How was the start to a sparkling, brand new 2018? Did you have a big new year bash at the club or was it a quiet dinner with loved ones? Well, before you go about making your New Year Resolutions which as we all know more often than not, last less than a month!
Well, we don’t know about others but here’s a few
New Year Resolutions guaranteed to help you save money:
Well, the start of a new year always brings forth new expectations from life and a variety of new year resolutions. Starting from losing weight to earning more money, eager promises and enthusiastic resolutions are made. While we keep some and break most of them, how about taking these 5 resolutions to save money this year?
- Get a clear picture – It is time to pull out bank statements, old fixed deposits and pending loans. Make a rough estimate of how much you have: Starting from assets like bank balance, retirement accounts and real estate properties. Next list out your debts like personal loans, EMI’s and other loans. Minus the debts from the assets and find out the net figure of how much are you worth! Keep a record of this and do this on a half yearly basis to check how your financial situations changes over the time.
- Reconsidering Options -How about squeezing your budget tight by finding out improvised packages and plans for your cable connection, mobile phone, internet service and magazine subscriptions? Perhaps you can get a new package to lower your phone bills or find a new app on your tab/smartphone to make free calls. Also, you can get an internet plan which suits your usage capacity and according to the time of usage ( night plan/day plan). How about cutting down on magazine subscriptions which you don’t even read anymore
- Stash It Right -How about picking a reasonable percentage of your salary into a savings account first things first? Do this even before paying bills or using the paycheck for shopping. Making it a habit will help you save money and build a cozy savings nest for the rainy day. Start using the best offers this year and save big on online shopping.
- Money For Retirement- No matter what age you are, start saving some money for the retirement from today onwards! With most of the jobs being in private sectors, you need to start a retirement account which needs to be 10 % of your income. Your provident fund won’t suffice as retirement fund and requires extra cushioning.
- Clear Your Loans– Do not skip loan payments which might end you paying up heavy fines and higher premiums. Do not spend relentlessly using your credit card which will make you regret later. Pay EMI’s regularly and work towards making a loan free account.
Hope these tips help you save well and enjoy a good year ahead