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Financial New Year’s Resolution for 2010
By Billy | February 15, 2010
2009 bid farewell for 2010 to take over. Working on a new year’s resolution and getting back in shape would be the things most people do as the year begins. Start the year right by settling your debts and financial problems that you have last year. C’mon, get over it! This list of 10 financial New Year resolutions can help you manage your expenses for the year.
1. Your debts should be a priority.
You already bought and invested important things in 2009 and now is the time to settle the payments. Don’t let your debts grow higher that you can’t reach them anymore. Make a list of your financial obligations and those with the most expensive rates should be paid immediately. The one with high rates is usually your credit card debts. To budget your payment for the bills, organize the most expensive ones down to the least.
2. Don’t forget the basics.
New technologies that can help us with our everyday lives is very useful but can be expensive. We can use alternatives to eliminate cost. Turn off those unnecessary electricity at home, this can cause you costly elecricity bill. Instead of using airconditioners, open your windows and let the open air cool you. It’s simple and it can help you save on your electricity bill. As much as possible, don’t get home service cleaning home cleaning services When you are planning to clean your house. Find time and do it yourself. Cleaning services’ rates can be that expensive especially when you demand their services every other week.
3. Spend less and save more
It’s difficult to resist temptation whenever we go shopping. There’s a big difference from the things that you want and from the things that you need. Buy things you only need and don’t use too much on your credit card. Use your credit card for emergency purposes only (e.g. you run out of cash, etc.). This can help you lessen your credit card debts. Spend your expenses on cash if possible.
4. Get a Life Insurance
For those you don’t have it yet, you better get one today. Sustain the monthly payment for it and don’t think of it as a burden because in the long run it can help you a lot more than you ever think it would be. If you’re getting an insurance, see the difference of the cheaper and expensive ones.
5. Start a pension
Pension’s rule of thumb is, to afford a reasonable retirement, you have to pay half your age as a percentage of you salary. Now start getting a pension. The earlier, the better.
6. Shift to cheaper mortgage rates
Transfer to a cheaper and more variable rate deal if your mortgage is coming to an end.
7. Claim all the benefits you are entitled in to.
We pay taxes all our lives but some people do not claim from the state they are entitled. Many of the people do not realize the help that are available for them. Know your benefits and rewards for being a good citizen.
8. Close unnecessary and useless accounts
Do you really need to have several banking accounts? Although banks and financial institutions charge everything for free, the $8 charge for your checking account can sum upto $8,500 and can add up to your taxes!
9. Reward yourself
Life is really difficult now, you have to work hard to get the things that you want. Don’t put things seriously especially the ones that stresses you. Relax and smell the flowers in the garden. Refresh yourself. It doesn’t need to be expensive, as long as you give yourself a treat for achieving where and what you are right now.
10. Be generous.
Yes, you got it right. I know most of the tips here are all about trimming down your expenses and saving stuffs but it is always better to give than to receive. Giving money is one of the most effective ways to realize the value of it. You’ll never know how much promise a $20 contains. For years to come, your kindness to someone will be remembered for showing genuine generosity. Giving financial freedom is a powerful way of changing people’s live for the better.
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