New Year - A brand new year comes with the opportunity to welcome new habits, new thoughts, and idea to make a better future.
So, at the onset of this new year, let’s make a promise to be financially healthy and wealthy.
Here are the 11 tips that can help you to stay financially fit this year and in the future.
1 Stop making certain daily purchases which you can live without
Have you ever calculated how much you spend on your Starbucks coffee every morning? If you spend around $5 every day, how much does it amount to at the end of the month? Now compute how much it amounts to annually if it’s your regular habit.
Unknowingly you might be spending around $150 a month, which you can easily use for other purposes like paying back debt or just saving a little extra.
However, to do so, just you have to invest a little time in the morning to make your own coffee.
2 Set specific financial goals
While settling financial goals, make sure it’s challenging but achievable. Then only, you’ll feel the urge to attain it.
Do not just think about your goal; make sure you write it down with a date. It will motivate you to achieve your financial goals.
3 Watch out for the opportunities to save on ATM fees
If you've gone to a distant place where there is no bank, then purchase some useful items from a supermarket through a debit card.
Some supermarkets give cash back on the purchases made by using debit cards.
You can get back as much $250 cash back, which is great.
4 Keep an eye only on what you have and use it
Find out what you have in your house. Check out the storeroom at least once a week. Use the ingredients to cook lunch or dinner.
Doing so, you'll save money for expensive dine outs.
5 Save instead of spending surprise dollars
Even if it’s not a total surprise, yet you can’t be sure of the bonus amount unless you receive it.
While planning your monthly and annual budget, make sure you set aside that amount.
Invest the extra dollars to become financially healthy and wealthy one day. Even if you save this amount today, it’ll help you tackle lifestyle inflation tomorrow.
Not only quarterly or yearly bonus, if you suddenly find a $50 note in any of your pockets, save it instead of visiting a coffee shop nearby.
6 Track every dollar you spend
You have to take out time and track your daily expenses. You can’t be successful in your budget if you plan a nice one but don’t track your day-to-day expenses.
Even if you spend somewhere extra, you can reduce expenses in some other item to save the significant amount.
One of the best ways to save a significant amount is to set it aside first and then plan your expenses with the remaining dollars.
7 Get set to bargain with the customer representatives
Contact the customer care representatives to reduce your expenses in the coming year.
Get in touch with the customer official of the phone company and request for better plans. Try to get a better deal.
8 Make friends with financially successful people
Though it may sound a bit weird, it helps.
A self-made millionaire once wrote, "We become like the people we associate with, and that's why winners are attracted to winners."
9 Arrange an auction at your home
Scan your basement for old stuff. Gather all the things and arrange an auction at your home.
Who knows, perhaps you can fetch a good price for your old electronic device or an old bicycle. You might not have ever imagined it.
10 Donate your money to charitable organizations
Making a contribution to charitable organizations has become all the more important now.
Donate to charitable organizations in the next year. This will help you get the blessing of hapless people and boost your savings in the long run.
11 Make a will to secure your family's life
You should think what might occur to your family members when you're not there anymore. One has to spend nearly $250,000 to look after a child for 18 years. The cost of education has also increased.
Create a will so that your family members don't have to suffer when you won’t be around.
People make so many financial resolutions before the beginning of a new year.
If you or your family members break even one resolution, then charge one dollar. Don't shout, scream, or yell at anybody. Instead, utilize the money to achieve a financial goal.
Good Luck and Happy New Year!