesser priority with their finances and find it difficult because of the increase in the minimum contribution rates. If you want to enjoy a comfortable life in the future, then take charge of what is present and make some extra contributions. It is a definitely a good start whether young or old.
Step 3. Manage to release yourself from debts
You may find it very hard to pay off your mortgages, credit card, other bills etc. But, face the reality, you have to work within your budget. Consider what is a necessity and what might be a small luxury. Track your expenditures and your progress by listing them down or using a budget app. Talk to your lender if you have problems or delays with the payments. Most importantly, always seek advice.
Start 2016 with the right strategies to manage and grow your wealth so you can reach your financial success.