It may be a little past new years day but you can still make a resolution to improve your finances. Here are five that if stuck with will improve your outlook by next year.
- Save 10% of your income.
- You pay your mortgage, your car payment, and utilities, isn't it time to pay yourself? Have 10% of your pay deposited in a savings account and forget about it. Live off the rest of your salary, you really won't notice much difference.
- Pay off one debt.
- If you have several debts the advise would normally be to choose the one with the highest interest rate and pay it down as quickly as possible, but if you have one that can be paid off quickly, do it. It will help your self confidence that you've met one of your goals and it will reduce the number of checks you have to write. Spend at least a couple of hours a month learning more about money management or finance.
- Spend at least a couple of hours a month learning more about money management or finance.
- Think about how much time you spend watching TV or using the computer, isn't your personal financial situation just as important? Spend some time learning about some aspect of money that will help you. Maybe that means investment or maybe that means basic money handling it doesn't matter whatever you learn will be helpful.
- Try one of these books:
- Reduce your expenditures by one item.
- Eliminate one expense from your life. That could be a cup of coffee every Monday, bringing your lunch to work once a week, or car pooling.
- Think of ways to increase your income.
- If you have a hobby, maybe it can be used to make a profit or maybe it's time to start that part time business.
With these resolutions, you may be a richer person next year.
