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Improve Your Finances with These Resolutions

Personal_Finance / Debt & Loans Dec 27, 2021 - 11:54 AM GMT

By: Sumeet_Manhas


Do your personal finances need to improve? Well, the New Year is the best time to address this problem. You can make these simple New Year’s resolutions and get your finances in much better shape.

Follow a Budget

A simple financial resolution to make this year is to start following a personal budget. A personal budget will help you organize your monthly expenses, track your spending habits and work towards your savings goals. If you have a bad habit of spending beyond your means, this simple guide will keep you in line from now on.

How do you start? If you’re hoping to make this your resolution, you should download one of the best budgeting apps on your smartphone or computer. Then, all you have to do is follow the instructions. It’s that easy.

Make an Emergency Fund

What other resolution will improve your finances? Making an emergency fund. An emergency fund is a collection of savings reserved for urgent and unplanned expenses, like car repairs or plumbing fixes. When you encounter one of these types of expenses, you can withdraw what you need from your emergency fund to pay for them. You can resolve the issue in no time.

An emergency fund will take time to build. So, in the early months of the year, you might not have enough savings to handle any urgent and unplanned expenses that might come your way. What can you do instead? When you don’t have enough savings, you should consider trying to get a loan online to help you manage the emergency. As long as you meet the qualifications for the personal loan, you should apply. You just might get approved and get the funds you need.

Declutter Your Credit Cards

Sometimes, when you’re feeling stressed or really low, you decide to clean your home. Suddenly, having a neat and tidy living space makes you breathe a little easier. You feel so much better.
Well, decluttering your finances can do the same thing. So, make a habit of going through your bank statements to find “junk” that you don’t need. Here are some things that you can find and get rid of:

  • Bank fees that you didn’t realize that you were paying. For instance, if you’re paying a lot of late fees for bills, then you should consider automating your payments.
  • Subscriptions and memberships that you don’t use or want anymore. If you’re overwhelmed with this task, you can download apps that track subscriptions to help you figure out what to cancel and what to keep.
  • Subscription and membership services that raised their prices. If you really like these services, you should try to negotiate lower bills to save money. If that plan doesn’t work out, you may want to consider looking for more affordable services.

Checking your bank statements will do more than help you declutter your credit card — it will also show you some irresponsible spending patterns and financial blind spots. You might notice that you spend way too much money on rideshare services every month when you could easily save by taking public transportation. You might notice that you seem to go on online shopping sprees whenever you’re feeling stressed at work.

You won’t be able to fix these problems if you don’t know that they’re even happening. 

Follow these simple financial resolutions this year. In a few months, you’ll see some incredible improvements.  

By Sumeet Manhas

© 2021 Copyright Sumeet Manhas - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2022 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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