New Year resolution is an important thing that you need to have, especially if you would like to take a big step in your life. It is recommended for you to have things planned out, so you can get energy and purpose that will translate into inner fulfillment at the end of the year. Many people were pushed down on 2020.
They were suffering from losing jobs or getting a pay cut last year. You may be one of these people who were suffering financially last year. It will be the best time for you to start the right financial habits this year.
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Start evaluating the current financial situation in your family
Many people spend more money than the one that they can save on their bank accounts. When they get a paycheck, they are going to come to the malls for purchasing new clothes or new appliances every month. Many retail stores and shopping malls offer crazy deals at the end of the month.
Before you get trapped into those deals, you should analyze your finance properly. You have to be smart in managing your money you earn every month. Knowing your financial status will be very useful to help you cover the entire bills and living costs comfortably. You can check your income and expenses that you usually have every month for checking your financial situation.
Have realistic financial goals
You may have goals and dreams to fulfill at the end. For example, you may want to buy new cars, bikes, or even a house. You need to take some baby steps for achieving all of your financial goals or dreams. Start with some realistic financial goals that you are going to achieve in the next couple of years. You can start by paying the small debts to the big debts. After you settle down all of your debts, you will have a big chance to buy a new house or new car easily.
Invest your time to learn more about money
Start reading financial books, financial websites, and other literature, so you can learn how money works. You may also want to consider talking to some professional financial experts. They will be ready to help you learn more about money and how you can manage your cash wisely.
Last year, many of us learned a lot of great things, especially in the financial sector. Many people lost their jobs and had to wait for the stimulus packages from the government for placing a meal on their tables.
Because of this reason, you need to start saving some of your money on your savings account. At least 70% of your income needs to go to your savings and investments. It will guarantee that you will have enough investments and savings to generate multiple incomes in the future.
Always pay in cash
This is another useful tip that you can follow this year. Although credit cards are very simple and easy to use, you should avoid using them when it is not necessary. You might spend more than you need when using these credit cards every month. Many people don’t check their credit balance, which will lead to overspending. If you want to avoid getting any financial burden issues in the future, you always use cash to pay for any services and goods every month.
Find some alternative sources of income
If you only rely on a single source of income, you may risk yourself and your families in the future. Therefore, you may want to find some other alternative sources of income for getting ready for another crisis. You can start selling some products online, buying shares, or investing your money in some profitable companies.
Reflect on any financial mistakes you had in 2020
Reflection will be a good way for you who want to manage your money wisely this year. You can start taking a step back by looking at any financial mistakes you had last year. You might have missed any investment opportunities or spent more than your income. Tracing your steps back will give you a chance to start a new financial status by avoiding the same mistakes this year.
Approach borrowing wisely
In this article we’ve looked at some common financial problems we all face. Which means there is a solution for them as well. If you are facing financial problems and need an urgent loan, Robocash is the right one for you. This is a legitimate Philippine company that will offer you a loan tailored to your needs. The minimum amount you can request is PHP 1,000 and the maximum is PHP 25,000. The main thing is to plan exactly when you will repay.
Read Also : 7 Ways to Keep Your Money Savings Goals